{"id":8600,"date":"2024-03-19T12:38:37","date_gmt":"2024-03-19T07:08:37","guid":{"rendered":"https:\/\/razorpay.com\/blog\/?p=8600"},"modified":"2025-02-26T12:10:37","modified_gmt":"2025-02-26T06:40:37","slug":"startup-current-account","status":"publish","type":"post","link":"https:\/\/razorpay.com\/blog\/business-banking\/startup-current-account\/","title":{"rendered":"Startup Current Account: The Best Way to Bank for New Age Businesses"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">As of this second, India is the third largest startup ecosystem in the world.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Many startup founders initially feel that they can manage their organisation without having a current account. However, sooner than later, they would realise they require a\u00a0<\/span> <span style=\"font-weight: 400;\">current account<\/span><b>\u00a0<\/b><span style=\"font-weight: 400;\">to facilitate streamlined withdrawals, deposits and other business transactions.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This article illustrates everything related to startup current accounts, including why they are a must for Indian startups. Let\u2019s get right into it. \u00a0<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_80 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69eb9f234fc87\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69eb9f234fc87\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/razorpay.com\/blog\/business-banking\/startup-current-account\/#What_is_a_Startup_Current_Account\" >What is a Startup Current Account?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/razorpay.com\/blog\/business-banking\/startup-current-account\/#What_are_the_benefits_of_a_Startup_Current_Account\" >What are the benefits of a Startup Current Account?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/razorpay.com\/blog\/business-banking\/startup-current-account\/#1_Keep_track_and_protect_your_transactions\" >1. Keep track and protect your transactions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/razorpay.com\/blog\/business-banking\/startup-current-account\/#2_Conduct_foreign_transactions\" >2. Conduct foreign transactions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/razorpay.com\/blog\/business-banking\/startup-current-account\/#3_Conduct_bulk_payment_transactions_with_collection_services\" >3. Conduct bulk payment transactions with collection services<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/razorpay.com\/blog\/business-banking\/startup-current-account\/#4_Smart_insights_and_ease_of_transactions\" >4. Smart insights and ease\u00a0 of transactions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/razorpay.com\/blog\/business-banking\/startup-current-account\/#5_Make_higher_transactions_without_a_worry\" >5. Make higher transactions without a worry<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/razorpay.com\/blog\/business-banking\/startup-current-account\/#Features_of_a_Startup_Current_Account\" >Features of a Startup Current Account<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/razorpay.com\/blog\/business-banking\/startup-current-account\/#Things_to_consider_for_selecting_the_best_startup_current_account\" >Things to consider for selecting the best startup current account<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/razorpay.com\/blog\/business-banking\/startup-current-account\/#Minimum_balance_required\" >Minimum balance required<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/razorpay.com\/blog\/business-banking\/startup-current-account\/#Overdraft_facility\" >Overdraft facility<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/razorpay.com\/blog\/business-banking\/startup-current-account\/#Transaction_fees\" >Transaction fees<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/razorpay.com\/blog\/business-banking\/startup-current-account\/#Core_services\" >Core services<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/razorpay.com\/blog\/business-banking\/startup-current-account\/#Documents_required_for_opening_a_current_account\" >Documents required for opening a current account<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/razorpay.com\/blog\/business-banking\/startup-current-account\/#Fees_and_Charges_of_Startup_Current_Account\" >Fees and Charges of Startup Current Account<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/razorpay.com\/blog\/business-banking\/startup-current-account\/#Get_RazorpayX_Current_Account_%E2%80%93_its_built_for_disruptors_like_you\" >Get RazorpayX Current Account &#8211; it\u2019s built for disruptors like you\u00a0<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/razorpay.com\/blog\/business-banking\/startup-current-account\/#FAQs\" >FAQs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/razorpay.com\/blog\/business-banking\/startup-current-account\/#1_How_to_update_GSTIN_in_a_current_account\" >1. How to update GSTIN in a current account?