Best Current Accounts for Indian Start Ups - Start-Up Hyderabad
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Best Current Accounts for Indian Start Ups

 1 year ago    

As soon as a startup registers their company, they get inundated with many current account offers from different banks. It is easy to get confused while picking the best current account for your startup. The right current account will give your startup a ton of benefits in your early days.  However getting the information and comparing multiple current account products is painful and not worth the time of any founder. So we, at Fintown, looked through the various offerings and compiled a list of the best current accounts for startups.

Our main criteria for ranking is features that help small startups with less than 100 transactions per month with the bank. We ranked the best products by taking into account minimum balance requirements, various fees and charges, startup related programs and benefits.

Fintown’s Best Start Up Current Accounts – 2017


1. IndusInd Freedom :

IndusInd Freedom ranks as the #1 best current account for startups with the only zero balance account in the market. It provides all the major features when compared with other banks, and also provides the most flexibility for early stage startups with tough financial constraints.

Min bal Waiver Debit Card fees NMMAB* Fee Closing Fee
0 Not Applicable Rs. 250 / Year 0 0

*NMMAB: Non maintenance of minimum account balance.

Key Features

  • Zero balance account : No worries of maintaining a balance
  • One Financial transaction to be done every month on Net banking (or) Mobile App (or) ATM
  • Upto Rs.4 lac of Cash deposit per month
  • Free Cheque book


2. Axis Bank StartUp :

The StartUp account drom axis Bank comes a close second with a 24 month waiver on its minimum balance requirement and all current account service fees. Axis has a huge network of offices, staff, and resources which adds great convenience.

Min bal Waiver Debit Card fees NMMAB Fee Closing Fee
Rs. 10000 24 Months Issuance : Rs. 200
Annual Charge : Rs. 150
0.3% + Rs. 75 Less than 1 year : Rs. 500
More than 1 year : Rs. 250

Key Features

  • Axis Bank offers a Start Up current account with a generous 24 Month waiver on Minimum Balance
  • Free Cash Deposits & Withdrawals anywhere (as per predefined limit)
  • Nil charges on Current Account services for up to 2 years
  • Free Anywhere Banking
  • Free Cheque Books, DD / PO issuances


3. HDFC Bank SmartUp :

HDFC offers advisory services and co-working spaces which can come handy for some startups.

Min bal Waiver Debit Card fees NMMAB Fee Closing Fee
Rs. 25000 12 Months 0 Rs. 1800 / Quarter <6 Months : Rs. 1000

>6 Months : Rs 500

Key Features

  • Advisory Services
  • Smart-Buy – Access to 37 million potential customers to accelerate your growth.
  • Co-working Spaces
  • Smart-Up Portal – Meet other start-ups, customers, mentors, investors


4. ICICI iStartUp :

ICICI enables business networking through their online platform – BizCircle.

Min bal Waiver Debit Card fees NMMAB Fee Closing Fee
Rs. 25000 6 Months Rs. 250 Rs. 1000 / Month <6 Months : Rs. 1000

>6 Months : Rs 500

Key Features

  • Business networking with BizCircle – an online platform where you can find both buyers and sellers for your products & services
  • Special deals on legal & regulatory consulting
  • Opportunity to meet leading Venture Capitalists and Private Equity players at ICICI events and summits
  • Zero balance Current Account for first 6 months


5. Yes Bank Head-STARTUP:

Yes Bank is one of the most active banks in startup ecosystems and partners with other players to provide benefits to startups

Min bal Waiver Debit Card fees NMMAB Fee Closing Fee
Rs. 25000 12 Months 0 Rs. 1500 / Quarter 0

Key Features

  • Dedicated Start-Up Branches aimed at delivering for needs of young companies
  • YES:Head-STARTUP Privileges Program
  • Partners in Yes Bank’s startup ecosystem include T-Hub, Indian Angel Network, Awfis etc.


6. RBL Bank India StartUp Club :

RBL, one of the youngest banks in India, is pursuing startups aggressively.

Min bal Waiver Debit Card fees NMMAB Fee Closing Fee
Rs. 20000 None Rs. 100 Rs. 300 / Month <6 Months : Rs. 500

>6 Months : Rs 0

Key Features

  • Exclusive ISC branches with fully-furnished and equipped workspace

P.S. We would be more than happy to help if you have any further questions. You can reach us on vinay@fintown.com.

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