If you are planning to have your own startup business then first of all let me congratulate you on this. I wish you will have a booming journey with your startup.
Ok, so let us keep the other things aside and come back to the topic on which we are going to discuss today. One of the most important for the startups.
I am talking about the bank account which is a necessary thing be it for the startup or for individual use. When you incubate your idea you will need a bank account.
If you want to know or study in-depth about what is a bank account. Then you can do that by referring to this article.
There is a question that is very common in every person who wants to start a startup business. And that is which type of bank account should he or she open?
If you have planned to continue using your personal savings bank account for the transactions. Then let me tell you that is not a good idea at all.
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A startup is a business and when it comes to the businesses they should own and operate the things using a current bank account.
Usually, people think current accounts are hard to maintain. And it is true to some extent as well. But there are specific types of accounts that are designed for startups.
So which type of account you should have?
As you are just beginning your startup journey you should open a startup current account and use it. This term might be a new one for you.
But the Indian banks understand the needs of the customers. To be very specific the diverse type of customers which they find in India.
So the banks have decided on accounts which will help you out a lot. I have discussed few such accounts below. You can check them all out and select the best one for your startup.
What is Special about Startup Accounts?
Now, this might have hit your mind. Bank account is a bank account why is so special about this type of accounts. Let me answer this for you.
Most of these accounts will be having a waiver period during which you won’t be charged anything if you are not maintaining the monthly average balance.
The charge which I am talking about is termed as “Non-Maintenance of Monthly Average Balance”. (NMMAB) Believe me it is a great advantage for the startups.
#1 IndusInd Bank Freedom Account
IndusInd Bank always it is known for the bold steps it takes in the banking sector. There is a reason why I have numbered it 1.
That is because if you open the IndusInd Bank Freedom account you will not have to worry about the monthly average balance.
The minimum balance that you have to maintain is absolutely zero. The debit card charges for the year are also minimum. Bank will charge you Rs. 250 + taxes per year for your debit card.
Bank’s Website: www.indusind.com
#2 HDFC Bank SmartUp
If you opt for the HDFC Bank SmartUp account then you will get all the necessary banking services. In this case, you will have to maintain Rs. 25000 in your bank account.
But there is good news for you. And that is the waiver which is for 12 months. After 12 months if you don’t maintain the balance then you will be charged Rs. 1800 per Quarter.
Bank’s Website: www.hdfcbank.com
#3 Axis Bank StartUp
Axis Bank which is one of the leading private sector banks also has an option for startups. If you take this option for your bank account.
Then the minimum balance to be maintained is Rs. 10000. But there is a waiver for 24 months so this is a matter of relief for you. The debit card issuance charges are Rs. 200 and the annual charges are Rs. 150.
Bank’s Website: www.axisbank.com
These are the top 3 startup accounts that you can consider opening. There are some other banks too but the problem is most of them do not offer any waiver period which is necessary for the people who are just starting up.