Question 1

How do I open a American Express Business Current Account?

Accepted Answer

You can open the American Express Business Current Account through FinWiz24 by clicking "Apply Now". For current accounts, you typically need to submit business registration documents (Certificate of Incorporation, PAN, GST), KYC of authorised signatories, and address proof. The bank will verify documents and activate the account within 3–5 working days.

Question 2

What is the Minimum Average Balance (MAB) for American Express Business Current Account?

Accepted Answer

MAB is the average of all closing balances in your current account over a month. For regular current accounts, most banks require ₹10,000–₹25,000 MAB. Premium or multi-city accounts may require ₹50,000–₹1,00,000 or more. Failing to maintain MAB attracts penalty charges of ₹100–₹500 per month.

Question 3

Does American Express Business Current Account support overdraft facilities?

Accepted Answer

Many current accounts offer an overdraft (OD) facility allowing you to withdraw beyond the available balance up to an approved limit. Interest is charged only on the amount used, typically at 12–18% per annum. OD is useful for managing short-term cash flow gaps in business operations.

Question 4

What are the RTGS and NEFT charges on this account?

Accepted Answer

RTGS (for transfers above ₹2,00,000) is usually free or charged at ₹25–₹55 per transaction. NEFT works in hourly batches and costs ₹2–₹25 per transaction depending on the bank. Premium current account variants often offer unlimited free RTGS/NEFT transfers.

Question 5

Can I operate this current account from multiple cities?

Accepted Answer

Regular current accounts are linked to a single home branch. If you need to operate from multiple cities, choose a multi-city or premium current account variant that allows transactions at any branch pan-India without additional charges. Multi-city accounts typically require a higher MAB.

Feature	Details
Minimum Average Balance (MAB)	₹50,000
Cash Deposit Limit	₹5,00,000
RTGS / NEFT	RTGS: Free (all channels). NEFT: Free (all channels).
Overdraft Facility	Up to ₹NaN

American Express Business Current Account

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