Starting a business is an exciting journey, but it comes with its own set of challenges, especially when it comes to managing finances. When you are choosing the best bank for startups in India, There are several factors to consider. In this blog post, we will explore some of the best banks for startup in India, focusing on their features, how to open a current account, and what are the documentation required.  

Listed the few best banks for startup in India for new emerging startups will be needed for business growth. When selecting a bank, consider factors such as the bank’s presence in the startup ecosystem, the range of products and services offered, and the account maintenance charges. 

About Yes Bank

In the list of best banks for startup in india, YES BANK is a leading Indian private sector bank headquartered in Mumbai, committed to providing financial services to retail customers, Micro, Small, and Medium Enterprises (MSMEs), and corporate clients. With a focus on customer-centricity, innovation, and digital transformation, YES BANK has established a robust presence across the country.

As of March 31, 2024, The bank’s network spanned 300 districts in India, comprising 1,198 branches and 193 Banking Correspondent Business Outlets (BCBOs). Additionally, YES BANK operated over 1,287 automated teller machines (ATMs) to cater to the banking needs of its customers.

Yes Bank Yes Head Startup

Yes Bank is a leading private sector bank in India that offers a dedicated banking solution for startups called Yes Head Startup. This account is designed to cater to the unique needs of startups, providing them with a range of features and benefits.

Features:

• Special current account with relaxed minimum balance requirements
• Free online banking and mobile app
• Access to the Yes Bank Startup Accelerator Program
• Priority service and dedicated relationship manager
• Connects startups to potential investors through networking events
• Waived or discounted fees on account maintenance and transactions

Freedom Flexi 25	Freedom Flexi 45	Freedom Flexi 100	Freedom Flexi 300	Freedom Flexi
Suitable for local business	Suitable for small or medium businesses	Suitable for medium-sized businesses with a wide range of business offerings to choose from	A premier current account and the best financial partner for medium-to-large sized businesses	Enjoy a business banking relationship with this Elite current account that is especially designed for your large business
Free RTGS and NEFT transactions done online	5 outward cheque return charges free	Leverage your account as per your business’s evolving requirements through our 5 Tier Dynamic Pricing	10 outward cheque return charges free	15 outward cheque return charges free
Cash deposit upto 6 times of current month AMB; max upto 2 crore	Cash deposit upto 8 times of current month AMB; max upto 2 crore	5 outward cheque return charges free	Cash deposit upto 12 times of current month AMB; max upto 3 crore	Cash deposit upto 15 times of current month AMB; max upto 5 crore
Merchant offering: Standee free	Merchant offering: Standee free + NIL OTI on 1 soundbox	Merchant offering: Standee free + NIL OTI on POS for 1 terminal + Rental cashback for 1 terminal if POS volume is >= 2 lac per terminal	Merchant offering: Standee free + NIL OTI for 2 POS + Rental cashback for 2 terminal if POS volume is >= 2 lac per terminal	Merchant offering: Standee free + NIL OTI for 2 POS + Rental cashback for 2 terminal if POS volume is >= 2 lac per terminal
Minimum Average Monthly Balance (AMB) requirement of ₹ 25,000	Minimum Average Monthly Balance (AMB) requirement of ₹ 45,000	Minimum Average Monthly Balance (AMB) requirement of ₹ 1,00,000	Minimum Average Monthly Balance (AMB) requirement of ₹ 3,00,000	Minimum Average Monthly Balance (AMB) requirement of ₹ 5,00,000

How to create current account in YES banks:

1. Visit the Yes Bank website and navigate to the “Business Banking” section. Or in the search bar search “Business banking”
2. Select any one of the “Freedom Flexi”
3. Submit your Details, before submit your details kindly review & submit
4. The bank will verify your documents and contact you for any additional information. Once verified, you will need to sign the application form and any other necessary documents.
5. After the account is opened, you can activate it by logging in to the Yes Bank online banking platform or through the mobile app.

Requirements of Create account:

• Identity Proof: PAN Card, Aadhaar Card, Driving License, Voter ID Card, etc.
• Address Proof: Aadhaar Card, Valid Passport, Utility bill, Property tax bill, etc.
• Recent Passport-Size Photograph
• Business registration certificate (if registered)
• Partnership deed (if applicable)
• Form 49A along with Form 60 if you do not have a PAN Card

Please note that the specific requirements and procedures may vary depending on the bank and the type of account you are applying for. It is recommended to check with the bank directly for the most up-to-date information and to ensure that you have all the necessary documents before applying.

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About Axis Bank

Axis Bank Limited, formerly known as UTI Bank, is an Indian multinational banking and financial services company headquartered in Mumbai. Axis Bank was founded in 1993 as a joint venture between the Unit Trust of India (UTI) and the Life Insurance Corporation of India (LIC). In 2007, UTI Bank was acquired by Axis Bank, and the two banks merged in 2009.

