Are you looking for the best current account for your startup? I know you are. Choosing the best current account for a startup is one of the vital steps. Because that’s where your business will do all the transactions.
There are a number of banks available that offer current accounts.
There are even some banks out there that provide current accounts especially for start-ups.
But it’s not an easy task to choose a bank that provides a good current account with all benefits and minimum compliance.

I am going to share an in-depth guide about choosing a current account.
After reading this post, you will have a clear idea about a current account and how to choose one for your startup.
Without further ado, let’s just dive in.
Things to consider before choosing a current account
Startup owner has a lot of work to do.
So you might not have that knowledge about banks and accounts. That’s quite digestible.
It’s not only you, manh founders don’t know about these things in the beginning. Eventually they learn all the things.
You must know some key factors before visiting any brand to open your account.
Let’s see what are the key factors.
Type of current account
Most banks offer multiple current accounts.
You must know your requirement before choosing the type of current.
As a startup you shouldn’t go to their premium account. Because those premium accounts might have more charges and average minimum balance.
Type current account
Most banks offer various types of current accounts.
If you are the startup founder, you should know your requirements.
In the initial stage, you shouldn’t go with the most premium one.
Transaction limit
Transaction limit is one of the main reasons why we need a current account.
Because on saving accounts we have limited transactions.
You might need to do a lot of transactions on a daily basis.
Minimum average balance
Similar to saving accounts, current accounts also have minimum balance requirements.
If you can’t maintain the balance, you will be charged.
You should go for the bank that offers low MAB.
Some banks have Rs.10,000 minimum account balance, and some have Rs.25,000.
Fee & Charges
There are various charges and fees on current accounts.
For instance, if you can’t maintain a balance or if you exceed the transaction limit.
There will be charges in the both above scenarios.
Overdraft facility
Urgently if you need cash, overdraft can be a life saver for you.
You can get an overdraft facility once you are doing banking for a long time.
Digital service
In this digital era, your bank must provide digital services.
The bank you are choosing must provide mobile banking, online banking, and other online services.
If the bank is not providing digital services then the bank is still living in the stone age.
Interest rate
Current account doesn’t earn any interest.
That’s one of the key differences between savings and a current account.
In case you need a loan from your bank, then you should check the interest rate.
Customer support
Last but not the least the customer support.
Many banks have terrible customer service.
I am not talking about the “lunch ke bad ana”problem.
But there are many other problems as well.
Now you know that you should consider these things before considering an account.
It’s time to share what documents are required for a current account.
Documents required for a current account
You must have all the required documents before visiting any bank.
The documents depend on the type of your business e.g: PVT LTD, LLP, Sole Proprietorship, Partnership, etc.
Here are some basic documents that are required for opening a current account.
- Identify proof
- Address proof
- Passport size photo
- Business registration proof
- Permanent Account Number (PAN) of your business
Best current account for startup in India :
Now you have some basic knowledge about current accounts.
I have listed some best current accounts for startups in India based on their overall services.
#1. ICICI Bank iStartUp 2.0 Silver:
ICICI Bank is one of the most popular private banks.
The hi-tech bank introduced iStartUp accounts, especially startups.
There are three types of iStartUp accounts. 1. Silver, 2. Gold and 3. Platinum.
You can also enjoy the benefits of online banking service through the ICICI InstaBiz.

Features:
- Zero QAB (Quarterly Average Balance) for the first year. After 1 year Rs.25,000 QAB for semi urban and rural areas. And Rs.50,000 for urban and metro locations.
- Free Gold Debit Card
- Free cash deposit
- 2 Free Outward Cheque Returns per month
- Free 150 cheque leaves per Rs 1 lakh MAB.
#2. Kotak Neo Current Account:
Kotak is one of the giant private banks in India.
Kotak Mahindra introduces Neo current account for startups.
Neo current account is available for Sole proprietorships, LLPs, Partnerships, Pvt LTDs, HUFs, etc.
The Neo account comes with a Rs.10,000 average monthly balance facility.

