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5 Best Business Bank Accounts in India [2024]

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Getting the right business account for your business is important when you are trying to manage your business finances effectively. However, finding the perfect fit isn't always straightforward, as accounts can vary significantly.

In this article, we will uncover the best business bank accounts in India for 2024. We'll guide you through key factors to consider when choosing an account and provide a detailed examination of each option, including features, fees, and eligibility criteria.

So, let’s dive in.

What to Consider When Choosing Your Business Account

When selecting a business bank account, it's crucial to consider various factors that align with your business needs. This ensures that the business bank account supports your business operations effectively and can grow with your company. 

With this in mind, here are key aspects to consider:


Your Business Requirements

First, you should start by understanding your business's needs. Consider the types of transactions your business conducts regularly.

  • Local vs. International Transactions: If your business operations extend beyond India, consider banks that offer efficient and cost-effective international banking services to streamline cross-border payments.
  • Monthly Transactions: Evaluate the volume and frequency of your business's wire transfers each month. Choose an account that aligns with your transaction patterns—some are optimised for high-volume transactions with lower per-transaction fees, while others are more beneficial for fewer, higher-value transactions.
  • Cash Management: Evaluate how much cash your business handles, as cash management services vary across banks. Look for accounts with high cash deposit and withdrawal limits, especially if your business operates in cash-intensive sectors such as retail or hospitality.
  • Digital and Card Payments: Given the rise of digital transactions in India, ensure the account supports various forms of electronic payments, including credit and debit cards, the Unified Payments Interface (UPI), and the Aadhaar Enabled Payment System (AEPS). Security measures for these transactions are essential to protect your business and customers.
yellow lightbulb

Did you know? In March 2024, a total of 13.44 billion UPI transactions were processed, with a transaction value of INR 19.78 trillion.


Fees and Charges

Costs are also another important consideration for business owners when choosing a business account. 

Below are the most common service fees associated with business bank accounts.

  • Monthly Maintenance Fees: Some banks charge a fee for account maintenance. Compare these fees and the benefits they provide to determine their value to your business.
  • Initial Deposit Requirement: Some accounts require a minimum opening deposit. Be aware of this and ensure you have enough funds available.
  • Minimum Balance Requirement: Maintaining a minimum balance might be a requirement to avoid additional charges. Choose an account that aligns with your cash flow without straining it.
  • Transaction Fees: Pay close attention to fees for NEFT, RTGS, and IMPS, as these are common transaction methods in India. Those who engage in global transactions should look at telegraphic transfer fees.
  • Conversion Fees: Competitive exchange rates and low conversion fees can save importers and exporters money.
  • ATM Fees: Since cash is still prevalent in India, consider the fees for using ATMs, particularly for banks that offer pan-India ATM access without charges.


Online Banking Features

The third consideration is the online banking features of the business bank account. Efficient online banking features can ensure a smooth business operations. 

  • Comprehensive Online Banking: Ensure the bank offers a robust online banking platform that allows you to handle payments, view statements, and manage finances more effectively.
  • Software Integration: An account that integrates with popular accounting software like Tally or QuickBooks can streamline financial operations, including bill payments and invoice management.
  • Payment Gateway Integration: For online businesses, a bank that offers or can integrate with reliable payment gateways is vital. This ensures the efficient processing of online transactions, improves customer satisfaction, and enables business expansion.
  • Security Protocols: Given the increasing cyber threats, ensure the bank has strong security measures to protect online transactions. This includes secure encryption methods, multi-factor authentication, and continuous monitoring of transaction activities.

Tip: Read our article to discover the top payment gateway in India.


Customer Support

Effective customer support is vital for smooth business banking operations. 

  • Availability: Choose a bank that offers 24/7 customer support. This is essential for resolving issues that may arise outside of regular business hours.
  • Multiple Support Channels: Look for banks that provide various contact methods such as phone, email, in-branch services, and online chat. This diversity ensures you can always reach them in a way that suits your preferences and needs.
  • Local Expertise: The support team should not only be responsive but also well-versed in local business practices and regulatory frameworks. This knowledge can be invaluable in helping you navigate complex issues specific to your region.
Statrys mobile application dashboard showing a total balance in a business account.

