Bank Account

Bank Account is the next urgent requirement for the business. We need to put in money and… well – spend it 🙂

So, these are the times of comparing the current accounts being offered by different banks. To begin with, here are the options various banks provide

  • SBI – There are four options for minimum balances ranging from Rs 1000 to Rs. 500,000.
  • Axis Bank – Five options for minimum balances ranging from Rs. 10,000 To Rs. 1,00,000. There are separate options for NGOs/Trusts, Banks and Government Organizations – none of which is applicable to us.
  • ICICI – 6 options for minimum balances ranging from Rs. 10,000 to Rs. 500,000
  • Citibank (The link is a pdf file) – Could not find the details of different types of accounts elsewhere, but in the linked pdf file, which is “Schedule of Charges”, they have mentioned three types of accounts for the minimum balances of Less than 100,000, from 100,000-1,500,000 and Above 1,500,000
  • HSBC – Effective March 2008, HSBC has two types of account with minimum balances to Rs. 100,000 and Rs. 1,000,000. For some reason, they are discontinuing their earlier current account, which had the minimum balance of Rs. 25,000

To be honest, at this stage we are not even sure of what our requirements from a current account are. My only experiences are with personal savings account in which ICICI and Citibank have fared well, while SBI has been a total disappointment. Same has been the case with Abhaya. But these three are the banks we are most familiar with. So, we started off by considering them. However, two of our acquaintances warned us against ICICI. So, we dropped the idea. I left my contact at Citibank’s website and their representative even contacted me. But he did not turn up for his appointment. When I called him up, he said he had called me up to confirm, but I did not pick up. I hadn’t missed any calls that day. Anyway, I gave him another time and he neither called, nor turned up. I decided to drop it at that. Axis Bank came into picture when a friend told me that he is shifting his current account to Axis Bank from ING Vysya and the experience till now has been pretty good. I have left my contact at their website just now. Let’s see, how that turns out. HSBC came into picture, when I got a call from their representative. He also missed his appointment, but promptly called later in the day apologizing that he missed due to an important internal meeting. He agreed to come immediately when I told him I could still meet him and honoured his appointment. I have the forms with me now and I am supposed to call him back after I have all the documents. But the fact that there is no option for an account with minimum balance requirement below 100,000 makes me a little nervous right now. If expenses go exactly as planned, we should be fine, but who has ever seen expenses going just as planned! Ideal situation would be to start with an account with lower minimum balance requirements and upgrade later, if it suits us. After a while we’d be more clear about our requirements too. We have no idea as to what all to look for in a current account. One friend has recommended SBI over private banks, but after my nightmarish experience with savings account, I am very hesitant. Another friend dismissed the option as they are “too sarkari”. If the Axis Bank thing goes smoothly, they may be a good option. But of course, no other bank can give us the kind of reach SBI could. And given the nature of our business, that may be important in future. But we’d figure that out with time.

If you have a recommendation, do let us know. Or any advice in terms of what features to look for in the accounts.

Meanwhile, I have arranged for a part time job for some cash to keep coming in – so that my bills get paid and I don’t deplete the limited capital we have on my expenses.

This entry was posted in Business & Entrepreneurship by Jaya. Bookmark the permalink.

About Jaya

Jaya Jha is an entrepreneur, a techie, a writer and a poet. She was born and brought up in various towns of Bihar and Jharkhand. A graduate of IIT Kanpur and IIM Lucknow, she realized early on that the corporate world was not her cup of tea. In 2008, she started, one of the first print-on-demand publishing platform in India. She currently lives in Bangalore and divides her time between writing and working on her company's latest product InstaScribe ( with a vision to make it the best e-book creation tool. Blog: Twitter: @jayajha Facebook:

8 thoughts on “Bank Account

  1. I think ICICI has the best customer service and is the most convenient because their portal has almost all the option one needs for banking. I do not why your friends advised against it. My experience with them (for my savings cum salary account) has been excellent.
    HSBC sucks. They are not serious about their India business. I would strongly advice against HSBC. Had very bad experience with them.

  2. I have used HDFC earlier and they worked out very well for me. Also we made sure that all our cheque books are always with our CA and he keep a xerox of all the cheques issued.

  3. I beg to differ with Piyush here. Though i am a user of ICICI Bank’s account for the past 6 years. I met with some terrible experiences with customer care many a time.

    With HSBC I do credit card related transactions and It did leave a good thing in my mind. Good customer care.. No credit payment harassing kind of stuff.

    Anyway… ICICI has the largest net of ATM’s.. amongst the private banks.. And fund transfer would be easy as lots of people/friends have ICICI bank accounts.

  4. Hey guys. Thanks a lot for sharing all the experiences. But I am looking for Current Account experiences here and not personal savings/salary account. So, if anybody has operated a current account somewhere, please let me know.

  5. I think you need an account to accept credit card. Perhaps a merchant account. That way you can simply bypass PayPal. Provided your business model intend to accept CC. Can you please post little bit more info of your startup?

  6. Hi Jaya !

    I work with Axis Bank in the same Dept. which is responsible for the Current Account product that you are currently looking for. Please let us know your requirement(s) so that we can guide you properly with an account which will take care of the same in the best possible way.

    Though in Corporate Office, I took interest in personally responding to your post because of your initiative to start somthing of your own rather than continue with your job (I am sure you must be working with a good organisation being an IITK and IIML) as also the fact that you are from Bihar.

    Thanks and regards,


  7. Was randomly browsing through your blog when I came to this post. It was deja-vu coz we as a firm finally got fed up of Bank of Rajasthan coz of their lack of internet banking (even though it had worked very well for us coz of a close friend over there) and decided to find another bank. I went through the usual suspects and finally came around to HSBC. They have a service called HSBC direct for business. Total surprise and total delight. Its a no charges account. Zero minimum balance, no charges for multi city banking, no charges for extra cheque leaves. Internet banking is pretty good. You can set up multiple logins with different set of privileges. My accountant now uploads an excel sheet with monthly expenses and I authorise the payment. They have integrated cash management – so you can create FDs and manage your cash flows pretty easily.
    One thing which sucks though is that to send email to customer support, you need to login into their site – but at the same time they are pretty responsive. And oh one more thing, the lead time for setting up things is crazy.

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