The India banking industry is one of the oldest in the world with a history of more than 165 years. The country’s banking density stands at 56.2 branches per 100,000 people and its gross bank credit as of December 2014 was US$641 billion. Here, we will learn about several Best bank to open up a business account.
While there are many excellent options to choose from when opening up a business account in India, it’s important to know which banks offer the best services for your needs. In order to help you make a more informed decision in this regard, here is a list of the top 5 best banks to open up a business account in India:
Bank of Baroda
Founded by Maharaja SayajiraoGaekwad III on 28 July 1908, Bank of Baroda is headquartered in Vadodara and has over 3,000 branches across the country. It has also embarked on international expansion with representative offices in United Kingdom, United States and UAE. In addition to providing its services to corporate clients and SMEs, the bank offers its retail banking services to individual customers through a wide network of branches and ATMs nationwide.
Some of the services offered by this bank include cheque book issuance, cash management, ATM and credit cards. Other than maintaining branches in major cities across the country, it has also opened up branches in smaller towns and villages like Saintharia and Bhavnagar. Customers can also open up a business account in India through the bank’s atm centers located in almost all metros.
The State Bank of India (SBI) is one of India’s largest banking and financial services conglomerates with operations in over 200 countries around the world. Its current headquarters is located in Mumbai, with regional offices all over the country. It has more than 3,000 branches and over 1,200 ATMs nationwide.
In addition to providing services to individuals and corporate customers, the bank also offers its banking services to small and medium enterprises (SMEs), including retail banking products like term loans and overdrafts. One of the best features of SBI’s business accounts is their availability from all its retail outlets – both online and offline channels. This means that whether you have businesses in Delhi or Daman, you can still open up a business account in India through your local SBI branch.
A private sector bank, Axis Bank is headquartered in Mumbai, with over 1,000 branches and more than 700 ATMs nationwide. It has also expanded its services to international markets through a network of 70 branches in Bahrain, Hong Kong and Dubai. One of the benefits of this bank is the fact that it offers a wide range of products and services to corporate clients, including small businesses.
Among other things, it provides cash management services for corporations for their day to day operations. It also offers trade finance facilities like pre-export/import credit, export credit/pre-export financing and others.
Headquartered in Mumbai, HDFC Bank offers its services to individuals, SMEs and corporate clients. It also maintains a network of over 2,200 branches and more than 1,400 ATMs nationwide. It is one of the most reputable banks in India with an enviable credit rating. In addition to providing banking services to SMEs and individual customers, it also provides a full range of financial products for corporate clients including term loans, overdrafts and retail credit cards.
It conducts a large number of bulk deposits through its branches every day. This means that whether you are based in Mumbai or Delhi or Bangalore, you can still open up a business account in India through your local HDFC branch.