5 Best Free Business Checking Accounts in the US




  • Allows up to INR 300,000 free per month or up to 25 transactions, making it ideal for businesses with high cash flow.
  • Offers free local and intercity cheque collection and payment
  • Earn cashback on eligible debit card transactions
  • Requires maintaining an average quarterly balance (AQB) of INR 25,000, which might be high for small business owners.
  • Charges for cash deposits and demand drafts beyond free limits can add up, affecting cost efficiency.
  • Transaction limits that adjust based on the maintained balance can benefit businesses with fluctuating banking needs.
  • Offers invoice management tool to minimise human errors and simplify compliance with tax regulations
  • Integrates with payroll and accounting software
  • Requires a higher quarterly average balance to maintain the account
  • Allows free cash deposits of up to INR 500,000 per month, which is beneficial for cash-heavy businesses.
  • Unlimited free NEFT and RTGS transactions through the Internet and mobile app.
  • A large network of branches enhances accessibility for cash and cheque transactions.
  • For detailed pricing information, businesses need to contact the customer service team.
  • Relatively high non-maintenance fee.
  • Offers a monthly free cash deposit limit of INR 200,000 and free cash withdrawals.
  • Unlimited transactions via the website and mobile app.
  • Charges a fixed monthly fee for an account service.
  • Charges an annual fee for business debit cards.
  • Require a relatively high monthly average balance.
  • Offers forex and trade services, appealing to businesses with international dealings.
  • A very low minimum quarterly balance requirement makes it accessible for startups and small businesses.
  • Offer advanced POS and payment gateway solutions.
  • Charges an annual fee for business debit cards.
  • Limited physical transaction perks could be a downside for businesses relying heavily on in-person services.


HDFC Bank Premium Current Account

A screenshot of HDFC Bank's website

HDFC Bank Limited, commonly referred to as HDFC, is a leading Indian banking and financial services company headquartered in Mumbai. Established in 1994, HDFC Bank Limited is the largest private sector bank in India by market capitalisation.

HDFC offers a comprehensive array of banking and financial services tailored to a diverse clientele, including personal banking, corporate banking, line of credit, investment options, and more. If you’re looking for a business checking account, HDFC Bank has various account options available, including the Premium Current Account.

Premium Current Account Features



Cash Deposits

Deposit up to INR 300,000 free per month or conduct up to 25 transactions (whichever limit is reached first) at any HDFC Bank branch.

Cheque Collection and Payment

Enjoy free local and intercity cheque collection and payment across all HDFC Bank branch locations.

RTGS and NEFT Transfers

Receive RTGS and NEFT transfers for free

Payable-at-Par Cheque

100 free cheque leaves per month

Demand Drafts and Pay Orders

Issue demand drafts and pay orders from any HDFC branch

HDFC-to-HDFC Account Transfers

Conduct free domestic transfers between HDFC Bank accounts.

Doorstep Banking

Secure pick-up and delivery of cash and cheques.

Digital Banking

Access a variety of services via NetBanking, MobileBanking and PhoneBanking.

Visa Business Debit Card

Earn cashback up to INR 9,000 annually, including 5% on tax payments and 1% on select purchases.

It’s important to note that transaction limits are applied when using a Visa business debit card, including:

  1. Daily spending limit of INR 500,000 at retail stores or online.
  2. Daily ATM withdrawals of up to INR 100,000.

Fees Charged by HDFC Bank



Minimum Average Quarterly Balance

INR 25,000

Non-Maintenance Fee

INR 1,800

Cash Deposit

Up to INR 300,000 or the first 25 transactions at the branch: Free

Otherwise: INR 3.50 per INR 1,000

Local Payments via NEFT/RTGS/IMPS network

Receive: Free

Send NEFT/ RTGS payments: Waived through NetBanking. Otherwise, INR 2 or 10

Send IMPS payments: Start from INR 3.5

Demand Draft

Up to INR 50,000: INR 40

INR 50,001 - INR 100,000: INR 25

INR 100,001 and over: Free

Debit Cards

Annual fee per card

1. INR 250 (business debit card)

2. Free (ATM card)

ATM withdrawal

HDFC Bank ATMs: Free

Non-HDFC Bank ATM: INR 21

*HDFC Bank offers a waiver on non-maintenance charges for the quarter following account opening. This waiver applies if the account holder actively uses 3 services within the first 2 months:

  1. NetBanking or MobileBanking
  2. A debit card transaction at an ATM or POS
  3. Bill Pay.

Additionally, please refer to the Fees & Charges Schedule for detailed pricing information.

