HDFC and ICICI bank both are India’s leading private banks. Some entrepreneurs who want to start a business and are unsure which account is better between HDFC or ICICI current accounts.
Both ICICI and HDFC banks offer the Startup Current Account service, with some benefits provided by ICICI Bank and others provided by HDFC Bank.
Startups should choose ICICI Bank’s iStartup 2.0 Silver Current Account or HDFC’s Saksham Current Account. When comparing HDFC vs ICICI current accounts, the HDFC current account is found to be better based on the comparison table.
How HDFC current account is better than ICICI current account?
Table of Contents
ICICI vs HDFC Current Account Table
| Product Name | ICICI – startup 2.0 Silver | HDFC-Saksham Current Account |
| Quarterly Average Balance | First One Year Free (25000/Quater after the first year) | First One Year Free (10000/6 Month after the first year) |
| Zero Balance A/c Opening | Yes | Yes |
| No-Minimum Balance Charges | Rs 3000 | Rs 1500 |
| NEFT in Branch | Free | Upto 1 Lac/ Rs 2 – Above 1 Lac /Rs10 |
| RTGS in Branch | Free | Above 2 Lac/ Rs 15 |
| Online NEFT/RTGS | Free | Free |
| Debit Card Charges | Free | Free |
| Cash deposit at base Branch | Free / 10X of Monthly Average Balance | Free /Upto 50 Lacs |
| Cash Withdrawal Limit @ Home Branch | Free | Free |
| Cash Withdrawal Limit @ Non Home Branch | Free – Upto 10X of Monthly Average Balance | Free – 1 lac/Day |
| Cheque collection and payment | Free | Free |
| DD/PO issuance | For 50K to 1 Lac Monthly Average Balance / 50 DD free | Unlimited DD Free |
| Cheque leaves issuance | 150 leaves for / Minimum 1 Lac Average Balance | Free Upto 500 leaves – After Rs 2/leaf |
| IMPS Charges | Std charges -upto 10,000: 3.50/tran; 10,001 to 1 lakh: 5/tran; 1 lakh to 2 lakh: 15/tran | Free |
| Account Closer Charges | Within 14 days – Nil, beyond 14 days but within 6 months – ₹ 1,000, beyond 6 months – ₹ 500 | Within 14 days – Nil, beyond 14 days but within 6 months – ₹ 500, beyond 6 – 12 months – ₹ 250, After 12 Months -Nil |
HDFC Current Account vs ICICI Current Account
In comparison to ICICI Bank and HDFC Bank Startup current accounts, HDFC Bank provides more current account services.
However, some features, such as a zero balance account, no maintenance fees for a year, a debit card facility, a cheque collection facility, and a cash withdrawal facility, offer equally both banks
Apart from that, HDFC Bank provides more services than ICICI Bank, such as the fact that the average quarterly balance of HDFC Bank is 10,000, whereas the average quarterly balance of ICICI Bank should be 25000.
ICICI Bank also has higher minimum balance charges than HDFC Bank. Aside from that, ICICI Bank has higher account closing fees than HDFC.
ICICI vs HDFC Current Account Features Comparison
| Features | ICICI – startup 2.0 Silver | HDFC-Saksham Current Account |
| Zero Minimum Balance Charges for One Year | Yes | Yes |
| Zero Balance Account Opening Facility | Yes | Yes |
| Cash Deposit Home Location | 100 Transactions Free / Upto 1 lac Monthly balance Maintained | Upto 50 Lacs/Month |
| Average Monthly Balance waiver Upto 1 Year | Yes | Yes |
| Free Cash Withdrawal at Home Branches | Yes | Yes |
| Free Cash Withdrawal at Non-Home Branches | Free Upto /10X of Monthly Average Balance | Free – Rs 1 Lac/ Day |
| DD/PO | 50 Free / 1 Lac Minimum Balance | Unlimited Free |
| Cheque Leaves | 150 leaves free/ For Monthly Average 1 Lac | Free up to 500 leaves/Month |
Both the ICICI Bank Current Account and the HDFC Bank Current Account have features that are beneficial to startups.
For example, both banks waive the minimum balance amount for the first year. Both types of current accounts can be opened with a zero balance.
Both accounts can also be opened online. Both have a free cash withdrawal facility. However, HDFC Bank provides some advantages over ICICI, such as a big cash deposit facility in the home branch.
The HDFC Current Account allows for more cash withdrawals than the ICICI Current Account. In HDFC Current Account, you can make unlimited DD/POs for free, whereas ICICI Bank offers this service with some restrictions.
HDFC Bank gives more per month cheque leaves than ICICI Bank. So, even in terms of features, the HDFC bank current account is better than the ICICI current account.
HDFC Current Account Attractive Points
- From the second year onwards, the minimum balance required in the HDFC Current Account is only Rs 10000.
- If the average 6-month balance is less than 10,000 rupees, a fee of 1500 rupees will be charged.
- Online NEFT and RTGS are both free.
- There are no charges for depositing cash in the branch up to 50 lakhs.
- Cash withdrawals from the home branch are free of charge.
- Free Unlimited DD/PO facility per month.
- Cheque books up to 500 leaves in a month is free.
- There are no charges for doing IMPS online.
- There are no charges if you close the account after one year.
Conclusion
Bank accounts are opened based on need. Every entrepreneur has unique current account requirements. Though banks provide a variety of services to meet the needs of businesses.
This post is about concentrating on a new corporate account. This is not the final decision; the customer should also review his current account in accordance with his company’s requirements.
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