Business banking in India, how to open a current account, fees and options

Snapshot

A business in India banks through a current account, opened with a domestic bank or through a fintech platform that partners with a bank. Sole proprietors, partnerships, LLPs and companies can each open one with the right registration and identity documents. Traditional accounts usually ask for a minimum balance, while some fintech accounts advertise none.

Can a non resident open: Possible but subject to rules. Foreign owners usually need an Indian registered company, a resident director and a local address, with full checks. Verify with the bank.
Typical timeline: About two to five working days for a clean application, as of 9 June 2026, longer for companies with several owners.
Cost basis: Minimum average balance at most banks, or no minimum balance with platforms such as RazorpayX as of 9 June 2026. Per transaction charges apply.
Most providers: 10 or more business account options across banks and platforms

Fees and features as of 9 June 2026Last reviewed 9 June 2026

General information, not financial, legal, or tax advice. Verify current terms and eligibility with the provider before applying.

India uses a current account for business transactions. The market has large domestic banks such as HDFC Bank, ICICI Bank, Axis Bank, State Bank of India and Kotak Mahindra Bank, and fintech platforms such as RazorpayX and Open that power current accounts through partner banks. A sole proprietor can often open a current account in the business name, while a private limited company or LLP opens in the entity name with its registration documents. Wise Business serves Indian businesses for receiving international payments. Figures below are shown as of 9 June 2026.

How business banking works in India

A registered company or LLP in India needs a current account in the entity name for its transactions, while a sole proprietor commonly opens a current account in the business name. Providers fall into two groups. Domestic banks offer branches, cash handling and lending relationships, and usually ask for a minimum average balance rather than a flat monthly fee. Fintech platforms such as RazorpayX and Open open accounts through a partner bank and add payouts, corporate cards and accounting tools, often with no minimum balance. The right fit depends on whether you need branches and cash, or fast onboarding and software. As of 9 June 2026.

Who can open a current account

Sole proprietors, partnership firms, limited liability partnerships, private limited companies and other registered entities can each open a current account. The bank verifies identity and business details under the Reserve Bank of India know your customer rules. A company identifies its owners and beneficial owners, while a sole proprietor shows that the business exists and that the proprietor controls it. As of 9 June 2026.

Domestic banks compared with fintech platforms

Domestic banks suit businesses that handle cash, want a branch relationship or expect to borrow, and they set a minimum balance that varies by bank and account variant. Fintech platforms such as RazorpayX and Open open quickly through a partner bank, add payouts and corporate cards, and some advertise no minimum balance, but cash services are limited. For businesses receiving money from abroad, Wise Business holds international account details in several currencies and settles funds to an Indian bank account, with eligibility tied to the registered business. Weigh the cost of the items you actually use rather than the headline. As of 9 June 2026.

Requirements and documents

What you need depends on your legal form. Verify with the provider

A PAN for the business and the owners, plus Aadhaar and identification for each signatory, with verification in a branch or by video.
Business registration proof, such as a Udyam Registration Certificate, a Shop and Establishment certificate or GST registration where applicable.
For a company, the Certificate of Incorporation, the Memorandum and Articles of Association, a board resolution authorising the signatories, and identification of beneficial owners above the ownership threshold. Verify the current list with the provider.

How to open an account

Choose your legal form and the type of provider, a domestic bank for branches and cash or a fintech platform for fast onboarding.
Gather your PAN, Aadhaar, registration proof and company documents, then apply online or in a branch and complete identity verification.
Fund the account and meet any minimum balance, then set up payouts, cards or international receiving if you need them. Confirm current steps with the provider.

Compare business accounts available in India

These providers accept business customers in India. Fees and eligibility shown as of 9 June 2026. Confirm current terms with the provider before applying.

Compare business accounts →

Questions about business banking in India

Can a non resident open a business bank account in India?

It is possible but subject to rules. Foreign owners usually need an Indian registered company and follow checks under the Reserve Bank of India and exchange control rules, with PAN, identification and in person or video verification. A resident director and a local address are commonly expected. Confirm requirements with the bank. As of 9 June 2026.

Does a business in India need a current account?

A current account is the standard account for business transactions in India. A registered company or LLP needs its own account in the entity name, while a sole proprietor often opens a current account in the business name. This keeps business and personal money apart and supports GST and tax filing. This is general information, not advice.

How much does a business current account in India cost?

Traditional bank current accounts usually ask for a minimum average balance rather than a flat monthly fee, and the required balance varies widely by bank and account variant. Fintech platforms such as RazorpayX advertise a current account with no minimum balance as of 9 June 2026. Per transaction and cash handling charges apply. Verify with the provider.

How long does it take to open a business account in India?

A clean application with current documents commonly closes in about two to five working days at major Indian banks, as of 9 June 2026. Companies with several owners or beneficial owners can take longer because of additional checks.

Fees, features, and eligibility change and vary by region. This page was last reviewed on 9 June 2026. Confirm current terms with the provider before applying.