Author
LoansJagat Team
Read Time
12 Min
23 Apr 2025
Utkarsh Small Finance Bank Current Account: Comprehensive Guide to Account Types & Benefits
It’s important to know the dynamic corporate environment, and efficient financial management is a very critical key that can make you successful. Mr. Rajesh Kumar is a small company owner in Kochi, Kerala, with a retail store that specialises in environmentally friendly products. Managing daily transactions, supplier payments, and staff paychecks became more difficult as his company developed. To improve his financial operations, Rajesh decided to create a Business Standard Current Account with Utkarsh Small Finance Bank.
Financial Aspect | Before Current Account | After the Current Account |
Monthly Transactions | ₹5,00,000 | ₹5,00,000 |
Cash Deposit Limit | ₹1,00,000 | ₹2,00,000 |
Cash Withdrawal Limit | ₹1,00,000 | Unlimited at-home branch |
Quarterly Balance | Not Applicable | ₹10,000 (Metro/Urban) / ₹5,000 (Semi-Urban/Rural) |
Overdraft Facility | Not Available | Available |
Online Banking Facilities | Limited | Comprehensive |
Financial Overview Before and After Opening the Current Account:
Rajesh received various advantages from switching to the Business Standard Current Account:
- Enhanced Cash Flow Management: Rajesh was able to handle more cash transactions without paying higher fees due to enhanced deposit and withdrawal limits.
- Access to Credit Facilities: An overdraft facility helped Rajesh manage unforeseen expenses during constrained cash flow.
- Separating personal and business finances: Maintaining a separate current account allowed Rajesh to differentiate between personal and corporate transactions, simplifying accounting and tax preparation.
Digital Banking Features: Comprehensive online banking services enabled seamless supplier payments and account reconciliation, saving time and reducing errors.
These enhancements not only streamlined Rajesh's financial processes but also aided the general growth and stability of his company.
Types of Current Accounts Offered by Utkarsh Small Finance Bank:
Utkarsh Small Finance Bank provides a variety of current account options tailored to meet diverse business needs. Below is a comparison of their key features:
Account Type | Average Quarterly Balance (AQB) | Cash Deposit Limit (per month) | Cash Withdrawal Limit | Additional Features |
Business Standard Account | ₹10,000 (Metro/Urban) / ₹5,000 (Semi-Urban/Rural) | ₹2,00,000 | Unlimited at-home branch | Corporate Internet Banking, customised services for business requirements |
Business Premium Account | ₹50,000 | ₹10,00,000 | Unlimited at-home branch | Higher transaction limits, tailored financial solutions |
Business Plus Account | Not specified | Not specified | Not specified | Interest on balances similar to Savings Accounts, designed for self-employed individuals and proprietors |
UPI Easy Account | Nil | Not specified | Not specified | Virtual address/UPI ID for transactions, no AQB requirement |
TASC Account | Initial deposit of ₹25,000 (Basic) / ₹1,00,000 (Premium) | Unlimited transactions at outlets | Not specified | Designed for Trusts, Associations, Societies, and Clubs; competitive NEFT/RTGS charges |
Key Features of Utkarsh Small Finance Bank Current Account
Utkarsh Small Finance Bank offers a range of current accounts tailored to meet diverse business needs. Below is a comprehensive overview of the key features and benefits associated with their current account offerings:
Feature | Business Standard Account | Business Premium Account | Business Plus Account |
Average Quarterly Balance (AQB) Requirement | ₹10,000 (Metro/Urban); ₹5,000 (Semi-Urban/Rural) | ₹50,000 | ₹50,000 (Metro/Urban); ₹25,000 (Semi-Urban/Rural) |
Cash Deposit Limit (per month) | ₹2,00,000 | ₹10,00,000 | Not specified |
Cash Withdrawal Facility | Unlimited at-home branch | Unlimited at home branch; ₹5,00,000 per month at non-home branches | Not specified |
Free Transactions | 150 per quarter | 350 per quarter | Not specified |
Debit Card | RuPay Classic Debit Card: No yearly fees for the first year. | RuPay Platinum Debit Card: no annual charges for the first year | Not specified |
Digital Banking Services | Corporate Internet Banking | Corporate Internet Banking | Not specified |
Additional Features | POS facility for payment acceptance | Free RTGS and NEFT transactions | Sweep-in/sweep-out feature connected to a Virtual Savings Account |
Benefits of Utkarsh Small Finance Bank Current Accounts:
Benefit | Business Standard Account | Business Premium Account | Business Plus Account |
Cost Savings | Reduces banking costs by providing free transactions and waiving debit card fees in the first year. | Provides huge cost savings with free RTGS/NEFT transactions and unrestricted ATM usage. | Eliminates non-maintenance fees, resulting in cost-effective banking. |
Convenience | Banking is simplified with corporate internet banking and POS payment acceptance. | Improves customer experience with full digital banking services and increased transaction limits. | Automatic sweep-in/sweep-out features ensure seamless fund administration. |
Flexibility | Allows for a variety of business demands while maintaining appropriate AQB criteria for organisations of all sizes. | Provides enhanced limits and additional services to businesses with larger transaction needs. | Balances liquidity and returns, making it perfect for self-employed individuals and business owners. |
Enhanced Cash Management | Allows for effective handling of everyday transactions by providing enough cash deposit and withdrawal limitations. | Higher cash deposit limits and extended free transactions enable larger transaction volumes. | The linked virtual savings account provides liquidity and better interest yields on extra cash. |
Utkarsh Small Finance Bank's current accounts are designed to help businesses manage their finances effectively and efficiently by providing specific features and perks.
