HDFC business banking: All you need to know

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.

Business account types with HDFC

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:

HDFC Ultima Current Account

For large distributors, manufacturers, multi-specialty hospitals and businesses that need more than just normal business features and services and additional limits and flexibility.

HDFC Apex Current Account

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.

HDFC Agri Current Account

• This is ideal for agriculture-related industries and businesses that deal with seasonal patterns.

HDFC Regular Current Account

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.

HDFC Startup Business Account

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

Banking services with HDFC

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.

How to open an HDFC business account?

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.

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Requirements to open a business bank account with HDFC?

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

Fees for an HDFC business bank account?

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:

How can I contact HDFC business banking support team

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.

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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.

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Sources used for this article