Premium Current Account Eligibility

You can apply for this account if you belong to any of the following categories:

  • Resident Individuals
  • Hindu Undivided Families (HUF)
  • Sole Proprietorship Firms
  • Partnership Firms
  • Limited Liability Partnership (LLP) Firms
  • Private Limited Companies
  • Public Limited Companies

HDFC Bank also provides a document checklist to help you streamline your application process.


ICICI Bank Smart Business Account Silver 2.0

A screenshot of ICICI Bank's website

ICICI Bank is an Indian multinational financial services company founded by the Industrial Credit and Investment Corporation of India (ICICI). The bank has expanded its operations to 15 countries worldwide, including the US, Canada, Oman, Qatar, China, and Hong Kong.

ICICI Bank offers various financial products such as recurring deposits, car loans, two-wheeler loans, credit cards, and investment options. One of the current business accounts offered by ICICI Bank is Smart Business Account Silver 2.0.

Smart Business Account Silver 2.0 Features



Dynamic Free Transaction Limits

Enjoy variable free limits on cash and non-cash transactions, which adjust based on the Monthly Average Balance (MAB) you maintain.

NEFT and RTGS Transfers

Unlimited free NEFT and RTGS transactions at branches or online

Cheque and Draft Facilities

Receive 150 free cheque leaves and up to 100 free branch transactions monthly.

Demand Drafts or Pay Orders

Issue up to 50 free Demand Drafts or Pay Orders per month.

Smart GST

Features auto-fetching of receipts and invoices and facilitates error-free GST payments with a single click, streamlining tax processes.

Mobile Banking

Access a banking app designed specifically for all your business banking needs

Gold Business Banking Debit Card

A complimentary business card offering higher transaction limits and additional perks.

Software Integration

Integrate with payroll and accounting software to streamline your financial operations.

Fees Charged by ICICI Bank



Minimum Quarterly Average Balance (QAB)*

INR 50,000 (Metro and Urban) or

INR 25,000 (Rural and Semi-Urban)

Non-Maintenance Fee

INR 3,000 per quarter (account balance < 50% QAB)

INR 2,000 per quarter (50% ≤ account balance < 100% of QAB )

Cash Deposit

Free 10 times monthly average balance

After that, INR 3.5

Local Payments

Receive: Free

Send NEFT/ RTGS payments: Free (online & branch)

Send IMPS payments: Start from INR 3.5

International Payments

Receive: Free

Send SWIFT payments: INR 500

Debit Cards


ATM Withdrawals

Domestic ATMs: INR 21

Overseas ATMs: INR 125

The QAB requirement is waived if

  • The transaction is active on Digi Pack or
  • Connected Banking Throughput is over INR 25,000 for the quarter, or
  • Auto Debit for Asset Linked EMI is active in the account.

For detailed pricing information, please visit the document on a schedule of charges.

Smart Business Account Silver 2.0 Eligibility

You can apply for this account if you belong to any of the following categories:

  • Resident Individuals
  • Hindu Undivided Families (HUF)
  • Sole Proprietorship Firms
  • Partnership Firms
  • Limited Liability Partnership (LLP) Firms
  • Private Limited Companies
  • Public Limited Companies
  • Trust, Society, Association & Club (TASC) Limited
  • Liaison/ Representative office/ Project office/ Branch office

Before applying for an account, we recommend checking ICICI Bank's necessary documentation page to prepare the required documents.


State Bank of India Regular Current Account

A screenshot of SBI's website

The State Bank of India (SBI) is a prominent Indian multinational public sector bank and financial services provider, holding a 23% market share. With a customer base exceeding 480 million, SBI operates an extensive network with over 22,400 branches and 65,600 ATMs nationwide.

