Best Bank to Open a Current Account for a Startup (Pvt Ltd) in India?

[rapidboxer]

Hey everyone,

We're setting up a Private Limited company and looking to open a current account for our startup. We’re aiming for something that’s startup-friendly — ideally with low monthly balance requirements, smooth digital experience, and good support.

Would love your suggestions on:

1. Which banks are best for startup current accounts?
   
   • Quick and easy setup (preferably online/digital KYC)
   • Low or zero monthly average balance (MAB)
   • Responsive customer service and relationship managers
   • Hidden charges to watch out for?
2. Any banks offering startup-specific benefits or partnerships worth checking out?

 

[Anupama_Jha]

SBI, best in class, less AMB requirements (5k) and minimal charges.

Online possible but GST and Udyam registration certificate mandatory.

 

[TECHXYZ]

Check out IndusInd Infotech account or BOB Startup Banking

 

[rafzy]

SBI, best in class, less AMB requirements (5k) and minimal charges.

Online possible but GST and Udyam registration certificate mandatory.

I agree. We deal with SBI for our current a/c and it's very smooth with no hiccups or hidden charges. Min bal req is 5K monthly. RM is good and values us. However dont expect buttering treatments you'd get from private banks RMs.
And good thing, SBI RMs never call you for quarter end funding or any of those BS.

 

[rapidboxer]

SBI, best in class, less AMB requirements (5k) and minimal charges.

Online possible but GST and Udyam registration certificate mandatory.

Both GST and Udyam needed?
Wont business incoroporation and Udyam be okay?
Dont want to do GST license right now

 

[Anupama_Jha]

Both GST and Udyam needed?
Wont business incoroporation and Udyam be okay?
Dont want to do GST license right now

Yupp in case of online opening. Without gst, branch can open.

 

[msureshuh]

I do not know present process But
1. In 2021, they did company office verification,
2. MAB is 10k
3. They need Director seal and Company seal
4. They asked incorporation letter,DIN,TAN, Company letter head, MOA, AOA,
5. More than 40 papers and all we have to sign.
6. If you fill in their website, they will send a person.
7. Look ICICI, IDFC
8. I think most banks call and send emails after our company got incorporated.
9. MCA leaks our information to banks and some supplier companies also.

 

[ashwinikumar900]

I spoke to an Axis bank employee who told me that you can’t add a current account to UPI. Is that correct?

 

[Amit_1]

I think Canara Bank Cent Saksham is good option.

Cent Saksham | Central Bank of India

www.centralbankofindia.co.in

 

[ankit_tf]

IDFC is good. They also have no min balance requirement for 3 yrs.

 

[TECHXYZ]

I spoke to an Axis bank employee who told me that you can’t add a current account to UPI. Is that correct?

no, he don't know!

 

[rapidboxer]

I agree. We deal with SBI for our current a/c and it's very smooth with no hiccups or hidden charges. Min bal req is 5K monthly. RM is good and values us. However dont expect buttering treatments you'd get from private banks RMs.
And good thing, SBI RMs never call you for quarter end funding or any of those BS.

I tried with SBI today and the experience was too bad.
Had to go twice because someone or the other was during lunch time (seems like all those FB memes were spot on)
After that too they hardly had any intention to help.
If this is their service before opening the account, I can only assume how it gets post opening!

 

[rafzy]

I tried with SBI today and the experience was too bad.
Had to go twice because someone or the other was during lunch time (seems like all those FB memes were spot on)
After that too they hardly had any intention to help.
If this is their service before opening the account, I can only assume how it gets post opening!

for SBI, always try to go to a branch that isnt normally crowded and you'll get a good service. Atleast that's the case for me.

 

[habibmy]

I tried with SBI today and the experience was too bad.
Had to go twice because someone or the other was during lunch time (seems like all those FB memes were spot on)
After that too they hardly had any intention to help.
If this is their service before opening the account, I can only assume how it gets post opening!

Check RazorpayX Current Account.