Which Bank is best for Current Account?
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I want to open a current account for my business. Which bank would be best for a current account.
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UCO BANK. U can maintain min 5k
Kotak bank
Kotak jifi current is good, zero rupees maintenance account
@kanz wrote:
Kotak jifi current is good, zero rupees maintenance account
But Ji-fi is for personal use or for business use? 
@BUTTERFLYBOY wrote:
But Ji-fi is for personal use or for business use?
Yeah… Not a best choice for business, As jifi charge for cash deposits
@Tejaa wrote:
@BUTTERFLYBOY wrote:
But Ji-fi is for personal use or for business use?
Yeah… Not a best choice for business, As jifi charge for cash deposits
Its actually only good for earning rewards for personal use. 
SBI Current account min QAB (Quaterly Average Balance) is Rs.10,000/-.
@gambitrite wrote:
SBI Current account min QAB (Quaterly Average Balance) is Rs.10,000/-.
+1
Currently using SBI Current account, felt much better in Govt wala(SBI, Andhra bank, PNB etc). In few days might have to use Kotak or HDFC!
What All Features are you using with Current account? Verify these
1)Cheque book ( Any limitations? and Price?)
2)Internet Banking with various facilities
3) Debit and Credit Cards
4) Mobile Banking including Mobile app accessibility
5) POS Transactions machine for Swiping and its charges
6)Free Statements ondemand Online and Offline
7)Free Transfers/Deposits like NEFT,RTGS?
8) * To be Added
Few Links useful for this discussion.
HDFC: http://www.hdfcbank.com/personal/products/accou...
ICICI: http://www.icicibank.com/business-banking/curre...
AXIS: http://www.axisbank.com/personal/accounts/curre...
KOTAK: http://www.kotak.com/sme-banking/current-accoun... ( So many plans in Kotak Have a Look! )
SBI: https://www.sbi.co.in/portal/web/personal-banki...
UBI: http://www.unionbankofindia.co.in/personal_regu...
CITIBANK: https://www.online.citibank.co.in/products-serv...
IOB: https://www.iob.in/Current_Accoun...px
AB: https://www.allahabadbank.in/english/Normal_Cur...
Syndicate: https://www.syndicatebank.in/english/CurrentAcc...
Yes Bank: https://www.yesbank.in/business-banking/current...
#BookmarkedThread
This does depend on the type and more importantly the scale of business you run…
Secondly, the distance of the bank branch from where you run/operate your business matters- the closer the better.
(Let the minimum balance required not be the deciding factor)
@rossonero wrote:
This does depend on the type and more importantly the scale of business you run…
Secondly, the distance of the bank branch from where you run/operate your business matters- the closer the better.
(Let the minimum balance required not be the deciding factor)
Technology and app used by bank
+ features available in app/website
Matters.
A conman looking for the best current account? Something fishy
Business na kare aur khub transaction kare current account m to lafda hoga kya ?
Pan Number to dena padega na
@blue wine wrote:
Business na kare aur khub transaction kare current account m to lafda hoga kya ?
Pan Number to dena padega na
Kya karne wali ho aisa? 😩 😮 😯 😰 😕
@BUTTERFLYBOY wrote:
@blue wine wrote:
Business na kare aur khub transaction kare current account m to lafda hoga kya ?
Pan Number to dena padega na
Kya karne wali ho aisa? 😩 😮 😯 😰 😕
@hese wrote:
@gambitrite wrote:
SBI Current account min QAB (Quaterly Average Balance) is Rs.10,000/-.
+1
Currently using SBI Current account, felt much better in Govt wala(SBI, Andhra bank, PNB etc). In few days might have to use Kotak or HDFC!What All Features are you using with Current account? Verify these
1)Cheque book ( Any limitations? and Price?)
2)Internet Banking with various facilities
3) Debit and Credit Cards
4) Mobile Banking including Mobile app accessibility
5) POS Transactions machine for Swiping and its charges
6)Free Statements ondemand Online and Offline
7)Free Transfers/Deposits like NEFT,RTGS?