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/razorpay.com\/blog\/business-banking\/startup-current-account\/#What_is_Monthly_Average_Balance\" >What is Monthly Average Balance?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_is_a_Startup_Current_Account\"><\/span>What is a Startup Current Account?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span data-offset-key=\"9gi94-9-0\">A<\/span><span data-offset-key=\"9gi94-10-0\"> startup<\/span><span data-offset-key=\"9gi94-11-0\"> current<\/span><span data-offset-key=\"9gi94-12-0\"> account<\/span><span data-offset-key=\"9gi94-13-0\"> is<\/span><span data-offset-key=\"9gi94-14-0\"> a<\/span><span data-offset-key=\"9gi94-15-0\"> type<\/span><span data-offset-key=\"9gi94-16-0\"> of<\/span><span data-offset-key=\"9gi94-17-0\"> bank<\/span><span data-offset-key=\"9gi94-18-0\"> account<\/span><span data-offset-key=\"9gi94-19-0\"> specifically<\/span><span data-offset-key=\"9gi94-20-0\"> designed<\/span><span data-offset-key=\"9gi94-21-0\"> for<\/span><span data-offset-key=\"9gi94-22-0\"> startup<\/span><span data-offset-key=\"9gi94-23-0\"> businesses<\/span><span data-offset-key=\"9gi94-24-0\"> and<\/span><span data-offset-key=\"9gi94-25-0\"> entrepreneurs<\/span><span data-offset-key=\"9gi94-26-0\">.<\/span><span data-offset-key=\"9gi94-27-0\"> It<\/span><span data-offset-key=\"9gi94-28-0\"> typically<\/span><span data-offset-key=\"9gi94-29-0\"> includes<\/span><span data-offset-key=\"9gi94-30-0\"> features<\/span><span data-offset-key=\"9gi94-31-0\"> such<\/span><span data-offset-key=\"9gi94-32-0\"> as<\/span><span data-offset-key=\"9gi94-33-0\"> a<\/span><span data-offset-key=\"9gi94-34-0\"> low<\/span><span data-offset-key=\"9gi94-35-0\"> minimum<\/span><span data-offset-key=\"9gi94-36-0\"> opening<\/span><span data-offset-key=\"9gi94-37-0\"> balance<\/span><span data-offset-key=\"9gi94-38-0\">,<\/span><span data-offset-key=\"9gi94-39-0\"> no<\/span><span data-offset-key=\"9gi94-40-0\"> monthly<\/span><span data-offset-key=\"9gi94-41-0\"> maintenance<\/span><span data-offset-key=\"9gi94-42-0\"> fees<\/span><span data-offset-key=\"9gi94-43-0\">,<\/span><span data-offset-key=\"9gi94-44-0\"> and<\/span><span data-offset-key=\"9gi94-45-0\"> access<\/span><span data-offset-key=\"9gi94-46-0\"> to<\/span><span data-offset-key=\"9gi94-47-0\"> online<\/span><span data-offset-key=\"9gi94-48-0\"> banking<\/span><span data-offset-key=\"9gi94-49-0\"> and<\/span><span data-offset-key=\"9gi94-50-0\"> other<\/span><span data-offset-key=\"9gi94-51-0\"> services<\/span><span data-offset-key=\"9gi94-52-0\">.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_are_the_benefits_of_a_Startup_Current_Account\"><\/span><b>What are the benefits of a Startup Current Account?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Here are 5 major reasons why you need a current account for your startup:\u00a0<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"1_Keep_track_and_protect_your_transactions\"><\/span><b>1. Keep track and protect your transactions<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Businesses need to carry out transactions of substantial value. Therefore, it is crucial that the procedure is carried out under constant monitoring. With a <a href=\"https:\/\/razorpay.com\/x\/current-accounts\/\">current account<\/a>, you can get that security and safety for all digital transactions that you make, along with tracking these payments.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_Conduct_foreign_transactions\"><\/span><b>2. Conduct foreign transactions<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Instead of having a separate account for foreign exchange, several financial institutions provide facilities with their current accounts, which are customised for startups. Startup founders can also opt for the services of an expert to guide them through the legal regulations concerning foreign investment and trade.