It is India’s 3rd largest private sector bank by assets and fourth largest by market capitalisation.

As of March 31, 2024, The bank has a network of over 4,900 branches and 18,000 ATMs across India. Axis Bank also has a significant international presence, with branches in Singapore, Hong Kong, Dubai, and the United Kingdom.

Axis Bank New Economy Group

Axis Bank offers specialized banking for startups through its New Economy Group, providing services and support for growth.

Features of Axis bank

• Zero balance account
• Free online banking and mobile app
• Best-in-class cash management tools for efficient financial control
• API integration for streamlining business processes
• Digital product suite for seamless online banking
• Access to the Axis Bank Startup Accelerator Program
• Access to a wider range of services like M&A support and IPO assistance as your startup grows

Benefits of Axis Banks

• Monthly Average Balance requirement – Nil
• Monthly Cash Deposit limit – @ 10 times the Monthly Average Balance maintained up to maximum of 50 lac
• Cheque Book, DD/PO, Alerts, Standing instructions & Certificate of Balance – Free
• Unlimited NEFT/RTGS transactions through all channels
• Unlimited Cash withdrawal within/outside the city
• Debit Card: Business Platinum Debit Card

How to create current account in Axis banks

1. Visit the Axis Bank website and navigate to the “Business Banking” section. Look for the “New Economy Group” account, which is designed for startups.
2. Submit your Details, before submit your details kindly review & submit
3. The bank will verify your documents and contact you for any additional information. Once verified, you will need to sign the application form and any other necessary documents.
4. Activate the Account: After the account is opened, you can activate it by logging in to the Axis Bank online banking platform or through the mobile app.

Documentations Required of opening current account: 

• Entity & Address Proof of the firm
• Pan card of the Proprietor
• Address proof of the Proprietor along with Passport size recent photograph
• Business registration certificate (if registered)
• Partnership deed (if applicable)
• Form 49A along with Form 60 if you do not have a PAN Card

About HSBC Bank

HSBC (Hongkong and Shanghai Banking Corporation Limited, India) Bank India is a foreign bank incorporated in Hong Kong with limited liability, regulated by the Reserve Bank of India, Founded in 1853.HSBC (Hongkong and Shanghai Banking Corporation Limited, India) Bank India is a foreign bank incorporated in Hong Kong with limited liability. It is regulated by the Reserve Bank of India.

Here are some key facts about HSBC Bank India:

• Founded: 1853
• Headquarters: Mumbai, India
• CEO: Hitendra Dave
• Number of employees: Over 30,000
• Total assets: Over ₹10 trillion (US$140 billion)
• Number of branches: Over 500
• Number of ATMs: Over 1,500

HSBC Start-ups Banking

HSBC is a global banking giant that offers a specialized banking solution for startups called Start-ups Banking. This solution is designed to provide startups with the support and resources they need to grow and succeed.

Feature of HSBC Start-ups Banking

• Zero balance account
• Free online banking and mobile app
• Completely digital banking platform for convenient account management
• Corporate credit card with limits tailored to startup needs
• Lending options even for startups not yet profitable (based on specific criteria)
• Connection to a network of venture capitalists and industry partners
• Access to the HSBC Start-ups Accelerator Program

Benefits of HSBC startups banking

• No Minimum balance requirement
• Zero cost net banking
• Corporate Debit/ Credit Card with no issuance and annual fee
• Transaction fee at low/ no cost

How to create current account in HSBC banks:

• Visit the HSBC website and navigate to the “Business Banking” section. Look for the “Start-ups Banking” account, which is designed for startups.
• Submit your Details, before submit your details kindly review & submit
• The bank will verify your documents and contact you for any additional information. Once verified, you will need to sign the application form and any other necessary documents.
• After the account is opened, you can activate it by logging in to the HSBC online banking platform or through the mobile app.

Documentations Required of opening current account:

• Entity & Address Proof of the firm
• Pan card of the Proprietor
• Address proof of the Proprietor along with Passport size recent photograph
• Business registration certificate (if registered)
• Partnership deed (if applicable)
• Form 49A along with Form 60 if you do not have a PAN Card

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About ICICI Bank

ICICI Bank Limited is an Indian multinational bank and financial services company headquartered in Mumbai. ICICI Bank has a network of 6,000 branches and 17,000 ATMs across India, and has a presence in 17 countries.

ICICI Bank Limited, headquartered in Mumbai, India, is a leading Indian multinational bank and financial services company. Founded in 5 January 1994, the bank has grown to become one of the largest private sector banks in India and a significant player in the global financial landscape.

ICICI Bank – iStartUp

ICICI Bank is one of the largest private sector banks in India that offers a specialized banking solution for startups called iStartUp.

