Best Guide on How to Choose the Right Current Account for Your Business

July 08, 2025

how-to-choose-the-right-current-account-for-your-business

In today's dynamic business environment, selecting the appropriate current account is important for efficient financial management. Ujjivan Small Finance Bank (SFB) offers a diverse range of current accounts tailored to meet the specific needs of various business types, from start-ups to large enterprises. Each product is meticulously designed to meet your unique business requirements. Let’s understand the types of current accounts offered by Ujjivan and their features.

 

Types of Current Accounts

 

1. Regular Current Account

Ideal For: Start-ups and small businesses seeking straightforward banking solutions.

 

Key Features:

  • Minimum Average Balance (MAB): ₹5,000
  • ATM Withdrawal Limit: ₹50,000/day
  • ₹1 lakh withdrawal limit for shopping
  • Free Cash Deposit Limit: Up to ₹1.5 lakh/month
  • Free Cheque Leaves: 25 per quarter
  • Unlimited free ATM transactions at Ujjivan SFB ATMs
  • Doorstep cash and cheque pick-up in select cities
  • 24/7 customer support in preferred languages

 

 

2. Premium Current Account

Ideal For: Growing businesses requiring higher transaction limits and enhanced services.

 

Key Features:

  • MAB: ₹10,000
  • ATM Withdrawal and Shopping Limit: ₹1 lakh/day
  • Cash Deposit Limit: 10 times the previous month's MAB or ₹3 lakhs, whichever is higher
  • Free Cheque Leaves: 50 per quarter
  • Free NEFT, RTGS, and IMPS transactions
  • RuPay Classic Debit Card with six free transactions at non-bank ATMs

 

 

3. Business Edge Current Account

Ideal For: Medium to large enterprises seeking advanced banking features.

 

Key Features:

  • MAB: ₹25,000
  • ATM Withdrawal Limit: ₹1.5 lakh/day
  • Cash Deposit Limit: Up to 20 times the MAB
  • Free Cheque Leaves: 150 per quarter
  • Free RTGS and NEFT transactions
  • Waiver on CMS charges with proper balance maintenance
  • RuPay Platinum Debit Card with lounge access
  • Unlimited free transactions at Ujjivan SFB ATMs and 10 free transactions/month at other bank ATMs

 

 

4. Privilege Current Account

Ideal For: Businesses desiring higher transaction limits and exclusive benefits.

 

Key Features:

  • MAB: ₹50,000
  • Cash Deposit Limit: Define your own with Flexi Next/Now
  • Free Cheque Leaves: 200 per quarter
  • Unlimited cash withdrawals from any branch
  • Free CMS services
  • RuPay Platinum Debit Card with complimentary lounge access and ₹10 lakh personal accident insurance

 

 

5. Maxima Current Account

Ideal For: High-volume businesses requiring maximum flexibility and services.

 

Key Features:

  • MAB: ₹1 lakh
  • Cash Deposit Limit: Define your own with Flexi Next/Now
  • Higher ATM withdrawal/POS transaction limit of ₹5 lakhs/day
  • Beyond Banking services including account services, tax payment, HR payroll, etc.
  • RuPay Select Debit Card with exclusive merchant offers, airport lounge access, and a premium health check-up

 

 

6. Digital Current Account

Ideal For: Individuals preferring digital transactions and seamless online banking for business.

 

The Digital Current Account is a unique product that has all the best features of the other current accounts packed into one. You can open the account from anywhere, anytime*, flexible cash deposit limit, zero installation and rental on POS, etc.  

Final Thoughts

Selecting the right current account is pivotal for your business's financial efficiency and growth. Ujjivan SFB's diverse offerings ensure that businesses of all sizes and types can find an account that aligns with their specific needs. Evaluate your business requirements, transaction volumes, and desired banking features to make an informed decision.

 

Open a Ujjivan SFB Current Account today and experience seamless transactions, customized banking solutions, and unmatched service—all designed to fuel your business growth. Visit your nearest Ujjivan SFB branch or apply online now! 

 

Disclaimer:

The contents herein are only for informational purposes and generic in nature. The content does not amount to an offer, invitation or solicitation of any kind to buy or sell, and are not intended to create any legal rights or obligations. This information is subject to updation, completion, amendment and verification without notice. The contents herein are also subject to other product-specific terms and conditions, as well as any applicable third-party terms and conditions, for which Ujjivan Small Finance Bank assumes no responsibility or liability.

 

Nothing contained herein is intended to constitute financial, investment, legal, tax, or any other professional advice or opinion. Please obtain professional advice before making investment or any other decisions. Any investment decisions that may be made by the you shall be at your own sole discretion, independent analysis and evaluation of the risks involved. The use of any information set out in this document is entirely at the user’s own risk.  Ujjivan Small Finance Bank Limited makes no representation or warranty, express or implied, as to the accuracy and completeness for any information herein. The Bank disclaims any and all liability for any loss or damage (direct, indirect, consequential, or otherwise) incurred by you due to use of or due to investment, product application decisions made by you on the basis of the contents herein. While the information is prepared in good faith from sources deemed reliable (including public sources), the Bank disclaims any liability with respect to accuracy of information or any error or omission or any loss or damage incurred by anyone in reliance on the contents herein, in any manner whatsoever.

 

To know more about Ujjivan Small Finance Bank Products Visit:"https://www.ujjivansfb.in"

 

All intellectual property rights, including copyrights, trademarks, and other proprietary rights, pertaining to the content and materials displayed herein, belong

to Ujjivan Small Finance Bank Limited or its licensors. Unauthorised use or misuse of any intellectual property, or other content displayed herein is strictly prohibited and the same is not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would (by reason of that person’s nationality, residence or otherwise) be contrary to law or registration or would subject Ujjivan Small Finance Bank Limited or its affiliates to any licensing or registration requirements.

   

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FAQs

1. What documents are required to open a current account with Ujjivan SFB?

To open a current account, you'll typically need to provide identity proof (such as PAN card), address proof (like Aadhaar card or utility bills), and business-related documents (like business registration certificates, GST registration, or partnership deeds). Additional documents may be required based on the specific account type and business structure.

2. Can I open a current account for my sole proprietorship business?

Yes, Ujjivan SFB allows sole proprietors to open current accounts. You'll need to furnish documents proving your identity and address, along with business-related documents such as the Shop and Establishment Certificate, GST registration, or any other proof of business activity.

3. Is there a minimum balance requirement for current accounts?

Yes, each current account type has its own Minimum Average Balance (MAB) requirement. For instance, the Regular Current Account requires an MAB of ₹5,000, while the Maxima Current Account requires ₹1 lakh. It's essential to maintain the stipulated MAB to avoid penalties.

4. Can I switch my current account from one type to another within Ujjivan SFB?

Absolutely. If your business needs evolve, you can upgrade or downgrade your current account type. This process may involve submitting a request to the bank and providing any additional documentation required for the new account type.

5. Are there any charges associated with non-maintenance of the minimum balance?

Yes, failing to maintain the required MAB can result in penalty charges. The exact fee varies depending on the account type. For detailed information on charges, it's advisable to refer to Ujjivan SFB's official schedule of charges or consult with a bank representative.

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