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_Conduct_bulk_payment_transactions_with_collection_services\"><\/span><b>3. Conduct bulk payment transactions with collection services<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">With a\u00a0<\/span><b> current account<\/b><span style=\"font-weight: 400;\">, you can make <a href=\"https:\/\/razorpay.com\/learn\/what-is-bulk-payment\/\">bulk payments<\/a> for your startup. Also, several financial institutions provide electronic collection services which enable one to make payments digitally through RTGS and <a href=\"https:\/\/razorpay.com\/learn\/neft\/\">NEFT<\/a>. There is another added aspect to this as well &#8211; this collection service helps you to increase the effectiveness and efficiency of revenue collection.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_Smart_insights_and_ease_of_transactions\"><\/span><b>4. Smart insights and ease\u00a0 of transactions<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Current accounts are ideal for businesses to manage their transactions by accessing their accounts daily. Businesses can make informed decisions now with faster access to financial reports and other information about real-time transactions. Having a Current Account also helps in improving their creditworthiness.\u00a0 However,\u00a0 the withdrawal limits vary across the different types of current accounts that the startup founders opt for.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"5_Make_higher_transactions_without_a_worry\"><\/span><b>5. Make higher transactions without a worry<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Current accounts come with a higher transaction limit in comparison to other accounts. This allows you to carry out a larger volume of transactions wherein there are no restrictions on deposit. Such flexibility proves to be very helpful in ensuring that a big-value business transaction is carried out without any hitch.\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Features_of_a_Startup_Current_Account\"><\/span><span data-offset-key=\"63j08-0-0\">Features<\/span><span data-offset-key=\"63j08-1-0\"> of<\/span><span data-offset-key=\"63j08-2-0\"> a<\/span><span data-offset-key=\"63j08-3-0\"> Startup<\/span><span data-offset-key=\"63j08-4-0\"> Current<\/span><span data-offset-key=\"63j08-5-0\"> Account<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Let&#8217;s have a look at the features of a Startup Current Account.<\/p>\n<p><strong>1. Online Banking:<\/strong><span data-offset-key=\"63j08-13-0\"> Most<\/span><span data-offset-key=\"63j08-14-0\"> startup<\/span><span data-offset-key=\"63j08-15-0\"> current<\/span><span data-offset-key=\"63j08-16-0\"> accounts<\/span><span data-offset-key=\"63j08-17-0\"> offer<\/span><span data-offset-key=\"63j08-18-0\"> online<\/span><span data-offset-key=\"63j08-19-0\"> banking<\/span><span data-offset-key=\"63j08-20-0\"> with<\/span><span data-offset-key=\"63j08-21-0\"> easy<\/span><span data-offset-key=\"63j08-22-0\"> access<\/span><span data-offset-key=\"63j08-23-0\"> to<\/span><span data-offset-key=\"63j08-24-0\"> account<\/span><span data-offset-key=\"63j08-25-0\"> balances<\/span><span data-offset-key=\"63j08-26-0\"> and<\/span><span data-offset-key=\"63j08-27-0\"> transactions<\/span><span data-offset-key=\"63j08-28-0\">,<\/span><span data-offset-key=\"63j08-29-0\"> as<\/span><span data-offset-key=\"63j08-30-0\"> well<\/span><span data-offset-key=\"63j08-31-0\"> as<\/span><span data-offset-key=\"63j08-32-0\"> the<\/span><span data-offset-key=\"63j08-33-0\"> ability<\/span><span data-offset-key=\"63j08-34-0\"> to<\/span><span data-offset-key=\"63j08-35-0\"> transfer<\/span><span data-offset-key=\"63j08-36-0\"> money<\/span><span data-offset-key=\"63j08-37-0\"> and<\/span><span data-offset-key=\"63j08-38-0\"> pay<\/span><span data-offset-key=\"63j08-39-0\"> bills<\/span><span data-offset-key=\"63j08-40-0\">.