Kotak mahindra bank Startup Accounts: Regular vs. Premium

Startups need to choose the right banking partner and manage finances, and grow. Kotak mahindra bank current account Mahindra Bank offers Startup Regular and Startup Premium accounts to support businesses. These cost-effective banking options help businesses manage their finances. These accounts stand as the best current bank accounts for startups in India.

There are two dedicated Kotak mahindra bank current account for startups-Startup Regular and Startup Premium. They offer various waivers and services to help businesses. They have,

  • Accessible Balance Requirements: Startup Regular requires an Average Quarterly Balance (AQB) of ₹50,000; Startup Premium needs ₹1,00,000, both with a 12-month waiver on Kotak mahindra bank current account non-maintenance charges.
  • Home Banking Services: Startup Regular provides 8 free cash/cheque pickups monthly; Startup Premium offers 24.
  • Free Online Transactions: Unlimited free NEFT, RTGS, and IMPS via net banking and mobile banking.
  • ActivMoney Feature: It automatically converts idle funds into fixed deposits for a higher annual interest rate of up to 7%.
  • Digital Banking: Net banking and a dedicated mobile app for an efficient banking experience.

Both of these accounts are good for early-stage startups and entrepreneurs. Their fee waivers make them a cost-effective option to manage finances efficiently.

1. Startup Regular Current Account

This Current account is specifically designed for early-stage startups. It offers:

  • Non-Maintenance Charge Waiver: The account holders enjoy a Non-Maintenance Charge Waiver for the first 12 months from the account opening date.
  • Free RTGS/NEFT Payments: Make free transactions at branches or via Net Banking without additional charges.
  • Cash Deposit Benefits: No cash deposit charges up to 10 times the previous month's average credit balance, with a maximum of ₹1 crore per month.
  • Cheque Facilities: Free cheque payment and collection services across India.
  • Cash Withdrawal: Free withdrawals at non-home branch locations up to ₹50,000 per day.

2. Startup Premium Current Account

It is suitable for startups looking for more features than a Regular Current Account:

  • Non-Maintenance Charge Waiver: Account holders get their Non-Maintenance Charges waived for the first 12 months from account opening.
  • Digital Fund Transfer Solutions: It also gives access to maker-checker and bulk upload facilities to make transactions efficiently.
  • Trade and Forex Solutions: Preferential pricing on import/export services.
  • Eligibility Criteria:
    • Initial Deposit: It requires a Minimum initial deposit of ₹1,00,000 to open the account.
    • Average Quarterly Balance (AQB): After opening, you are required to maintain a minimum AQB of ₹1,00,000.
    • Business Vintage: For a business to open a Kotak mahindra bank current account Premium Current Account, it should have been officially registered or incorporated within the last three years.

Feature Startup Regular Current Account Startup Premium Current Account
Minimum Balance Requirement ₹50,000 AQB ₹1,00,000 AQB
Non-Maintenance Charge Waiver 12 months 12 months
Home Banking Services 8 free per month 24 free per month
Initial Deposit ₹51,000 Not specified
Transaction Limits Moderate (e.g., free NEFT/RTGS) Higher (e.g., bulk upload with Maker-Checker)
Dedicated Support Not available Limited personalized support
Ideal For New startups with limited cash flow Scaling startups with higher transactions

Kotak mahindra bank current accounts for startups- Startup Regular and Startup Premium can help your businesses grow. They are suitable for early-stage startups as well as scaling businesses. Their features make them stand out as the best bank current account for startups in India. Both of these accounts offer digital banking services and the ActivMoney feature to manage finances easily and make some extra money through interest. Non-maintenance charge waiver and free transactions add more value to them.

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