Features:
- Free cash deposit upto 2 lakh monthly
- First Cheque book is free
- Business Class Gold Debit Card
- Overdraft facility
- Free cash withdrawal at home brand and free cash withdrawal upto 10,000 per day on non-home branch
- Free NEFT and RTGS
- Payment Gateway solution
- POS solution
You Can Also Check : Banking WhatsApp Numbers (Check Balance,Mini Statement)
#3. HDFC Startup Alpha
HDFC is another popular private bank. The bank also offers a current account solution for startups.
Startup Alpha is a current account that is best for the business owner who just started.
Alpha account comes with zero balance requirement for the first year.
You will also get cashback if you use the debit card.
Features:
- 25 free transaction per month
- Platinum Debit Card
- 100 Cheque leaves per month
- 12 times free cash deposit monthly
- Credit Card backed by FD.
- 1st year zero balance, Year 2 onwards Rs 25,000 QAB.
- HDFC Bank POS enables you to accept physical cards.
- NEFT & RTGS facility for free
#4. Axis Startup Account
Axis Startup current account comes with loads of benefits.
You can open a current account online through video KYC. But this facility is only available for sole proprietorship.
It is one of the best current accounts for small businesses in India.
Features:
- Zero balance account for 2 years
- Free cheque book and DD
- Upto 10 lakhs free cash deposit per month.
- Internet payment gateway
- NEFT and RTGS
#5. Yes Bank Head Startup
Yes bank is another popular private bank in India.
Yes Bank also has a solution for startup current accounts.
The bank tied up with some companies to provide you discounts such as Clear Tax, Google Cloud, Instamojo, Hubspot, etc.
Features:
- Zero Balance account for 1 year
- Free cash deposit upto 10 lakhs per month
- Yes First Credit Card
- 100 leaves Cheque free per month
- Payment gateway
- Invoicing platform
#6. IDFC First Startup Current Account
First Startup Current Account is designed for small businesses.
You don’t need to maintain a minimum balance for 3 years.
If you need all cash to use in your startup you need a bank account like IDFC.
Features:
- Free cash deposit upto 30 lakhs per month
- No AMC (Annual Maintenance Charge) for Payment gateway and POS
- Free Cheque book and DD
- Free Debit Card
- Free NEFT, IMPS, and RTGS payment
#7. SBI Shubharambh Current Account
SBI is the most popular bank in India.
Not only urban areas but its SBI has a wide reach in rural areas as well.
SBI Shubharambh is for PVT LTDs, LLPs and Partnership Firms.
Features:
- Zero minimum average balance for first year. After 1st year 20,000 MAB
- Free 15 Lakh cash deposit limit per month
- Free 100 Cheque leaves
- 10 free DD per month
- Free POS machine installation
- Free PRIDE Business Debit Card & Insta Deposit Card
- Unlimited free cash withdrawal at home branch
- Free NEFT and RTGS through online banking
#8 Bandhan Startup Current Account
Bandhan Bank launched a low maintenance current account for startups.
You need to have a PVT LTD, LLP, or OPC to open this account.
Here are the features of the startup account.
- No monthly average balance for the first year. After 1 year Rs.25,000 MAB.
- Free IMPS/NEFT/RTGS/DD transactions
- Free payment gateway setup with no AMC.
- Free 100 Cheque leaves per month
#9 Baroda Startup Current Account
Bank of Baroda is a well known and established bank in India.
Baroda offers all banking needs that a startup needs.
Features:
- No maintenance charges upto 2 years of account opening
- Business Debit Card
- Dedicated relationship manager
- Free NEFT/RTGS/IMPS transactions
- Auto Sweep facility
- Free Cheque book with 200 leaves are free upto 2 years
- Baroda payment gateway
- Minimum QAB to be maintained is Rs.75,000
#10. IndusInd Bank Freedom Current Account
IndusInd is not that popular compared to other giant banks in India.
Indus launched the Freedom current account for small and medium businesses.
If you are an individual who runs the business then it’s for you.
It is zero balance Current Account for Proprietorship.
Features:
- No need to maintain a minimum balance
- Upto 4 lacs of cash deposit
- Free Cheque book
- One financial transaction per month
- Free NEFT / RTGS / IMPS
What is a startup current account?
Some banks introduced current accounts especially for startups with low maintenance charges. Those accounts are known as startup current accounts.
Which is the best current account for business?
It depends on your requirements. First decide what are your requirements then decide the account.
Can a current account be opened without GST?
Yes, current accounts can be opened without GST.
GST is not mandatory.
Conclusion
These are some of the best current accounts for startups.
I have listed well known and reputed banks of India.
If you are doing a startup, it’s very important to go with the right bank according to your requirements.
Otherwise you might face some serious issues in future.
I hope this post will help you to choose the best current account.