Comparing ICICI and Kotak Mahindra Bank Current Accounts for Business
Both ICICI Bank and Kotak Mahindra Bank are two of the leading current account providers in India. They offer a range of current accounts along with other financial products to cater to diverse business needs. This overview helps you choose the best current account for your business by comparing them based on their features and other aspects. Both of these banks are seen as the best bank current account for startups in India.
Minimum Balance Requirements
ICICI Bank
It offers a range of current accounts requiring different Monthly Average Balance (MAB)
Roaming Current Account Standard: ₹10,000
Roaming Current Account Classic: ₹25,000
Roaming Current Account Gold: ₹1,00,000
Roaming Current Account Platinum: ₹5,00,000
Roaming Current Account Elite: ₹10,00,000
Kotak Mahindra Bank:
ICICI Bank
It offers a range of current accounts requiring different Monthly Average Balance (MAB)
Kotak 811 Current Account: Zero (basic); ₹10,000 (811 Edge)
It offers a range of current accounts requiring different Monthly Average Balance (MAB)
Roaming Current Account Standard: ₹10,000
Roaming Current Account Classic: ₹25,000
Roaming Current Account Gold: ₹1,00,000
Roaming Current Account Platinum: ₹5,00,000
Roaming Current Account Elite: ₹10,00,000
Kotak Mahindra Bank
Cash deposit limits depend on your current account type:
Kotak 811 Current Account: Free cash deposits up to ₹10,000/month; ₹5 per ₹1,000 thereafter.
Neo Current Account: Free cash deposits up to ₹2 lakh/month.
Pro Current Account: Free cash deposits up to 10x previous month’s average credit balance or ₹1 crore/month.
Charges for excess deposits: ₹5 per ₹1,000.
Digital Banking Features
ICICI Bank
InstaBIZ App: ICICI offers a robust mobile banking platform offering UPI payments, instant overdrafts, API integration, and trade services, making it ideal for ICICI current account for startups and ICICI current account for SMEs.
Instant Overdraft Facility: Unrestricted access up to ₹25 lakh without collateral.
Kotak Mahindra Bank
Kotak ActivMoney: Automatically converts idle funds into term deposits, earning up to 7% p.a. interest.
Digital Account Opening: You can open a Kotak current account online with Video KYC from the comfort of your home.
ICICI has an Extensive network of more than 5,000 branches and 15,000+ ATMs across India.
Dedicated relationship managers for premium accounts like Gold and Platinum.
Kotak Mahindra Bank
Wide presence with 1,800+ branches, concentrated in major cities for a robust banking experience.
Dedicated account managers for accounts like Pro, Startup Premium, and Astra, for tailored assistance.
Summary Comparison Table
Feature
ICICI Bank
Kotak Mahindra Bank
Minimum Balance
₹10,000–₹10,00,000 (MAB)
Zero–₹15,00,000 (AQB)
Cash Deposit Limit
Up to ₹1 crore/month (based on account type)
Up to ₹1 crore/month (based on account type)
Digital Banking
InstaBIZ App, Instant Overdraft, API Integration
ActivMoney, Video KYC, Mobile App
Customer Support
5,000+ branches, Relationship Managers
1,800+ branches, Dedicated Account Managers
Conclusion
Choosing the right current account depends on the various aspects of your business such as the transaction volume, digital banking preferences, and balance maintenance capacity. Both ICICI vs Kotak mahindra bank current account offer various common and various unique features for business needs. The Kotak 811 current account seems perfect for startups and freelancers with its zero-balance option, digital convenience, and 12-month fee waivers for Startup accounts. On the other hand ICICI stands out for SMEs and tech-savvy startups looking for high cash deposit limits.