In addition to traditional banking services, SBI has diversified its offerings to include business loans, insurance products, personal and business credit cards, and mutual funds.

Regular Current Account Features

  • Free cash deposit up to INR 5,00,000 per month
  • Convenience to withdraw and deposit cash at all 22,000+ SBI Bank branches.
  • Free cash withdrawal from “Home Branch”.
  • Unlimited free NEFT and RTGS transactions through internet banking and mobile banking.
  • Free 50 multicity cheque leaves per month.

Fees Charged by SBI



Minimum Monthly Average Balance (MAB)

INR 5,000

Non-Maintenance Charges

INR 500

Cash Deposit

Up to INR 500,000 per month: Free

INR 0.75 per INR 1,000

Cash Withdrawal

Home branch: Free

Non-Home branch: Not specified

Demand Drafts

Up to INR 5,000: INR 25

INR 5,001 - 10,000: INR 50

INR 10,001 - 100,000: INR 5 per INR 1,000

Over INR 100,000: INR 4 per INR 1,000

NEFT/ RTGS Transfers

Receive: Not specified

Send: Free (via online banking)

IMPS Transfers

Could not find the information.

Cash Pickup

Not specified

Debit Cards


ATM Withdrawal

Not specified

For more pricing information, please check the Regular Current Account’s fee page. However, if you can’t find certain information, please contact your nearest SBI branch or call:

  • 180 0112211 (Toll-free),
  • 180 04253800 (Toll-free), or
  • 080 26599990 (Charges apply).

Regular Current Account Eligibility

  • The following are types of business entities eligible to open an account with SBI.
  • Sole Proprietorships
  • Partnerships
  • Limited Liability Partnerships (LLPs)
  • Limited Companies
  • Societies, Associations, and Clubs
  • Hindu Undivided Families (HUF)
  • Trusts
  • Unincorporated Associations or Bodies of Individuals
  • Executors

Before opening an account, we recommend reviewing SBI’s document checklist to streamline your application process.


Axis Bank Normal Current Account

A screenshot of AXIS Bank's website

Axis Bank is one of India's largest private-sector banks. It was founded in 1993 as UTI Bank and was renamed in 2007. The bank offers a comprehensive range of services, including savings and current accounts, personal and business loans, credit cards, mortgages, and investment options like mutual funds and insurance.

With over 4,000 branches and over 12,000 ATMs nationwide, plus international offices in cities like Singapore and Dubai, Axis Bank has a strong presence both in India and abroad.

Normal Current Account Features

  • Monthly cash deposit limit INR 200,000
  • Unlimited NEFT / RTGS transactions when conducted online
  • Unlimited cash withdrawal within and outside the city
  • Complimentary services include a Business Classic Card, issuance of Demand Drafts and Pay Orders, SMS alerts, Standing Instructions setup, and Certificate of Balance.

However, debit cards have transaction limitations. Please check with the Business Debit Card page for details.

Moreover, if your business deals with international transactions, please visit the Trade Services page to explore Axis Bank's international payment capability and fees. 

Fees Charged by Axis Bank



Monthly Fee

INR 100

Minimum Monthly Average Balance (MAB)

Metro & Urban branches: INR 15,000 

Semi-urban & Rural branches: INR 7,500 

Non-Maintenance Charge

INR 900 (account balance < 75% MAB)

INR 600 (75% ≤ account balance < 100% MAB)

Cash Deposit (Home& Non-Home branches combined)

Up to INR 200,000: Free

INR 200,000 - 400,000: INR 4 per 1,000

Over 400,000: INR 5 per 1,000

Cash Withdrawal


NEFT / RTGS / IMPS Payments

Receive: Free

Send NEFT and RTGS: Waived for online banking.

Send IMPS: INR 2.5 - 10, depending on the volume.

Debit Cards

INR 250 annually

ATM Withdrawal

Axis Bank’s ATMs: Free

Other ATM networks: INR 20

Please refer to the normal current account’s schedule of charges for detailed pricing information. 

Normal Current Account Eligibility

  • Sole Proprietorship
  • Partnership
  • Limited Liability Partnership
  • Public & Private Limited Companies

Additionally, Axis Bank provided the document guideline of Normal Current Account to help businesses prepare the application.


