Questions related to Startup Current Account

Q1. What category of customers are eligible for opening Startup Current Account?

A1. Private Limited Company, Registered Partnership, Limited Liability Partnerships (LLPs) are eligible for Startup Current Account opening.

Q2. What is the minimum Average Quarterly Balance (AQB) required to be maintained in Startup Current Account?

A2. Rs. 50,000. NIL AQB for one year from the account opening date , post one-year Rs. 50,000 AQB to be maintained​​​​​​​​

Q3. What are the conditions for Zero Non Maintenance Charges (NMC)?

A3. Zero NMC Charges provided Quarterly Credit transactions through Digital Products is Rs. 5 lakhs or more

Q4. What are the free limits for Cash Deposit for Startup Current Account?

A4. Combined Home and Non-Home: Free - 12 times Current Month AMB (upper cap Rs. 75 crores) After the free limit standard Charges Rs. 3.5/- per Rs.1000, minimum Rs. 50/- per transaction

Q5. What are the free limits for Cash Withdrawal for Startup Current Account?

A5. Home Branch - Free; Non Home Branch - 12 times Current Month AMB (upper cap Rs. 75 crores) After free limit standard Charges of Rs. 2/- per Rs 1,000/, minimum Rs. 50/- per transaction

Q6. What are the charges for NEFT/RTGS transactions for Startup Current Account?

A6. Free through Branch & NetBanking

Q7. How many free cheque leaves are offered per month for Startup Current Account?

A7. 25 free cheque leaves for every slab of Rs. 1 lakh of current month AMB balance maintained (subject to maximum of 2000 cheque leaves) Cheque leaves issued over and above monthly free limit are chargeable at Rs. 2/- per leaf

Q8. How are IMPS transactions charged for Startup Current Account?

A8. Standard charges : Upto Rs 1000 - Rs 3.5; Above Rs 1000 upto Rs. 1 lac – Rs. 5; Above Rs. 1 lac upto Rs. 5 lac – Rs. 15; Free above Rs. 5 lacs (per transactions charges excluding GST)

Q9. What are the free limits for issuing DD's (Demand Drafts) / PO's (Pay Order) for Startup Current Account?

A9. Monthly free limit of 50 DD/POs for every slab of Rs 1 lakh of current month AMB balance maintained (subject to maximum of 1000 DD/PO) Above free limit charges are Rs. 50 per instrument

Q10. What are the free limits for bulk/Total transactions for Startup Current Account

A10. Free 150 transactions for every slab of Rs. 1 lakh of current month AMB balance maintained (subject to maximum of 3000 transactions) Charges over and above monthly free limit are Rs. 25 per transaction

Q11. Is DPIIT recognition certificate mandatory for opening Startup Current Account?

A11. DPIIT recognition is not mandatory for opening Startup Current Account. However, Startups can avail benefits under Startup India Scheme only if it is recognized by the Department for Promotion of Industry and Internal Trade (DPIIT).

Q12. What are the benefits for Department for Promotion of Industry and Internal Trade (DPIIT) recognised Startups ?

​​​​​​​A12. DPIIT recognition enables the Startup to avail beneficial services like to access a host of tax benefits, easier compliance, collateral free loans under Credit Guarantee Scheme for Startup (CGSS), fast-tracking of a patent application & more under prevailing government policies. Please refer startupindia.gov.in for more details.