This paper describes study of the converter topologies for a low-cost, high-efficiency switched reluctance motor(hereafter abbreviated as SRM) drive. The considered converter employs two-switch split AC supply configuration. The converter preserves a single switch per phase as well as a single phase-leg rectifier circuit realizing the fewest component count to achieve a highly cost effective solution for two-phase SRM drive. Comparative study between the considered converter and other converters are provided. Analysis of the modes of operation and mathematical modeling are also provided. Analysis and simulation results are provided to validate the converter. The considered split AC converter can be a strong candidate for low-cost applications such as power tools, fans, and small appliances where both cost and efficiency are most valued.