If you have a small business or any individual wondering about the best bank for you to open an account, here in today’s article we will guide you and give you the factors to consider before opening a bank for your business. Choosing a bank account is easy because many banks provide service, but choosing the right bank that fits your business is a little complicated, especially for startups and small businesses.
Factors to consider before choosing a bank
Choosing a bank account also depends on the type of your business and needs. considering your need you can look into this feature the bank provides.
- The bank that provides low deposit amounts and low Minimum balance requirements you can afford
- Choose the bank that provides mobile app banking facilities for you to be ease in doing transactions
- Consider a bank that can give you short-term credit when you require like 1 or 2 lakh credit
- Avoid the banks that have hidden costs
- Choose a bank that provides you with free transactions on IMPS, NEFT, and RTGS.
- Free ATM access and transactions on their branch ATM.
- Consider a bank that has a branch near your business locations
- Bank that has good customer services
After considering this thing a bank provides, you are good to go and can easily choose bank fits for your small business to avoid high charges.
Banks for Small businesses
- ICICI Bank
- Axis Bank
- HDFC Bank
- State Bank of India
Here are some of the banks where you can open an account for your small business. Based on our research through the internet and blogs, we gather these banks for you.
ICICI Bank
ICICI Bank has more than 5,275 branches in India. This bank is best for small businesses because it provides accounts that are specifically designed for small businesses like the new Startup Current Account, Subhaarambh Current Account Small Business Account as well as a Roaming Current Account for small businesses.
It gives you free free RTGS and NEFT transactions, as well as a checkbook, and online, and mobile banking. It offers a six-month free minimum balance after you have to deposit 25,000 for the minimum balance.
Axis Bank
Axis Bank is also one of the best banks for small businesses after ICICI because no balance is required for account opening but the bank will charge you Rs 1999 fees annually, to avoid this charge you need to shift to Rs 50,000 MAB for no annual charge. This gives small businesses who are starting options to shift any time when their business grows. Additionally, Axis bank free transactions up to 75 per month.
HDFC Bank
HDFC is one of the largest commercial banks in India that is privately held. HDFC provides a variety of current accounts for small or big businesses. They choose from a no balance to the minimum balance required based on your needs and requirements. Additionally, a bank provides free RTGS Checks, NEFT, collection, and payment services.
State Bank of India
State Bank of India is one of the best banks for small businesses or even individuals, because it is a government-owned bank, and has good customer services that solve your problem whenever you face the problem. Another is that it has a diverse of branches across India that are located even in rural areas.
There are many types of accounts SBI provides to customers and Bussiness.
Also Read: SBI Aadhaar Seeding:Linking Your Aadhaar to maps its with NCPI
Conclusion
While our research suggests these banks are strong options for small business accounts, we haven’t personally used them all. It’s important to remember several other banks serve small businesses. It also depends on your specific needs. Considering those factors I mentioned to help you choose an account ideal for your business.
My personal opinion on SBI: For personal accounts, I prefer SBI based on my own experience. SBI works well for people with smaller balances and fewer transactions.
