4 Best Current Account Options For Start Ups In India

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The Prime Minister of India, Shri Narendra Modi this year announced the "Start-up India" initiative. The main objective of Start-Ups India is that India must become a nation of job creators instead of being a nation of job seekers.

This initiative will provide young entrepreneurs and businessmen a way to fund their idea by offering them a platform.

After the Start-Up India initiative, many banks have come up with current accounts to meet requirements of a startup and budding entrepreneurs.

The main objective of opening a separate account is to enable business person to conduct their business transactions smoothly.

4 Best Current Account Options For Start Ups In India

Here are some of the banks offering start up account:

HDFC Smart Up Accounts

SmartUp is tailored to meet all the requirements of a start-up, offering banking and payment solutions, along with advisory and forex services.

The benefits of SmartUp include: 

  • Under this account, there will be enhanced transaction limit with no minimum balance requirement for first six months. 
  • PayZapp for Business, this will provide invoicing, delivery and collection solutions and secure money transfer.
  • Dedicated Relationship Manager for taking care of all banking needs as well as investment advisory
  • Recommendation of a Chartered Accountant for Tax, Regulatory and Compliance issues. 
  • End to end support for all foreign trade and remittances services with respect to regulatory guidelines and special exchange rates.

RBL Startup Club

RBL Bank launched the 'India Startup Club' a unique offering that services the end-to-end banking needs of the emerging entrepreneurial community.

The India Startup Club (ISC) platform enables startups to run their business smoothly by offering services that are convenient and simple.

Entrepreneurs can avail of personalized banking services, financial tools as well as resources and planning solutions.

ISC's banking services include business account, trade and foreign exchange service, transaction banking solution i.e., API banking for managing various payment & receivable needs, salary account and payroll management solution & personal banking solutions.

Kotak Bank Neo Current Account

Account with lowest balance requirement and features that can make a tremendous difference to a newly set up or a growing small business/enterprise.

Under the account, Business Class Gold Debit Card with enhanced daily purchase limit of Rs 175000 and daily ATM cash withdrawal limit of Rs 50,000 can be availed.

Neo Current Account can be opened as a single or joint account and requires an initial deposit of Rs 10,000/-. The minimum average quarterly balance requirement for a Neo Current Account is Rs 10,000/-.

Kotak ActivMoney which will help the current account balance above certain amount into Term deposits so you earn attractive returns on your idle balances.

SBI Incube

SBI InCube branch is a specialised branch which will address banking needs for setting up a start-up.

The branch will provide you the best suitable solutions in banking transactions and investments on a robust technology platform for your business model.

Experienced relationship managers, who know the exact solutions for your banking needs
comprehensive, competitively priced financial products and services. Integrated online and mobile banking solutions to save your time & money.

Limited advisory on investments, taxation and forex transactions that help optimise liquidity, capital preservation and return.


Read more about: current account, start up
Story first published: Friday, October 7, 2016, 14:42 [IST]
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