Features of ICICI Bank – iStartUp

• Zero balance account
• Three tiers of current accounts with features that scale according to your startup’s growth stage
• Potential access to growth capital through venture debt or other financing solutions
• Relaxation on minimum balance requirements (especially for early stage startups)
• Online account management tools.

How to create current account in HSBC banks:

1. Visit the ICICI Bank website and navigate to the “Business Banking” section. Look for the “iStartUp” account, which is designed for startups.
2. Submit your Details, before submit your details kindly review & submit
3. The bank will verify your documents and contact you for any additional information. Once verified, you will need to sign the application form and any other necessary documents.
4. After the account is opened, you can activate it by logging in to the ICICI Bank online banking platform or through the mobile app.

Documentations Required of opening current account:

• Entity & Address Proof of the firm
• Pan card of the Proprietor
• Address proof of the Proprietor along with Passport size recent photograph
• Business registration certificate (if registered)
• Partnership deed (if applicable)
• Form 49A along with Form 60 if you do not have a PAN Card

Also read this: Top 10 Commercial Banks in India

About IDFC

IDFC FIRST Bank is an Indian private sector bank formed by the merger of the banking arm of Infrastructure Development Finance Company and Capital First, an Indian non-bank financial institution. Founded in October 2015.

IDFC FIRST Bank Limited, formerly IDFC Bank, is a major Indian private sector bank with its registered office in Mumbai, Maharashtra.

The bank is a result of the merger between the banking arm of Infrastructure Development Finance Company (IDFC) and Capital First, an Indian non-bank financial institution. The merger was approved by the Reserve Bank of India (RBI) in December 2014 and became effective on October 1, 2015.

IDFC Startup Current Account

IDFC Bank is a relatively new private sector bank in India that offers a specialized banking solution for startups called the Startup Current Account. IDFC Bank offers a Startup Current Account, designed to support startups’ growth.

IDFC Startup Current Account feature:

Current account with lower minimum balance requirements compared to standard business accounts. Access to growth-stage financing solutions like venture debt or equity funding (subject to eligibility) Online banking platform for managing finances.

How to create current account in IDFC banks:

1. Visit the IDFC Bank website and navigate to the “Business Banking” section. Look for the “Startup Current Account” account, which is designed for startups.
2. Submit your Details, before submit your details kindly review & submit
3. The bank will verify your documents and contact you for any additional information. Once verified, you will need to sign the application form and any other necessary documents.
4. After the account is opened, you can activate it by logging in to the IDFC Bank online banking platform or through the mobile app.

Documentations Required of opening current account:

• Entity & Address Proof of the firm
• Pan card of the Proprietor
• Address proof of the Proprietor along with Passport size recent photograph
• Business registration certificate (if registered)
• Partnership deed (if applicable)
• Form 49A along with Form 60 if you do not have a PAN Card

Also read this: List of Private Banks in India -2024

About RBL banks

RBL Bank is an Indian private sector bank serving over 700,000 customers with a total business of Rs 21,000 crores. Founded in 1943, it has 185 branches and 370 ATMs across 13 states in India.

RBL Bank, formerly known as Ratnakar Bank Limited, is an Indian private sector bank that has been serving customers for over seven decades, since its inception in 1943. Headquartered in Mumbai, the bank has a strong presence across India.

RBL banks India Startup club

RBL Bank offers a specialized banking solution India Startup Club for startups to provide support and resources for their growth and success.

RBL Bank India Startup Club feature:

• Business-friendly current accounts with features like free cash deposits and relaxed transactions limits
• Value-added services like discounted merchant payment processing fees
• Dedicated relationship manager to assist with banking needs
• Networking opportunities with other startups and potential investors (may vary by branch)

How to create current account in RBL banks:

1. Visit the RBL Bank website and navigate to the “Business Banking” section. Look for the “India Startup Club” account, which is designed for startups.
2. Submit your Details, before submit your details kindly review & submit
3. The bank will verify your documents and contact you for any additional information. Once verified, you will need to sign the application form and any other necessary documents.
4. After the account is opened, you can activate it by logging in to the RBL Bank online banking platform or through the mobile app.

Documentations Required of opening current account:

• Entity & Address Proof of the firm
• Pan card of the Proprietor
• Address proof of the Proprietor along with Passport size recent photograph
• Business registration certificate (if registered)
• Partnership deed (if applicable)
• Form 49A along with Form 60 if you do not have a PAN Card

Conclusion:

Choosing the best bank for startups in India depends on various factors, including your specific financial needs, the bank’s service offerings, and their ability to support your business growth. It is essential to carefully evaluate the features, pros, and cons of each bank to find the perfect fit for your startup’s financial needs.

Frequently Asked Questions