Kotak Mahindra Bank Neo Current Account

A screenshot of Kotak Bank's website

Kotak Mahindra Bank established in 1985 by Uday Kotak, is a major private sector bank in India. Originally founded as Kotak Mahindra Finance Ltd., it made history by becoming the first non-banking financial company to be granted a banking license by the Reserve Bank of India in February 2003. 

The bank serves both corporate and retail customers, offering a broad range of products and services including personal finance, business banking, investment banking, life insurance, and wealth management. As of 1 April 2024, it is India's 4th largest private sector bank by market capitalization, with a national footprint of 1,780 branches and 2,963 ATMs.

Neo Current Account Features

  • A complimentary Business Power Platinum Debit Card
  • Free cheque collection through speed clearing and faster outstation cheque collection.
  • Free cash withdrawals at your home branch and cash deposits up to INR 200,000 per month.
  • Free NEFT and RTGS transactions through online banking
  • Complimentary 24/7 internet, mobile, phone, and SMS banking.
  • Kotak Circle: Allows you to link multiple current and savings accounts for flexible balance maintenance across accounts.
  • Forex Live: An internet-based platform for trading foreign currency, supporting import and export transactions and other remittances.
  • Trade service.
  • Cash management services.
  • Payment gateway solutions for quick customer payment receipt.
  • Point of Sale (POS) Solutions: Accept fast, secure, contactless payments with Kotak NFC-enabled POS machines. Features include same-day settlements, dynamic currency conversion, and instant EMI conversion.

Fees Charged by Kotak Mahindra Bank



Non-Maintenance Charges

INR 1,200 (account balance < 50% QAB)

INR 750 (50% ≤ account balance < 100% QAB)

Minimum Quarterly Average Balance

INR 10,000

Cash Deposit

Free up to INR 200,000 per month.

After that, INR 3.5 per INR 1,000 (min INR 50 per transaction)

Cash Withdrawal

Home branch: Free

Non-Home branch: Free up to INR 10,000 daily.

Demand Drafts

Branch Locations: INR 1 per INR 1,000 (min INR 50, max INR 5,000).

Non-Branch Locations: INR 2 per INR 1,000 (min INR 50, max INR 5,000).

NEFT/ RTGS Transfers

Receive: Free

Send: Waived (for online banking)

Send Telegraphic Transfer

INR 200 (Recipient Pays) or INR 1,000 (Sender Pays) 

Debit Cards

INR 259 annually

ATM Withdrawal

Kotak ATMs: Free

Domestic Visa ATMs INR 21

International Visa ATMs: INR 150

For detailed price information, please refer to Neo Current Account’s fees and charges page.

Neo Current Account Eligibility

The following are types of business entities eligible to open an account.

  • Sole Proprietorship
  • Partnership and Limited Liability Partnership
  • Co-operative Societies / Subsidiaries
  • Associations / Trusts / Clubs
  • Religious Organizations / Educational Institutes / Government Bodies
  • Association of Persons
  • Hindu Undivided Family/ Joint Hindu Family (HUF)
  • Public or Private Limited Companies.
  • Financial Institutions, including Domestic Banks / Regional Rural Banks / Domestic Co-operative Banks, Foreign Banks, Insurance Companies / Mutual Funds, Share and Stock Brokers, and Foreign Institutional Investors
  • Foreign Nationals Residing in India and Foreign Companies

Before applying for an account, we recommend you review the document guidelines to prepare your application.

Final Note

Each account offers unique advantages and drawbacks, designed to cater to businesses of different sizes, transaction frequencies, and specific banking needs. It is crucial to carefully evaluate the pros and cons to pick a business checking account that best aligns with your requirements.

Statrys mobile application dashboard showing a total balance in a business account.


Which business bank account in India is the best?

The "best" business bank account can vary based on your business needs, transaction volume, and financial operations. Some options include:

• HDFC Bank Premium Current Account
• ICICI Bank Smart Business Account Silver 2.0
• State Bank of India Regular Current Account
• Axis Bank Normal Current Account
• Kotak Mahindra Bank Neo Current Account

Evaluate the fees, services, accessibility, and digital banking capabilities of each to find the best fit for your business.

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