8) * To be AddedFew Links useful for this discussion.
HDFC: http://www.hdfcbank.com/personal/products/accou...
ICICI: http://www.icicibank.com/business-banking/curre...
AXIS: http://www.axisbank.com/personal/accounts/curre...
KOTAK: http://www.kotak.com/sme-banking/current-accoun... ( So many plans in Kotak Have a Look! )
SBI: https://www.sbi.co.in/portal/web/personal-banki...
UBI: http://www.unionbankofindia.co.in/personal_regu...
CITIBANK: https://www.online.citibank.co.in/products-serv...
IOB: https://www.iob.in/Current_Accoun...px
AB: https://www.allahabadbank.in/english/Normal_Cur...
Syndicate: https://www.syndicatebank.in/english/CurrentAcc...
Yes Bank: https://www.yesbank.in/business-banking/current...
#BookmarkedThread
No need of POS swiping machine. I am starting online selling business.
Is it better to have a partnership firm or as an individual?
@Conman There has been certain changes in the past few years & now you can even form a OPC (One Person Company) or LLP or Private Limited as per the type of business you will be running, the no. of partners, amount to be invested & expected turnover.
Also check Bandhan Bank
Samriddhi is best suited for individual
http://www.bandhanbank.com/samriddhi-current-ac...
AMB – 5000
Pass Book Facility
Monthly e-Statement of Account – Free
“At-Par” Cheque Book Facility
50 cheque leaves per month free
Branch Cash Deposit Facility up to ₹ 5 Lacs per month free
Unlimited Branch Cash Withdrawal transaction free per month
Free – Fund Transfer Facility –5 IMPS/ RTGS/NEFT/DD per month
Free Cash withdrawal at other Bank ATMs – 10 Transactions per Month
DD / PO Facility
Net Banking Facility
Transaction Alert Facility
@gambitrite wrote:
@Conman There has been certain changes in the past few years & now you can even form a OPC (One Person Company) or LLP or Private Limited as per the type of business you will be running, the no. of partners, amount to be invested & expected turnover.
True. But having registered my first Pvt. Ltd. business way back in 2009 and gone through hassles of ROC and tax filing requirements for many years, I now recommend all new entrepreneurs to start their business as sole proprietorships. No sense in adding the accounting and filing burden before you even start making a decent profit. Let’s not forget the sizeable fees that the CAs charge just for their signature and stamp in the name of a mandatory audit. CC @Conman
Hey, I’m planning to register an LLP. It doesn’t require auditing unless the turnover crosses 25L or 40L.
I am running a small web dev agency along with my studies, and filing taxes ended up as mess last year as filed as a sole proprietor. I couldn’t even the deduct the rent I paid as the limit was 24K per year.
The current turnover is 12-15L per year. Expecting a good progress. But I have to pay the fee of freelancers from it. Any recommendation on current account? There won’t be any dealings in cash, but I’m looking for something that doesn’t require hefty minimum balance requirement.
Any suggestions/ recommendations will be highly appreciated.
thanks!
@blue wine wrote:
Business na kare aur khub transaction kare current account m to lafda hoga kya ?
Pan Number to dena padega na
Don’t exceed 10L in a year
@DealSeeker wrote:
@gambitrite wrote:
@Conman There has been certain changes in the past few years & now you can even form a OPC (One Person Company) or LLP or Private Limited as per the type of business you will be running, the no. of partners, amount to be invested & expected turnover.
True. But having registered my first Pvt. Ltd. business way back in 2009 and gone through hassles of ROC and tax filing requirements for many years, I now recommend all new entrepreneurs to start their business as sole proprietorships. No sense in adding the accounting and filing burden before you even start making a decent profit. Let’s not forget the sizeable fees that the CAs charge just for their signature and stamp in the name of a mandatory audit. CC @Conman
That’s a good info for me. 
