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. RazorpayX says minimum balance requirements vary by bank and account.
- 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
- Banks do not publish a single standard timeline. Companies with several owners face more checks. Ask the provider.
- Cost basis
- A minimum average balance at many banks. RazorpayX says minimum balance varies by bank and account, as of 11 October 2026. Check the schedule of charges with each provider.
- Most providers
- Several banks and fintech platforms
General information, not financial, legal, or tax advice. Verify current terms and eligibility with the provider before applying.
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 open accounts through a partner bank and add payouts, corporate cards and accounting integration. RazorpayX says minimum balance requirements vary by bank and account. The right fit depends on whether you need branches and cash, or fast onboarding and software. As of 11 October 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 11 October 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 work through a partner bank and add payouts and corporate cards. Minimum balance depends on the partner bank and account, so check cash services and balance rules before you apply. 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 11 October 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 or another officially valid document 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, identity documents, 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 11 October 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?
Does a business in India need a current account?
How much does a business current account in India cost?
How long does it take to open a business account in India?
Fees, features, and eligibility change and vary by region. This page was last reviewed on 11 October 2026. Confirm current terms with the provider before applying.