<\/span><\/p>\n<p><strong>2. Mobile Banking:<\/strong><span data-offset-key=\"63j08-48-0\"> Mobile<\/span><span data-offset-key=\"63j08-49-0\"> banking<\/span><span data-offset-key=\"63j08-50-0\"> allows<\/span><span data-offset-key=\"63j08-51-0\"> customers<\/span><span data-offset-key=\"63j08-52-0\"> to<\/span><span data-offset-key=\"63j08-53-0\"> manage<\/span><span data-offset-key=\"63j08-54-0\"> their<\/span><span data-offset-key=\"63j08-55-0\"> accounts<\/span><span data-offset-key=\"63j08-56-0\"> on<\/span><span data-offset-key=\"63j08-57-0\"> the<\/span><span data-offset-key=\"63j08-58-0\"> go<\/span><span data-offset-key=\"63j08-59-0\">,<\/span><span data-offset-key=\"63j08-60-0\"> with<\/span><span data-offset-key=\"63j08-61-0\"> access<\/span><span data-offset-key=\"63j08-62-0\"> to<\/span><span data-offset-key=\"63j08-63-0\"> their<\/span><span data-offset-key=\"63j08-64-0\"> accounts<\/span><span data-offset-key=\"63j08-65-0\"> from<\/span><span data-offset-key=\"63j08-66-0\"> their<\/span><span data-offset-key=\"63j08-67-0\"> smartphones<\/span><span data-offset-key=\"63j08-68-0\"> or<\/span><span data-offset-key=\"63j08-69-0\"> other<\/span><span data-offset-key=\"63j08-70-0\"> mobile<\/span><span data-offset-key=\"63j08-71-0\"> devices<\/span><span data-offset-key=\"63j08-72-0\">.<\/span><\/p>\n<p><strong>3. Low Fees:<\/strong><span data-offset-key=\"63j08-80-0\"> Start<\/span><span data-offset-key=\"63j08-81-0\">ups<\/span><span data-offset-key=\"63j08-82-0\"> often<\/span><span data-offset-key=\"63j08-83-0\"> offer<\/span><span data-offset-key=\"63j08-84-0\"> low<\/span><span data-offset-key=\"63j08-85-0\"> fees<\/span><span data-offset-key=\"63j08-86-0\"> and<\/span><span data-offset-key=\"63j08-87-0\"> minimum<\/span><span data-offset-key=\"63j08-88-0\"> balance<\/span><span data-offset-key=\"63j08-89-0\"> requirements<\/span><span data-offset-key=\"63j08-90-0\"> to<\/span><span data-offset-key=\"63j08-91-0\"> make<\/span><span data-offset-key=\"63j08-92-0\"> their<\/span><span data-offset-key=\"63j08-93-0\"> accounts<\/span><span data-offset-key=\"63j08-94-0\"> more<\/span><span data-offset-key=\"63j08-95-0\"> attractive<\/span><span data-offset-key=\"63j08-96-0\"> to<\/span><span data-offset-key=\"63j08-97-0\"> customers<\/span><span data-offset-key=\"63j08-98-0\">.<\/span><\/p>\n<p><strong>4. Business Insights:<\/strong><span data-offset-key=\"63j08-107-0\"> Many<\/span><span data-offset-key=\"63j08-108-0\"> startup<\/span><span data-offset-key=\"63j08-109-0\"> current<\/span><span data-offset-key=\"63j08-110-0\"> accounts<\/span><span data-offset-key=\"63j08-111-0\"> offer<\/span><span data-offset-key=\"63j08-112-0\"> business<\/span><span data-offset-key=\"63j08-113-0\"> insights<\/span><span data-offset-key=\"63j08-114-0\">,<\/span><span data-offset-key=\"63j08-115-0\"> such<\/span><span data-offset-key=\"63j08-116-0\"> as<\/span><span data-offset-key=\"63j08-117-0\"> real<\/span><span data-offset-key=\"63j08-118-0\">&#8211;<\/span><span data-offset-key=\"63j08-119-0\">time<\/span><span data-offset-key=\"63j08-120-0\"> analytics<\/span><span data-offset-key=\"63j08-121-0\">,<\/span><span data-offset-key=\"63j08-122-0\"> budget<\/span><span data-offset-key=\"63j08-123-0\">ing<\/span><span data-offset-key=\"63j08-124-0\"> tools<\/span><span data-offset-key=\"63j08-125-0\">,<\/span><span data-offset-key=\"63j08-126-0\"> and<\/span><span data-offset-key=\"63j08-127-0\"> financial<\/span><span data-offset-key=\"63j08-128-0\"> reporting<\/span><span data-offset-key=\"63j08-129-0\">.<\/span><\/p>\n<p><strong>5. Customer Support:<\/strong><span data-offset-key=\"63j08-137-0\"> Start<\/span><span data-offset-key=\"63j08-138-0\">ups<\/span><span data-offset-key=\"63j08-139-0\"> typically<\/span><span data-offset-key=\"63j08-140-0\"> provide<\/span><span data-offset-key=\"63j08-141-0\"> 24<\/span><span data-offset-key=\"63j08-142-0\">\/<\/span><span data-offset-key=\"63j08-143-0\">7<\/span><span data-offset-key=\"63j08-144-0\"> customer<\/span><span data-offset-key=\"63j08-145-0\"> support<\/span><span data-offset-key=\"63j08-146-0\"> to<\/span><span data-offset-key=\"63j08-147-0\"> help<\/span><span data-offset-key=\"63j08-148-0\"> customers<\/span><span data-offset-key=\"63j08-149-0\"> with<\/span><span data-offset-key=\"63j08-150-0\"> any<\/span><span data-offset-key=\"63j08-151-0\"> problems<\/span><span data-offset-key=\"63j08-152-0\"> or<\/span><span data-offset-key=\"63j08-153-0\"> questions<\/span><span data-offset-key=\"63j08-154-0\"> they<\/span><span data-offset-key=\"63j08-155-0\"> may<\/span><span data-offset-key=\"63j08-156-0\"> have<\/span><span data-offset-key=\"63j08-157-0\">.