As we know Reserve bank of India and Govt of India is killing freelancing by imposing various restrictions , You can’t send or receive money without hassle. If you are thinking to start a career as freelancer. Then this article may help you in deciding the best bank account for you.

Document required for opening bank acocunts in India

  1. Id proof ( Driving licence , Passport , Voter ID card or UID card ( adhar)
  2. Address Proof  ( any latest utility bill not more than 3 month old)
  3. Pan Card

I use multiple bank accounts , My first bank relation started  with Punjab National Bank ( PNB), Bharatpur Rajasthan in February 2010. It was student saving account with zero ( nil) balance facility .

PNB is second largest public bank with 6300+ branches and 80 million customers round the globe. PNB offers reliable banking option . They offer nil balance saving accounts for students and a minimum 1000 quarterly balance account for all. They provide internet banking , debit card and cheque book . So if you want to start freelancing and want to use paypal to receive payments , Then get a pnb student savings account.  I am using PNB savings account since 2010 . I withdrawn more than 130+ paypal payments to my PNB savings account and i never faced any issue. The only draw back of PNB is “sarkari attitute” They really don’t care about you . Their customer service is unreliable . You can’t pay your hosting bills ( in foreign currency ) using PNB standard master debit card. Also with student zero balance account you can withdraw a maximum of Rs 25,000 in a day via ATM.

My second bank relation was with  Axis Bank , I opt for savings account in Axis bank ,is the third largest private sector bank in India. I am using axis bank account since 2012.  I opt for Axis bank as it is very good bank for making online payments in foreign currency , Their visa debit card ( youth debit card in my case ) is very good and their internet banking is fast , reliable and secure. They offer savings account in 2 ways

  1. YOUTH ACCOUNT for below 25 year age students ( Rs 3000 average monthly balance in Non metro cities , and Rs 5000 in metro cities )
  2. Savings Account for 25 year and above ( requires Rs 5000 average monthly balance in Non metro cities , and Rs 10000 in metro cities )

Axis bank visa debit car has maximum withdraw limit of Rs 40,000 per day  You can receive paypal payments  , payoneer  payments and remittances easily .


My third Bank relation was with Yes Bank , Again i opt for savings account Yes privilege . Yes bank is quite new bank , This was my first bank account in Delhi . The best thing of yes bank is best customer relation , best DD facility and A whooping 100,000 daily withdraw , They require Rs 10,000 daily balance .  Their net banking is not good as compare to axis bank , But staff at yes bank is very supportive , I found this bank has best behavior towards all type of customers. They offer visa debit card ( platinum in my case ). The only draw back of yes bank is , You can’t pay hosting charges in dollars . Yes bank gives 6% interest rate on savings account . You can use it for savings and also receiving paypal payments and remittances .

My fourth Bank account was with Kotak Mahindra bank , Kotak mahindra bank has one of the best internet banking facility .Their mobile banking is superfast and reliable . They offer hassle free FIRC ( for remittances )  . They also offers 6% interest rates on saving accounts. They require Rs 10,000 average monthly balance in savings account. They also offer Internet card , You can pay your hosting bills in dollars by using kotak internet cards. Kotak is my recommendation for Freelancers who are seeking a hassle free premium bank with a good phone banking support.  Now kotak is expanding their business , So freelancers based in non metro cities will be benefited.

Watch my youtube video regarding Best bank for Indian freelancers

My fifth Bank account is now with SBI , you can read my experience here How SBI helps Freelancers