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All Private Sector Bank Current Accounts – Features, Average Balance & Charges

All Private Sector Bank Current Accounts – Features, Average Balance & Charges

MultiBazaar

8/24/20252 min read

When it comes to managing business finances, choosing the best current account is one of the most important decisions for entrepreneurs, startups, and SMEs. Private sector banks in India offer a wide variety of current account options designed for different business needs. In this blog, we will cover the top private sector bank current account features, minimum average balance requirements, and charges, so you can make the right choice for your business.

Why Choose a Private Sector Bank Current Account?

Private banks like HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, IndusInd Bank, Yes Bank, and RBL Bank are known for their:

  • Digital banking facilities

  • Faster customer service

  • Customised current account products

  • Value-added features like free cheque books, doorstep banking, higher transaction limits, and integration with UPI/NetBanking.

These features make them popular for businesses that need quick transactions, nationwide branches, and advanced digital tools.

Key Features of Private Bank Current Accounts

Most private sector banks offer a wide range of benefits, such as:

  • Unlimited Transactions: Cash deposits, withdrawals, and online transfers.

  • Digital Banking Access: Mobile app, net banking, and 24/7 fund transfer via NEFT, RTGS, IMPS, and UPI.

  • Free Business Debit Cards with high withdrawal and POS limits.

  • Overdraft Facility: Flexible working capital finance against deposits or collateral.

  • Cash Deposit Facility at ATMs, CDMs, and branches.

  • Value-Added Services: SMS alerts, doorstep cash pickup, trade & forex services.

Minimum Average Balance Requirement (MAB) in Top Private Banks

Every current account requires businesses to maintain a Minimum Average Balance (MAB). Failing to maintain the balance may result in penalty charges.

Here’s a list of popular banks and their average balance requirements:

  • HDFC Bank Current Account → ₹10,000 to ₹25,000 (varies by account type)

  • ICICI Bank Current Account → ₹10,000 to ₹25,000

  • Axis Bank Current Account → ₹10,000 to ₹50,000

  • Kotak Mahindra Bank Current Account → ₹10,000 to ₹50,000

  • IndusInd Bank Current Account → ₹10,000 upwards

  • Yes Bank Current Account → ₹10,000 to ₹50,000

  • RBL Bank Current Account → ₹10,000 upwards

Charges Applicable on Current Accounts

Apart from the average balance, banks levy some service charges such as:

  • Non-Maintenance Charges → ₹750 – ₹1,200 per month (if MAB not maintained)

  • Cash Handling Charges → Beyond free limit, usually ₹2–₹4 per ₹1,000 cash deposited

  • Cheque Book Charges → Extra for additional cheque books beyond free quota

  • RTGS/NEFT/IMPS Charges → Most banks offer free digital transfers, but some may charge after a certain limit

  • Doorstep Banking Charges → ₹150 – ₹500 per visit (depending on service)

How to Choose the Best Current Account?

When selecting a private bank current account, consider:

  • Transaction volume of your business

  • Average balance you can maintain

  • Digital and branch banking needs

  • Cash handling requirements

  • Extra benefits like overdraft, forex, trade finance

Conclusion

Private sector banks in India offer multiple current account options for businesses of all sizes. Maintaining the required average balance helps you avoid penalties while enjoying free transactions, cash deposits, and premium banking features.

If you are looking for the best current account for business in India, compare HDFC, ICICI, Axis, Kotak, IndusInd, Yes Bank, and RBL Bank based on your business needs and growth plans.

👉 Open your business current account today and take advantage of seamless digital banking, unlimited transactions, and tailored business solutions.

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