<\/span><\/p>\n<p><strong>6. Credit\/Debit Card:<\/strong><span data-offset-key=\"63j08-168-0\"> Many<\/span><span data-offset-key=\"63j08-169-0\"> accounts<\/span><span data-offset-key=\"63j08-170-0\"> come<\/span><span data-offset-key=\"63j08-171-0\"> with<\/span><span data-offset-key=\"63j08-172-0\"> a<\/span><span data-offset-key=\"63j08-173-0\"> credit<\/span><span data-offset-key=\"63j08-174-0\"> or<\/span><span data-offset-key=\"63j08-175-0\"> debit<\/span><span data-offset-key=\"63j08-176-0\"> card<\/span><span data-offset-key=\"63j08-177-0\">,<\/span><span data-offset-key=\"63j08-178-0\"> which<\/span><span data-offset-key=\"63j08-179-0\"> can<\/span><span data-offset-key=\"63j08-180-0\"> be<\/span><span data-offset-key=\"63j08-181-0\"> used<\/span><span data-offset-key=\"63j08-182-0\"> to<\/span><span data-offset-key=\"63j08-183-0\"> make<\/span><span data-offset-key=\"63j08-184-0\"> purchases<\/span><span data-offset-key=\"63j08-185-0\"> or<\/span><span data-offset-key=\"63j08-186-0\"> withdraw<\/span><span data-offset-key=\"63j08-187-0\"> cash<\/span><span data-offset-key=\"63j08-188-0\"> from<\/span><span data-offset-key=\"63j08-189-0\"> AT<\/span><span data-offset-key=\"63j08-190-0\">Ms<\/span><span data-offset-key=\"63j08-191-0\">.<\/span><\/p>\n<p><strong>7. Additional Services:<\/strong><span data-offset-key=\"63j08-199-0\"> Some<\/span><span data-offset-key=\"63j08-200-0\"> accounts<\/span><span data-offset-key=\"63j08-201-0\"> come<\/span><span data-offset-key=\"63j08-202-0\"> with<\/span><span data-offset-key=\"63j08-203-0\"> added<\/span><span data-offset-key=\"63j08-204-0\"> services<\/span><span data-offset-key=\"63j08-205-0\"> such<\/span><span data-offset-key=\"63j08-206-0\"> as<\/span><span data-offset-key=\"63j08-207-0\"> merchant<\/span><span data-offset-key=\"63j08-208-0\"> services<\/span><span data-offset-key=\"63j08-209-0\"> and<\/span><span data-offset-key=\"63j08-210-0\"> financial<\/span><span data-offset-key=\"63j08-211-0\"> advising<\/span><span data-offset-key=\"63j08-212-0\">.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Things_to_consider_for_selecting_the_best_startup_current_account\"><\/span><b>Things to consider for selecting the best startup current account<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Startup owners need to consider the following\u00a0 aspects while choosing the\u00a0best current account for startups:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h3><span class=\"ez-toc-section\" id=\"Minimum_balance_required\"><\/span><b>Minimum balance required<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">A majority of banks require account holders to maintain a minimum balance in their current accounts. Businesses should check this requirement prior to applying. This aspect proves to be particularly important for entrepreneurs just starting their ventures.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h3><span class=\"ez-toc-section\" id=\"Overdraft_facility\"><\/span><b>Overdraft facility<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Several banks provide\u00a0current account\u00a0holders with an overdraft facility after they are convinced of their credibility. This facility is helpful when a business faces a financial crunch. Through the overdraft facility, you can withdraw even when the account balance is zero.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Considering all these, it is vital that applicants must opt for a banking platform that offers this facility. For instance, Razorpay Capital has made it easier for startups to get financed and grow wherein they are pre-approved based on customer payments with no requirement of long customer history and a high credit score.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h3><span class=\"ez-toc-section\" id=\"Transaction_fees\"><\/span><b>Transaction fees<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Generally, banks allow individuals to carry out unlimited transactions via their current account. But businesses need to note that they charge a fee when a particular transaction goes international or crosses a set limit. Businesses should check the schedule of transaction fees prior to applying for a current account. Ideally, business owners should opt for a bank that has a high free transaction limit and a low transaction fee.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h3><span class=\"ez-toc-section\" id=\"Core_services\"><\/span><b>Core services<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Startup founders should ideally apply for a\u00a0<\/span><b> current account<\/b><span style=\"font-weight: 400;\"> with a financial institution that provides a user-friendly mobile and internet banking portal. With a modern platform like <\/span><a href=\"https:\/\/razorpay.com\/x\/current-accounts\/?r=blog_cta_StartupCurrentAccount\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\"><span style=\"font-weight: 400;\">RazorpayX<\/span><\/a><span style=\"font-weight: 400;\">, you\u2019ll have the account ready in just a couple of minutes.