Utkarsh Small Finance Bank Current Account Charges & Fees
To manage business finances smoothly, you need an account with transparent charges and fees. Utkarsh Small Finance Bank offers a range of current accounts to satisfy the financial requirements of businesses of all sizes. Understanding the associated charges allows firms to plan their banking expenses more effectively and avoid excessive spending. Below is a thorough summary of the charges and fees related to the various current account versions offered by Utkarsh Small Finance Bank.
Charge Type | Business Standard Account | Business Premium Account | Business Plus Account |
Average Quarterly Balance (AQB) | ₹10,000 (Metro/Urban), ₹5,000 (Semi-Urban/Rural) | ₹50,000 | Not specified |
Cash Deposit Limit (per month) | ₹2,00,000 | ₹10,00,000 | Not specified |
Cash Withdrawal at Home Branch | Unlimited | Unlimited | Not specified |
Cash Withdrawal at Non-Home Branch | Not specified | ₹5,00,000 per month | Not specified |
Free Transactions (per quarter) | 150 | 350 | Not specified |
Debit Card Annual Charges | RuPay Classic Debit Card: First year free; charges applicable thereafter | RuPay Platinum Debit Card: First year free; charges applicable thereafter | Not specified |
Corporate Internet Banking | Available | Available | Not specified |
Account Closure Charges | Within 14 days: Nil, After 14 days to 12 months: ₹500, Above 12 months: ₹250 | Within 14 days: Nil, After 14 days to 12 months: ₹500, Above 12 months: ₹250 | Within 14 days: Nil, After 14 days to 12 months: ₹500, Above 12 months: ₹250 |
SMS Alert Charges | ₹0.25 per SMS, with a limit of ₹25 every quarter. | ₹0.25 per SMS, with a limit of ₹25 every quarter. | ₹0.25 per SMS, with a limit of ₹25 every quarter. |
Cheque Charges | The first 50 leaves per quarter are free; beyond that, charges apply. | The first 100 leaves per quarter are free; beyond that, charges apply. | Not specified |
NEFT/RTGS Charges | Applicable as per standard rates | Free | Not specified |
Outstation Cheque Collection | Charges are applied at usual rates. | Charges are applied at usual rates. | Not specified |
Stop Payment Charges | ₹100 per instrument | ₹100 per instrument | Not specified |
Cheque Return Charges (Inward/Outward) | ₹500 per instance | ₹500 per instance | Not specified |
Utkarsh Small Finance Bank Current Account Eligibility & Required Documents
To open a current account with Utkarsh Small Finance Bank, businesses must meet specific eligibility criteria and submit the necessary documents. The bank offers different types of current accounts tailored to sole proprietors, partnerships, companies, and other registered entities.
Here’s a detailed overview of the eligibility requirements and the documents needed to open a current account with Utkarsh Small Finance Bank:
Entity Type | Eligibility Criteria | Required Documents |
Sole Proprietorship | Valid business existence | PAN card, proprietor's address evidence, Business registration certificate, GST registration (if applicable), and a Recent passport-sized photo. |
Partnership Firm | Registered partnership | The firm's PAN card, partnership deed, address proof, GST registration (if applicable), KYC documents for all partners, and Recent passport-sized pictures of all partners. |
Limited Liability Partnership (LLP) | Registered LLP | PAN Card of LLP, LLP agreement, Certificate of incorporation, Address proof of LLP, GST registration (if applicable), KYC documents of designated partners, Recent passport-sized photographs of designated partners |
Private/Public Limited Company | Incorporated company | The company's PAN card, certificate of establishment, memorandum and articles of association, Board resolution allowing account establishment, address evidence of the company, GST registration (if applicable), directors' KYC documents Recent passport-sized pictures of approved signatures. |
Trusts, Societies, Clubs (TASC) | Registered entities | PAN Card of the Entity Registration certificate, Trust Deed/Bye-laws, and Resolution allowing account opening. Address evidence of the entity, KYC documents for trustees/office bearers Recent passport-sized photographs of approved signatures. |
How to Open a Utkarsh Small Finance Bank Current Account?
Utkarsh Small Finance Bank offers both offline and online options for opening a current account, suited to individual preferences and convenience. Below is a full overview explaining the actions involved in both ways:
Method | Steps | Details |
Offline Process | 1. Visit the Branch 2. Consult with Bank Representative 3. Complete Application Form 4. Submit Required Documents 5. Initial Deposit 6. Account Activation | - Locate and visit your nearest Utkarsh Small Finance Bank branch. - Consult a bank representative. Discuss your business needs to choose the best current account option. - Complete the Application Form: Fill out the account opening form with accurate information. - Submit the required documents. Provide the appropriate documents, such as PAN cards, business registration certificates, identification proofs, and address proofs, according to the entity type. - Initial Deposit: Make the minimum needed deposit for the account type you've chosen. - Account Activation: Following verification, the account will be activated, and the necessary information will be delivered. |
Online Process | 1. Visit the Official Website 2. Select Current Account Option 3. Fill out the Online Application Form 4. Upload Documents 5. Video KYC 6. Initial Deposit 7. Account Activation | - Visit the official website: Navigate to Utkarsh Small Finance Bank's official website. - Click on the Current account to find your preferred account. - Select the current account type that is most suited to your business needs. - Fill out this online application form: Enter the essential information precisely into the online form. - Upload Documents: Scan and upload copies of any relevant documents, such as PAN cards, business registration certificates, identification proofs, and address proofs. - Video KYC: Follow the Video Know Your Customer (KYC) process as directed. - Initial Deposit: Transfer the initial deposit amount online following the account's regulations. - Account Activation: Upon successful verification, the account will be activated, and details will be shared via email/SMS. |
Note: The availability of the online account opening process may differ. To obtain the most up-to-date information, contact the bank directly or visit their official website.
Utkarsh Small Finance Bank Current Account vs Competitor Banks:
Choosing the correct current account is critical for effective business operations. The following is a comparison of the primary characteristics of Utkarsh Small Finance Bank's current accounts with those offered by competitors:
Feature | Utkarsh Small Finance Bank | Competitor Bank A | Competitor Bank B |
Average Quarterly Balance (AQB) | ₹10,000 (Metro/Urban), ₹5,000 (Semi-Urban/Rural) | ₹25,000 | ₹50,000 |
Cash Deposit Limit (per month) | ₹2,00,000 | ₹1,00,000 | ₹1,50,000 |
Cash Withdrawal at Home Branch | Unlimited | Up to ₹1,00,000 | Up to ₹2,00,000 |
Free Transactions (per quarter) | 150 | 100 | 120 |
Debit Card Annual Charges | First year free; charges applicable thereafter | ₹500 per annum | ₹750 per annum |
NEFT/RTGS Charges | Applicable as per standard rates | Free | Free |
SMS Alert Charges | ₹0.25 per SMS, max ₹25 per quarter | ₹15 per quarter | ₹20 per quarter |
Cheque Book Charges | The first 50 leaves per quarter are free; beyond that, charges apply. | The first 25 leaves are free; after that, each leaf costs ₹2. | First 30 leaves free; thereafter, ₹1.5 per leaf |
Account Closure Charges | Within 14 days: Nil; After 14 days to 12 months: ₹500; Above 12 months: ₹250 | ₹1,000 if closed within 6 months | ₹750 if closed within 1 year |
·Utkarsh Small Finance Bank Current Accounts (FAQS)
Is there a unique current account for startups or new businesses?
Utkarsh Small Finance Bank offers specialised current account solutions to match the specific requirements of startups and new companies.
Can I link my Utkarsh Small Finance Bank checking account to accounting software?
Yes, the bank integrates with various accounting tools to help businesses manage their finances more efficiently.
Does Utkarsh Small Finance Bank provide doorstep banking services to current account holders?
Yes, the bank offers doorstep banking services, including cash collection and delivery, to qualifying current account users.
What are the fees for issuing a demand draft from my current account?
The charges for issuing demand drafts vary depending on the amount and are detailed in the bank's charge schedule.
Is there an option for setting up automatic payments or standing orders?
Yes, current account users can create standing instructions for periodic payments.
How can I apply for an overdraft on my current account?
Businesses can apply for an overdraft facility by submitting a formal request and the relevant financial documentation for review.
Is there a rewards or loyalty program associated with current accounts?
The bank periodically updates its promos and bonuses for current account holders.
Can I open several current accounts to meet diverse business needs?
Yes, businesses can open several current accounts to meet their financial needs, subject to the bank's restrictions.
What are the steps for cancelling a current account, and are there any fees?
To close a current account, send a written request to your branch. Charges may apply depending on how long the account was active.
Does the bank provide any training or assistance with using digital banking services?
Yes, the bank offers tutorials and customer support to help clients use digital banking platforms more successfully.
Is there any restriction on overseas transactions using the current account?
International transactions are authorised, provided they follow regulatory requirements and bank policies.
How do I alter the business details or contact information associated with my current account?
Submit the amended information, along with any applicable papers, to your home branch for processing.
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LoansJagat Team
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