Most Indian banks offer low cost, functional business accounts that enable smooth and quick transactions. If you have been thinking of opening a current account at HDFC Bank, ICICI Bank or SBI, then this article is for you.

Now that you have decided to open up a current bank at one of the leading banks in India, you may like to go through some important features and account opening formalities that are on the cards for you.

Open a Current Account at HDFC Bank

With free access to the most secure and advanced mobile/ net banking services, HDFC Bank’s regular current account allows for:

  • Free cash deposits of up to Rs. 2 lakhs each month across the HDFC Bank Branches located in your city.
  • Free collection and payment of intercity/ local cheques within the HDFC Bank branches of your city.
  • Free transfer of funds across the HDFC Bank accounts located in various cities of India.
  • Free collection of receipts via RTGS and NEFT.
  • Free Issue of Demand Drafts (DD) or Pay Order that have a value of Rs.100,000 plus.
  • A ‘Regular Current Account’ at HDFC can be opened and operated by those falling in the category of :
    • Resident Individual
    • Partnership Firms
    • Hindu Undivided Family
    • Sole Proprietorship Firms
    • Private and Public Limited Companies

Apply for a Current Account at SBI

Do consider these features before opening a current account at SBI.

  • Account holders can provide standing instructions to the bank.
  • A Personal Accident Insurance can be availed after paying a premium, via the ‘Premium Internet Banking’ feature of this account.
  • The minimum balance requirement is very low.
  • In case you have a good credit history, you can enjoy overdraft facilities for making short term borrowings.
  • The ATM / Debit Card is free for the 1st year, a nominal charge will be applied from the 2nd year onwards.
  • Account holders can enjoy limitless payments / withdrawals after paying a minimal account maintenance charge.
  • Here, the deposits attract no interest.
  • Nomination and multicity cheque facilities are available.
  • KYC Norms are applicable for account opening purposes.

Open a Current Account at ICICI Bank for our Domestic Businesses

ICICI Bank presents a wide range of current accounts for handling regular business transactions. Well-suited for traders, small retailers, self employed professionals and business that boast of an annual turnover of Rs 2 crores, or less, the different types of current accounts on offer are:

Smart Business Account

  • This particular business account offers transaction benefits on the basis of the Monthly Average Balance (MAB) that’s maintained in the account. Say, a minimum MAB of Rs. 25,000 fetches up to 12 times the free cash deposit of maintained MAB.
  • Free RTGS / NEFT transactions, 100 cheque leaves every month, mobile alerts facility, etc.

Smart Business Account – Gold

  • This current account also offers a host of benefits as per the Monthly Average Balance (MAB) that’s maintained in the account. For instance, a minimum MAB of Rs. 1,00,000 allows for free cash deposits that are up to 12 times in comparison to maintained MAB.
  • Free RTGS / NEFT transactions, 300 cheque leaves every month, mobile alerts facility, etc.

Roaming Current Account Gold

  • Apt for mid size retailers that have a cash deposit requirement of 10 lacs per month, or less, this type of current account allows its holders to enjoy several transaction benefits on the maintenance of a Monthly Average Balance (MAB) minimum commitment of only Rs. 1 Lac.
  • Free cash deposits of up to Rs. 10 Lacs each month in the home branch of the account; free cheque collection /payment facilities across all branches nationwide ; free RTGS / NEFT transactions; free mobile alerts, etc. make this account very functional and feasible for its operators.

There is absolutely no dearth of current account types to apply for. However, before going ahead, it would make good sense to research upon the products offered by different banks and financial institutions, and then choose the one that best aligns with your needs.

Apply for a current account now!