Consultants in India usually want a simple current account with low running cost, clean invoicing and tidy records. Platforms such as Open and RazorpayX run a current account through a partner bank with invoicing and payouts, while Wise Business helps consultants serving overseas clients receive foreign currency. Domestic banks suit those who want a branch relationship.
Suits Consultants best
Depends on needs. Open suits solo consultants who want invoicing, while Wise Business suits those billing foreign clients.
Typical cost
No minimum balance with some platforms, or a minimum average balance at domestic banks, as of 2 March 2026.
Non resident position
Possible with full checks and an Indian registered entity. Unclear cases, verify with the provider.
Providers that fit
Several. At least five providers accept this profile in India.
Fees and features as of 2 March 2026Last reviewed 2 March 2026
General information, not financial, legal, or tax advice. Verify current terms and eligibility with the provider before applying.
Consultants in India, whether solo or a small firm, usually need a current account that is cheap to run, easy to reconcile, and tidy for invoicing and tax. Open and RazorpayX run a current account through a partner bank with invoicing and payouts, which suits independent consultants and small teams. Wise Business helps eligible Indian consultants receive foreign currency from clients abroad, with conversion close to the mid market rate. Domestic banks such as ICICI Bank, HDFC Bank and Axis Bank suit consultants who want a branch relationship or lending. Fees and features below are shown as of 2 March 2026, so confirm current terms with the provider.
What Consultants in India need from a business account
Consultants bill on projects or retainers, carry few staff, and often serve clients in other countries. The features that matter most are a low running cost, clean invoicing and reconciliation, easy export of records for filing, and a way to receive money from overseas clients without heavy conversion costs. Cash handling is rarely a priority, which is why a platform current account fits many consultants, though a domestic bank remains useful for those who want a branch relationship or a longer banking history for lending. As of 2 March 2026.
O
Open
Current account through a partner bank with invoicing, payments and bookkeeping in one place. Digital first, limited cash.
What business account suits a consultant in India?
A simple current account with low running cost, clean invoicing and easy reconciliation suits most consultants. Open suits solo consultants who want a current account with invoicing, while Wise Business helps those serving overseas clients receive foreign currency. A domestic bank suits those who want a branch relationship. Compare the features you use and verify current terms with the provider. This is general information, not advice.
Does a consultant in India need a current account or can they use a savings account?
A current account is the standard account for business transactions, and a registered firm needs one in the entity name. A sole proprietor offering consulting can usually open a current account in the business name. Using a personal savings account for business is generally discouraged for record keeping and tax. This is general information, not advice. As of 2 March 2026.
How can a consultant in India get paid by foreign clients?
Wise Business provides international account details in several major currencies for eligible Indian businesses, then converts and settles funds to an Indian bank account. The Reserve Bank of India requires verification of PAN and Aadhaar for international receiving, and export of services has its own documentation. Confirm the current terms with the provider. As of 2 March 2026.
Do consultants in India pay GST on their services?
Whether Goods and Services Tax applies depends on turnover thresholds and the nature of the service, including rules for export of services. This is a tax matter rather than a banking one, so a tax professional can confirm your position. A business account keeps records tidy for filing. This is general information, not advice.
Fees, features, and eligibility change and vary by region. This page was last reviewed on 2 March 2026. Confirm current terms with the provider before applying.