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Such portals allow opening a current account online without visiting a branch and then instantly facilitating various core services like bill and salary payments and funds transfer with just a few clicks.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, these provide a unified dashboard that allows you to manage money from the comfort of your place. For instance, RazorpayX provides benefits of instant beneficiary addition, accounting integrations, built-in Tax, smart dashboard, payroll etc all from a single dashboard.<\/span><\/p>\n<div style=\"text-align: center;\"><a style=\"border-radius: 3px; background: #528FF0; padding: 15px; font-weight: 600; cursor: pointer; text-decoration: none; color: white;\" href=\"https:\/\/razorpay.com\/x\/current-accounts\/?r=blog_cta_StartupCurrentAccount\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">Sign up for RazorpayX Current Account<\/a><\/div>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Documents_required_for_opening_a_current_account\"><\/span><b>Documents required for opening a current account<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The list of documents required for opening a current account varies across the different types of organisations. But these are the documents that new-age businesses have to submit to the concerned financial institution to become a current account holder:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Proof of address for future communication such as electricity or a telephone bill<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Certificate of Incorporation and Memorandum of Association &#8211; applicable for companies and trusts<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Partnership agreement &#8211; necessary for partnership firms<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Residence and identity proof pertaining to all partners<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Proof of identity like Voter ID, PAN Card, Driving Licence and\/or Passport<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\"><a href=\"https:\/\/razorpay.com\/learn\/what-is-cheque\/\">A cheque<\/a> from an existing savings account<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Colour photographs, etc.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">After submission of these documents, representatives from the financial institution complete all other formalities related to account opening.\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Fees_and_Charges_of_Startup_Current_Account\"><\/span>Fees and Charges of Startup Current Account<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The fees and charges associated with a startup current account in India include <\/span><\/p>\n<p><span style=\"font-weight: 400;\">1. Account Opening Charges: Most banks offer startup current accounts without any account opening charges. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">2. Annual Maintenance Charges: Most banks do not charge an annual maintenance fee for these current accounts. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">3. Cheque Book Charges: Most banks offer free chequebooks with these current accounts. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">4. Debit Card Charges: Most banks offer free debit cards with these current accounts. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">5. ATM Withdrawal Charges: Most banks do not charge for <a href=\"https:\/\/razorpay.com\/learn\/how-to-withdraw-money-from-atm\/\">ATM withdrawals<\/a>. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">6. Balance Inquiry Charges: Most banks do not charge for balance inquiries. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">7. Statement Charges: Most banks do not charge for account statements. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">8. Cheque Return Charges: Most banks charge a fee for returned cheques. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">9. Fund Transfer Charges: Most banks charge a fee for fund transfers. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">10. Cash Deposit Charges: Most banks charge a fee for cash deposits.