Find out the best business bank accounts in India for your small or medium sized business. Learn more about your options and know how to choose right one!
HDFC is a popular private bank in India with over 5,000 bank branches and 13,000 ATMs across the country¹. It has also won quite a few awards this year, including India’s Best Bank 2018 by Euromoney Excellence Awards, and the Best Private Bank in India by The Banker Global Private Banking Awards 2018². So if you have ever considered HDFC for business banking, this is the article for you. We will take a quick look at what they can offer Indian businesses in terms of accounts and services. Read on to see if setting up an account with HDFC is right for you.
A business account at HDFC consists of a current account but with additional features and services. HDFC has over 15 different current account options³ depending on the type of business you have. You can find which one of the accounts work best for you by either using your basis annual turnover and segment as qualifiers or based on your frequency of transactions and patterns. Here are some examples of the types of current accounts HDFC has⁴:
For large distributors, manufacturers, multi-specialty hospitals and businesses that need more than just normal business features and services and additional limits and flexibility.
A high-end account that caters to fast-growing large businesses that can take advantage of dynamic cash deposit limits and free inter-city cheque collection.
- This is ideal for agriculture-related industries and businesses that deal with seasonal patterns.
A low-cost account for businesses that are centered primarily in one city that can take advantage of local free cheque payment and collection features.
An account specifically for startups that provides advisory services at negotiated rates, cheaper access to credit, zero balance account facility and waiver of charges on debit cards.⁵
|The Wise borderless account is made for modern businesses that want to send, receive and make payments around the world. You get local bank details in the UK, US, New Zealand, Euro and Australian Dollar, plus you can hold that money in 40+ currencies. The best part is that you can then move that money directly into your local Indian account.|
HDFC has a large range of services to help make banking easier for businesses. The services offered include:
- Business Credit Cards
- Working Capital access
- Cash Management Services
- Business Loans
- Payment Gateways
- Healthcare Finance
- Export/Import Services
- Letters of Credit
- Remittance services
As you go through the process of setting up a business account, the HDFC team will help you find the services and account that suits your needs the best.
HDFC lets you begin the process and apply for a business bank account online on their website. Once you find the account that suits your business best, you can hit Apply Online and fill out the personal and business details before submitting it. An HDFC bank representative will call you to take the application forward.
Doing business overseas and need to make international business payments? Wise could save you money versus your bank
Sending payments outside of India? You could be saving money on every transaction with Wise. And unlike banks, Wise uses the real exchange rate for every transaction. So the rate you see on Google is what you get, plus one low upfront fee. Why pay more to do business around the world, get a Wise account and see how much you can save.
Every business bank account is going to have its own unique requirements. But in all cases you will need the following documents⁶:
- Proof of existence in the name of the firm
- Proof of address in the name of the firm
- KYC of the individual
You can open a Regular Current Account as a resident individual, HUFs, proprietorship firms, partnership firms, limited companies, trusts, club or even as foreign national. Certain restrictions may apply.⁷
The fees depend on the type of business current account that you sign up for. Here is a quick sample of fees for a Regular Current Account⁸:
|Minimum Balance (Average Quarterly Balance)||₹10,000/-|
|Non-Maintenance Charges per quarter||Charge of ₹1500/- per quarter|
|Account Statement||Free monthly|
|NEFT transactions at the bank||Up to ₹1 Lakh - ₹2 + GST; Above ₹1 Lakh - ₹10 + GST|
|NEFT transactions online||Free|
|Account to Account Fund Transfer within HDFC Bank||Free|
|Use of HDFC ATM||Free|
|Non-HDFC Domestic ATM||₹20/- per transaction|
You can contact the support team through the HDFC Customer Care site and identify if you are looking to ask a query, give feedback or have a grievance. The site will provide you the relevant phone numbers, depending on your current location, or email address. You can also browse their FAQs section to help find the answer you are looking for.
Once you are set up with HDFC, you can access support through your customer dashboard, or reaching out to your relationship manager if applicable.
With running your own business, you have enough on your plate. Receive international payments easily with Wise Business Account. Wise offers business in India with account details in 8 currencies that lets your international clients pay you using a local transfer. This makes your business stand out as one that is easy to work with, plus you benefit with a mid-market exchange rate — which is same as the one you see on Google. Wise charges a transfer fee that is shown upfront, and no other hidden markups.
Sources used for this article
- About HDFC
- HDFC Awards
- HDFC Current Accounts
- Types of HDFC Current Accounts
- HDFC Startup Account
- Documents for Opening an Account
- HDFC Account Fees
- HDFC Current Eligibility
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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