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

May 29, 2025

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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!

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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.

Disclaimer

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