Today, we have a range of options when it comes to choosing the best Current Account for ourselves. These options differ significantly from each other in terms of the application process, eligibility, opening charges, required minimum monthly account balance, and the features offered by them, such as the overdraft limit. In this scenario, it can be challenging to decide which current account suits you the best and addresses all your needs. 

Therefore, to help you make an informed choice, we have compiled here a list of the 5 best current accounts for individuals. 

#1 OPEN Current Account 

Yes, the best current account for individuals in India is offered by OPEN. The OPEN digital current account is powered by Axis Bank and comes with a bunch of exciting features that are meant to make your life easier. 

The best thing about the OPEN current account is how easily you can get it. The entire process, right from the application to getting the account active, is completely digital and gets over in just a few minutes. Some of the features of this current account are

• Contactless account opening
• Zero document upload
• No service charge
• Avail 250+ banking services
• 1% cashback on E-debit card
• Upto 50% cashback through Grabdeals

You can open a current account only in just 4 easy steps using video KYC: 

1. Complete PAN and Aadhaar verification
2. Fill in your personal details
3. KYC verification via video call
4. Deposit funds in your account

The following are the key business banking features that you get with the OPEN Current Account:

• Pay all your vendors in one go, and accept payments via 100+ payment collection methods. 
• Easily get term loans upto 30 lakhs with zero collateral and low interest rates.
• In-built tool for creating GST-compliant invoicing, integrated online payment gateway, and tools to track & reconcile Account Receivables ( AR) and Account Payables (AP).
• Automated accounting engine that automatically prepares your accounting (unlike Zoho / Quickbooks / Tally, OPEN automatically gets the accounting done while banking transactions happen).
• Multibank connect functionality that lets you connect all your existing bank accounts from over 60+ banks in India into the Open dashboard. This helps you to view balances and statements, and reconcile transactions from multiple bank accounts in one unified dashboard

Get a current account from OPEN today and simplify your banking and finances forever.

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#2 ICICI Bank

Popular among individuals as one of the best bank for current account, ICICI offers a bunch of exciting features in its current account. At ICICI, you can choose from among a number of options such as Classic 2.0, RCA Standard, M2O, etc. which have different minimum balance requirements, and other features that are relevant for individuals as well as businesses. The RCA Standard, for example, has a Minimum Monthly Average Balance (MAB) requirement of Rs 10,000. It also offers free RTGS and NEFT transactions done online, and free cheque collection and payment anywhere across the country. 

Similarly, the Classic 2.0 current account which is suitable for local businesses and individuals requires a Minimum Quarterly Average Balance (QAB) of Rs 25,000. It offers

75 branch transactions for free per month. 

ICICI Bank also provides the convenience of a video KYC verification process to help individuals get a current account easily and quickly. 

#3  SBI

The State Bank of India is highly trusted by businesses and is considered one of the best business current account providers in the country. 

While SBI offers a bunch of different variants in current accounts such as Shubharambh, Surbhi, Platinum, Gold, Power Jyoti, etc. with specific features that cater to niche needs, the Regular Current Account offered by them often proves great for individuals. Some of the features of this current account are

→ Only a low average monthly balance requirement of Rs 5,000 is necessary

→ A monthly deposit limit of Rs 5,00,000 can be made without charge

→ You can easily make deposits and withdrawals at over 22000+ SBI branches

→ No fee will be charged for cash withdrawals made at your home branch

→ You will have free access to the fastest, safest, and most secure corporate internet banking service

→ Transfers through NEFT/RTGS can be made for free using the internet and mobile banking

→ 50 multicity check leaves are provided each month at no cost

#4 HDFC Bank

HDFC offers various current account options that you can choose from depending on your industry and the specific features you need from a current account. For example, there is the SmartUp For Start-ups, E-Comm Current Account, Agri Current Account, Exchange Earners Foreign Currency (EEFC) Account, etc. 

The Current Account For Professionals offered by HDFC is well-suited for individuals looking for an instant current account. With this account, you can

• Deposit cash free up to ₹ 10 lakhs a month across all HDFC Bank branches
• Get 50 free payable at par cheque leaves per month
• Issue 30 demand drafts and 30 POs a month from a HDFC Bank branch for free

Get the Best Current Account for Individuals

#5 Bank of Baroda

Bank of Baroda offers a specially crafted current account for individuals called the Baroda Advantage Current Account. The minimum Balance Requirements for this Current Account are based on the individual’s place of residence, and are as follows:

Rural / Semi-Urban: Rs 2000/-

Urban: Rs 5,000/-

Metro: Rs 10,000/- 

Some of the benefits offered by the Baroda Advantage Current Account are:

• A debit card called the Baroda Vyapaar Card 
• Internet & Mobile Banking facility
• Value-added SMS Alert Facility
• Internet Payment Gateway (IPG) facility
• Baroda Cash Management Services that offer the convenience of BCMS services for bulk payment & collection at competitive rates 
• Baroda Pay Point, which allows you to accept online/offline payment through all modes with low transaction fees and initial investments
• Baroda Payment Gateway