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!
Kotak Mahindra was first founded in 2003, and as a private bank has 4 overall strategic business units- consumer banking, corporate banking, commercial banking, and treasury¹. You may be familiar with the bank for personal banking, but they offer a suite of services for Indian businesses too.
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Kotak Mahindra offers a suite of current, or business, accounts for different business needs and sizes. They range from accounts that help startups get off the ground, to an Astra 15 account which is tailor-made for the largest enterprises. Here are the quick features of the accounts they offer²:
|Neo Current Account
|Edge Current Account
|Startup Premium Current Account
|Ace Current Account
|Pro Current Account
|Startup Regular Current Account
|Elite Current Account
|Astra 05 Current Account
|Global Trade Current Account
|Astra 15 Current Account
If you had an ING Vysya account, you may be aware that the company recently merged with Kotak Mahindra bank. Your Customer ID / CIF should’ve now been renamed as "CRN" for Kotak Mahindra Bank System³. Otherwise, at the moment, there should be no large changes to your account.
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Kotak Mahindra offers Indian businesses a whole slew of banking services. From moving your business to be more digital, to managing collections and payments, liquidity management and services to grow your business⁴. They also offer point-of-sale facilities and financing through business loans, loans against properties or credit. They can also support any import/export shipments you may have and remittances through KotakRemit.
You can first get started on their website and identify which account would work best for you. You can also look at getting apersonalized package for your business and start the process online. You can also reach out to their business experts to help you choose the right solution for you by contacting the Kotak Mahindra Business Contact Center at 1800 209 5600 between 9:30am-6:30pm IST.
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You can open a business bank account with Kotak Mahindra as an individual, partnership, private limited, proprietorship, public limited, or trust association society club. With accounts tailored to businesses of different sizes, you can identify which account would fit your’s best. You can also narrow it down by identifying your expected average quarterly balance preference and find the account that matches.
The fees depend on the type of account or package you choose to go with. Kotak has different qualifying account balances, charges, fees and minimums associated with every account. So when you are looking at their list of accounts, click on “Fees and Charges” to see how much it will cost you to maintain and use their services.
One thing to note, Kotak Mahindra will charge a cross-currency mark-up of 3.5% on foreign currency transactions carried out on Debit Cards⁵.
For Indian business customers, there are banking and credit card helpline numbers that are available 24-hours across India. You can reach the helpline at 1860 266 2666, or try one of the local phone numbers.
For any 811 related questions or emergencies like fraud reporting or card hotlisting, you can reach the help desk at 1860 266 0811.
To report any fraud or unauthorized transactions in your account or on your business credit card, you can reach Kotak at their dedicated toll-free number 1800 209 0000 24/7.
For a more online approach, the Kotak SME Banking can be contacted over email at firstname.lastname@example.org.⁶
Kotak Mahindra can be a good option for your business domestically, but what about receiving payments from abroad? Wise for business is a low cost, flexible and easy way to receive payments from abroad. You can open a business account for free and pay invoices, buy inventory, and handle payroll with the real exchange rate in multiple different currencies.
Sources used for this article
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
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