Yes bank for current accounts
&
Power bank for current 
@hiqi wrote:
Yes bank for current accounts
&
Power bank for current
@PaytmKaPoojari @GoogleCA @soccergiants Can you guys research and confirm that a proprietor (internet freelancer) can mention the entire house rent as a business expense? I am not referring to the section 80GG deduction. CC @cyberboy
Personal Expenses (House Rent) aren’t allowed as Business Expense in any way.
Hello dimers,
I’m planning to start sole proprietorship. Does anyone have any experience or idea of VAT & CST registration in Karnataka.
I live in a rented apartment. Can I show it as the place of business for getting VAT?
Can name of the business be different than my name? Do I need to apply a separate PAN card if I choose a different name? Please help.
Yes, you have to apply for a separate PAN card in the name of the company. For the first year or two, you can run the company (pvt ltd) as a solo proprietorship company but beyond that you should have atleast 2 or more persons in your company profile.
You can show your rented place as business office.
Yes, Name of business can be different instead of your name.
@PaytmKaPoojari i misunderstood DealSeeker’s question a bit. Discussed the things in Chat with DS, wanted to post 2 hours ago but went offline and forgot to post. Anyways this is what i opined in Chat
One can take allowance for full expenses but if one wants to play safe then there may be many ways. I can recall 2 cases
1. Pay full Rent from Business and self disallow some proportion of rent paid as personal expense say 40%- 50%
2. 2. Pay 40% – 50% of Rent from Personal Income and rest from Business, this way Business Expense would be allowed in full and one can claim deduction u/s 80GG under Personal Income
Generally professionals who work from home have their owned houses (generally owned by spouses) and they even pay and claim rent for that as well
Because in India everything is allowed till you are caught
BTW you were spot on.
@PaytmKaPoojari Thanks for the detailed analysis and response. Well, I actually asked this question to help with @cyberboy ’s situation. See the earlier posts in this thread to get the context. I did already do a similar jugaad at the behest of my accountant many years ago when I started my first private limited company.
Oh and thank you for that info about sec 44ADA. None of my accountants over the years ever mentioned that to me, perhaps because it was just never applicable for any of my businesses. Just to be clear, say the gross receipts of my business are 45 Lacs. Out of this, I pay salaries of ~34 Lacs (including directors’ salaries) and spend 6 Lacs on office rent and other business expenses (travel, utilities, etc.). Let’s keep any assets, purchases, and depreciation out of the picture for simplicity. Then profit before taxes and any provisions becomes 5 Lacs. Apart from any clever investments/parking of the money, what options are there for a private limited company?
@GoogleCA Thanks. Yes, this is in line with what we discussed via chat.
@cyberboy I hope you now have enough information to understand that registering an LLP is neither required nor recommended just to be able to put the house/office rent as a business expense.
@DealSeeker Section 44ADA was introduced last year itself. Section 44ADA is in similar lines with Section 44AD which presumes 8% of Total Turnover as Business Income (6% for Digital Transactions). Section 44AD & 44ADA both can’t be used by a LLP & Companies.
BTW are you asking the Gross Receipts parts in reference to Section 44ADA?
Nah, my question to PKP wasn’t in relation to section 44ADA alone, but rather of a general tax saving nature. 
I talked with Indusland bank and they were very helpful. They do have a zero balance account. I think almost all banks have zero balance current account for startups. I think they are hoping for our success and VC funding in future. I doubt they even know these LLP’s can’t accept VC funding unless we convert them into a pvt ltd.
I’m seeing few more benefits for registering an LLP. To be on safer side, how hard to close an LLP? If I’m closing down, do I have to pay the tax dues?
@Conman
Usually the trick is to open an account in a smaller branch of a nationalized bank. By doing this you can maintain good relationship with the branch employees and the manager. Also if you deposit cash regularly depending upon the locality the queue might be less. Also for heavy cash they would get you into the backroom (not strong room) and get your transaction done.
Edit- By the way if your balance is less than the cheque amount they would hold it without rejecting the cheque as insufficient funds. They would call you and wait for you till the EOD but everything depends on the quantum of business/good will with them.