Types of Current Accounts

Get Kotak League Platinum Credit Card & earn 8X reward Points on your every spends of Rs.150 across all categories.
Know More
Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
By clicking on the hyper-link, you will be leaving www.kotak.com and entering website operated by other parties. Kotak Mahindra Bank does not control or endorse such websites, and bears no responsibility for them.
At your request, you are being re-directed to a third party site - https://www.billdesk.com/pgmerc/kotakcard/ wherein you can make your payment from a different bank account. Kotak Cards does not guarantee or warrant the accuracy or completeness of the information, materials, services or the reliability of any service, advice, opinion statement or other information displayed or distributed on the third party site. You shall access this site solely for purposes of payment of your bills and you understand and acknowledge that availing of any services offered on the site or any reliance on any opinion, advice, statement, memorandum, or information available on the site shall be at your sole risk. Kotak Cards and its affiliates, subsidiaries, employees, officers, directors and agents, expressly disclaim any liability for any deficiency in the services offered by BilIDesk whose site you are about to access. Neither Kotak Cards nor any of its affiliates nor their directors, officers and employees will be liable to or have any responsibility of any kind for any loss that you incur in the event of any deficiency in the services of BiIIDesk to whom the site belongs, failure or disruption of the site of BilIDesk, or resulting from the act or omission of any other party involved in making this site or the data contained therein available to you, or from any other cause relating to your access to, inability to access, or use of the site or these materials.
Note: Available in select banks only. Kotak Cards reserves the right to add/delete banks without prior notice. © Kotak Mahindra Bank. All rights reserved
By clicking on the hyper-link, you will be leaving www.kotak.com and entering website operated by other parties. Kotak Mahindra Bank does not control or endorse such websites, and bears no responsibility for them.
By clicking on the hyper-link, you will be leaving www.kotak.com and entering website operated by other parties. Kotak Mahindra Bank does not control or endorse such websites, and bears no responsibility for them.
By clicking on the hyper-link, you will be leaving www.kotak.com and entering website operated by other parties. Kotak Mahindra Bank does not control or endorse such websites, and bears no responsibility for them.
By clicking on the hyper-link, you will be leaving www.kotak.com and entering website operated by other parties. Kotak Mahindra Bank does not control or endorse such websites, and bears no responsibility for them.
20 JULY, 2023
A current account is a special type of bank deposit account which is usually held either solely or jointly by business owners. Unlike a savings account, current account allows the account holder(s) to carry out large financial transactions without any limit.
Considering the nature of your business, type and frequency of transactions you wish to carry out, you can choose the type of current account best suited for you. Below are the various types of current accounts that are offered by most of the banks in India:
Regular Current Account
Also known as the standard current account, this is the most basic type of current account that comes with certain mandatory norms such as a minimum balance requirement which has to be maintained either monthly or quarterly and no interest on account balance. A regular current account offers standard benefits such as e-banking, RTGS/NEFT transactions etc.
A regular current account can be opened in the name of any individual or business enterprise, irrespective of its size or nature. A bank may provide you with multiple variants of regular current account to suit your business needs.
Start-up Current Account
As the name suggests, a start-up current account is a special type of current account that is meant specifically for start-ups or new businesses. Since this type of account is aimed at helping the start-ups, it comes with some leeway for maintaining minimum balance for a certain pre-determined time period.
Moreover, some banks also offer some additional services along with regular current account facilities to help the new businesses in their functioning and growth.
Additional Read - How to Open Current Account: A Complete Guide
Global-Trade Current Account
This type of current account is suitable for business houses which are involved in import or export of goods or services and deal in foreign currencies. These accounts offer various facilities to the account holder(s) to help them conduct hassle-free financial transactions across the globe. Many banks also offer EEFC accounts in different currencies to aid in foreign transactions.
RERA Current Account
As per the Real Estate (Regulation and Development) Act of 2016, it is mandatory for the companies which deal in real estates to open a RERA current account in order to protect property buyers. Withdrawals from such accounts are allowed only after the certification of the project by project engineer, architect, and Chartered Accountant.
You have already rated this article
OK