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The importance of a Current Account for a business is multifaceted. Be it paying your employees, and vendors, enabling free inward remittance, or conducting other operational transactions you need a smart current account.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Be it paying your employees, paying your vendors, enabling free inward remittance, conducting other operational transactions or keeping personal assets separate from business assets, a current account is crucial for your startup<\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Get_RazorpayX_Current_Account_%E2%80%93_its_built_for_disruptors_like_you\"><\/span><b>Get RazorpayX Current Account &#8211; it\u2019s built for disruptors like you\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">We know managing a startup can be hard. That\u2019s why we created a current account that is tailor-made for startups like yours. With RazorpayX Current Account, you get:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Easy credit: Guaranteed collateral free Credit Cards<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Powerful automation: Taxes, Vendor Payments, Payroll and more.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Smart Dashboard: Manage inflows and outflows seamlessly<\/span><\/li>\n<li aria-level=\"1\">Forex Services and more<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Integrated access: Access via desktop, mobile or your smartwatch.<\/span><\/li>\n<\/ul>\n<div style=\"text-align: center;\"><a style=\"border-radius: 3px; background: #528FF0; padding: 15px; font-weight: 600; cursor: pointer; text-decoration: none; color: white;\" href=\"https:\/\/razorpay.com\/x\/current-accounts\/?r=blog_cta_StartupCurrentAccount\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">Sign up for RazorpayX Current Account<\/a><\/div>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"FAQs\"><\/span><b>FAQs<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div id=\"rank-math-rich-snippet-wrapper\"><div id=\"rank-math-faq\" class=\"rank-math-block\">\n<div class=\"rank-math-list \">\n<div id=\"faq-1\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><span class=\"ez-toc-section\" id=\"1_How_to_update_GSTIN_in_a_current_account\"><\/span>1. How to update GSTIN in a current account?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>You can update Goods and Services Tax Identification\/ Registration Number (GSTIN) in your current account by either visiting a bank branch or updating it online via internet banking. <\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-2\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><span class=\"ez-toc-section\" id=\"What_is_Monthly_Average_Balance\"><\/span>What is Monthly Average Balance?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>Monthly Average Balance (MAB) refers to the average of day end balances in an account for every day in a month.<\/p>\n\n<\/div>\n<\/div>\n<\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>As of this second, India is the third largest startup ecosystem in the world. Many startup founders initially feel that they can manage their organisation without having a current account. However, sooner than later, they would realise they require a\u00a0 current account\u00a0to facilitate streamlined withdrawals, deposits and other business transactions.\u00a0 This article illustrates everything related<\/p>\n","protected":false},"author":102,"featured_media":12460,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[27],"tags":[314],"class_list":{"0":"post-8600","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business-banking","8":"tag-startup-current-account"},"_links":{"self":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts\/8600","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/users\/102"}],"replies":[{"embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/comments?post=8600"}],"version-history":[{"count":4,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts\/8600\/revisions"}],"predecessor-version":[{"id":20967,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts\/8600\/revisions\/20967"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/media\/12460"}],"wp:attachment":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/media?parent=8600"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/categories?post=8600"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/tags?post=8600"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}