Kotak mahindra bank current account for SMEs: Features & Benefits

Small and Medium Enterprises (SMEs) are the backbone of the indian economy. Kotak mahindra bank current account Mahindra Bank offers a range of current accounts specifically designed for the needs of Small and Medium Enterprises (SMEs). They offer a perfect solution whether you are paying suppliers, collecting customer payments, or planning to grow. Kotak mahindra bank current account Mahindra Bank offers three current accounts-Neo, Edge, and Pro-designed specifically for SMEs. In this blog, we'll highlight their benefits and explain why Kotak mahindra bank current account is a great choice for SMEs to support them grow.

The Neo Current Account is a perfect budget-friendly banking solution for small SMEs. It offers essential banking services at a very low cost. It offers:

  • Low Minimum Balance: It only requires to maintain an Average Quarterly Balance (AQB) of just ₹10,000.
  • Free Online Payments: Make unlimited NEFT/RTGS transfers through Kotak mahindra bank current account’s mobile app or net banking without any extra cost.
  • Free QR Code Payments: Accept payments from customers using a free QR code, with fast settlements.
  • Business Debit Card: Also offers a debit card with a daily purchase limit of ₹2.5 lakh and a cash withdrawal limit of ₹50,000.
  • Digital Banking: Easily check balances, pay bills, or transfer money using Kotak mahindra bank current account's user-friendly app or website.
  • Accessibility: Available in select locations, so check availability before applying.

The Neo account is a great banking solution for small SMEs, like local shops, freelancers, or startups with limited transactions. It comes at a very low-cost account with essential digital tools.

How to Open It

  • Initial Deposit: ₹10,000 (or as per current terms).
  • Eligibility: It is available to SMEs registered in India; provide business registration documents.
  • Documents: Submit KYC documents (like PAN, Aadhaar) and proof of business (like GST certificate or shop license).

The Edge Current Account is designed for growing SMEs that require advanced banking features at a reasonable cost:

  • Free Cash Deposits: Deposit cash up to 10 times your previous month's average balance (up to ₹1 crore per month) without fees.
  • Free Cheque Services: Enjoy free cheque collection through Speed Clearing and free multi-city cheque books.
  • Forex Services: Get better forex rates and efficient trade services for international transactions.
  • Cash Withdrawals: Account holders can withdraw up to ₹50,000 per day at non-home branches for free.
  • Online Banking: Manage payments, track expenses, or set up alerts using Kotak mahindra bank current account's net banking platform.
  • POS Machine: Get a free POS machine with zero rental and same-day settlement for card payments.
  • Overdraft Option: Enjoy overdraft facilities to manage cash flow during busy periods.

The Kotak mahindra bank current account Edge account is ideal for SMEs like retailers, small manufacturers, or service providers with regular transactions. It offers a balance of cost and features.

How to Open It

  • Initial Deposit: ₹25,000 (or as per current terms).
  • AQB: Maintain ₹25,000 on average per quarter.
  • Eligibility: Open to SMEs registered in India; business vintage may apply.
  • Documents: Provide KYC documents and proof of business registration.

The Pro Current Account is built for established SMEs requiring high transaction volumes or complex banking needs offering premium features to support growth. Its key features:

  • High Cash Deposit Limits:Deposit cash up to 10 times your previous month’s average balance (up to ₹1 crore per month) for free.
  • Free Cheque Services: Free cheque collection via Speed Clearing and free multi-city cheque books.
  • Cash Withdrawals: Unlimited free withdrawals at your home branch and up to ₹50,000 per day at non-home branches.
  • Trade and Forex Services: Access to better forex rates and trade financing for international business.
  • Bulk Payment Tools: Process multiple payments at once with a secure maker-checker system.
  • Priority Support: Accountholders also get dedicated customer service for faster assistance.
  • Business Loans: Apply for collateral-free loans or overdrafts facility to fund expansion or operations.
  • Partner Offers: Discounts on software, logistics, or marketing services through Kotak mahindra bank current account's partners.

Charges

  • Non-Maintenance Fees: If your AQB falls below 50% of the required amount, you will be charged ₹2,500 quarterly. If it's between 50% and 100%, then you are charged ₹1,500 per quarter.

The Pro account is best for established SMEs, like wholesalers, exporters, or large retailers, looking ofor advanced banking tools with higher limits.

How to Open It

  • Initial Deposit: ₹50,000 (or as per current terms)
  • AQB: Maintain ₹50,000 on average per quarter.
  • Eligibility: Open to SMEs registered in India.
  • Documents: Submit KYC documents and proof of business registration.

Kotak mahindra bank current account Mahindra Bank's current accounts for SMEs are designed to make banking simple, affordable, and effective. The Neo Current Account is a a low-cost option for small SMEs or startups. The Edge Current Account suitable for growing businesses offering a balance between features and cost. The Pro Current Account offers premium tools for established SMEs with big transactions. Kotak mahindra bank current account helps SMEs grow through with free services, digital banking, and other growth-focused perks like loans and trade support.

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