Best banks for Current Accounts In India

A current account caters to the banking needs of businesses and professionals to deal with huge transactions on a regular basis. It is a type of demand deposit account with overdraft facilities, withdrawals and transactions of funds.

There’s a wide range of current accounts to suit various purposes. Some banks will even offer cashbacks when you join, or concession on processing charges while availing loans.

Best banks for Current Accounts in 2024

1. Axis Bank

2. IndusInd Bank

3. HDFC Bank

4. Kotak Mahindra Bank

5. SBI

   ICICI Bank

6. Karur Vysya Bank

7. Yes Bank

8. Bank of Baroda

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1. Axis bank

Axis Bank provides 14 varieties of current accounts to suit the banking needs of firms as per their business size, scale, type, national and international operations.

All current accounts come with access to digital services, including online fund transfer via NEFT and RTGS, internet and mobile banking round the clock.

Axis Bank also offers an overdraft facility to its current account holders so that businesses can address their immediate financial needs. Moreover, the bank does not charge a single fee on cash withdrawal irrespective of the number of transactions made within or outside the city.

The bank offers 15% cashback on Amazon and Flipkart with digital current account as well as 5% cashback via Grab Deals capped at INR 1,000 per month for every spend. The bank’s Club 50, Channel One, and Privilege current accounts do not charge a monthly service fee.

Among a wide range of current accounts offered by Axis Bank, its New Economy Group Current Account is popular for its nil monthly balance requirement and other features and benefits.

Fund Transfer Charges (per transaction)

NEFT (Branch)	RTGS (Branch)	IMPS Transfer
Up to INR 10,000 = INR 2.50 INR 10,001 to INR 1 lakh = INR 5 INR 1 lakh to INR 2 lakh: INR 15 Above INR 2 Lakh: INR 25	INR 2 lakh to INR 5 lakh: INR 25 INR 5 Lakh and above: INR 50	Up to INR 1,000: INR 2.50 INR 1,000 to 1 lakh: INR 5 1 lakh to 5 lakh – INR 10

Minimum balance requirement (MAB), to avoid charges

Current Accounts	Monthly Average Balance
Liberty Digital Current Account for Sole Proprietorship	NA
Digi Current Account	INR 15,000
Curent Account – Global Economy Business	Nil
Current Account – Classic	INR 1 lakh
Current Account – Normal	INR 15,000
Current Account – Advantage	INR 25,000
Current Account – Select	INR 50,000
Current Account – New Economy Group	Nil
Current Account – Privilege	INR 5 lakh
Current Account – Arthiyas	INR 5,000
Current Account – Trusts	Nil
Current Account – Jewelers	INR 25,000
Current Account – Channel One	INR 10 lakh
Current Account – Club 50	INR 50 lakh – QAB

Pros & Cons

Pros	Cons
Free cheque book issuance	Free monthly service fee only available on Club 50, Channel One, and Privilege current accounts.
Open in branch or online
Insurance coverage
Cashbacks

2. IndusInd Bank

IndusInd Bank offers two types of current accounts best suited for small-and medium-sized businesses, with average monthly balance requirement of INR 10,000 and INR 50,000, respectively.

IndusInd Bank’s current accounts come with access to net banking, mobile banking, debit card and bill pay, with ease of transactions including cash deposit and withdrawal, cheque clearing and fund transfer.

The bank offers free of charge service for balance inquiry at other ATMs, generating email statements, cash withdrawal at non IndusInd Bank ATMs, as well as transferring funds via NEFT, RTGS, and IMPS.

However, the freebies will cease to exist upon non-maintenance of AMB and instead attract a fine of INR 1,000 to INR 1,500 per month.

Average monthly balance

Current Accounts	Average Monthly Balance
Indus Max	INR 10,000
Indus Premier	INR 50,000

Pros & Cons

Pros	Cons
Free fund transfer via NEFT, RTGS, and IMPS via branch and online.	Current accounts may not suit the business needs of large corporations.
Current account best suited for small-and medium-sized businesses.

3. HDFC Bank

Although HDFC Bank does not offer cashback like Axis Bank, it offers current accounts and benefits to suit all types of banking needs of businesses. The bank offers 14 varieties of current accounts, be it for a large or small corporation, a charitable trust, a housing society, a hospital or a professional, etc.

All current accounts come with access to digital services like net banking, mobile banking, debit card and bill pay, with ease of transactions including cash deposit and withdrawal, cheque clearing and fund transfer.

Among a wide range of current accounts offered by HDFC Bank, its Max Advantage Current Account is popular unlimited free NEFT, RTGS and IMPS fund transfer and other features and benefits.

Depending on the current types, such as Max Advantage, charges on NEFT, RTGS, and IMPS fund transfer are waived. For other current accounts, fund transfer attracts charges as follows: