6 things to look for when choosing the best bank in India for your Start-up

Devising and developing a lucrative idea into a fully-fledged business is no simple task. It involves considerable time and effort. And when it comes to banking and financial solutions, you need the expertise of a bank that can provide specialised services especially for your business.
How do you choose the best bank in India for this? Let us explore a few things you should keep in mind.

Also read: https://www.idfcfirstbank.com/finfirst-blogs/business-banking/101-startup-bank-guide

5 Things to look for in the best bank for Start-ups in India 
 

1. Range of products
 

As a Start-up, you might need some very specific banking services for your business. For instance, you would have to open a current account online, acquire a business credit card, a salary account for your employees, etc. So, the first thing you need to check is the range of products the bank offers. For greater ease and convenience, find a bank that can be a one-stop solution for all your Start-up banking needs.

2. Interest rates and fees
 

The next important thing to check is the interest rate and the different charges associated with the bank account. As a Start-up, you will need a cost-effective banking partner that offers attractive interest rates on deposits and charges low rates on loans. A low charge structure for banking services is also beneficial as it reduces out-of-pocket expenses.

3. Ease of accessibility
 

In the age of superfast internet, physical banking is time-consuming. The bank you choose should have a widespread presence, so it is easy to locate. This bank should also offer digital banking solutions to make your banking easier.

4. Existing experience
 

Albert Einstein once said, "The only source of knowledge is experience." While most banks might offer specialised banking solutions for Start-ups, a bank with experience in handling Start-ups is always the better choice. It would be more knowledgeable and capable of giving you the assistance you need along your Start-up journey.

5. Types of funding options
 

Look at the types of loans that the bank offers. Your business might need different types of funding solutions for different needs. Banks with competitively priced business loans will be a good match.

6. Value-added services
 

Value-added services can make all the difference. For instance, IDFC FIRST Bank has a specialised FIRST Wings program that provides specialised banking solutions to Start-ups. The program includes a bouquet of customised products and banking services specifically designed for Start-ups, their founders, and investors. Whether your business is in the early stages or undergoing rapid growth, or somewhere in between, IDFC FIRST Wings can make your Start-up soar.

Also read: https://www.idfcfirstbank.com/finfirst-blogs/business-banking/idfc-first-wings

In conclusion

With its unique Start-up banking solution and range of services, IDFC FIRST Bank can be the best bank for Start-ups in India. Explore the services and the advantages of the FIRST Wings program – and see what a difference it can make for your Start-up. 

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.