Naturally available plant growth-promoting rhizobacteria (PGPR) have 1-aminocyclopropane-1-carboxylic acid (ACC) deaminase enzymes, and are capable of processing the plant-borne ACC by converting it into α-ketobutyrate and ammonia. Thus, the PGPRs help in the depletion of ethylene levels, and enhance abiotic stress tolerance in plants. In the present study, two rhizobacterial strains, i.e., Bacillus cereus and B. haynesii, isolated from Vigna mungo and Phaseolus vulgaris, were used. These strains were taxonomically identified by 16S rDNA sequencing as B. cereus and B. haynesii, with NCBI accession numbers LC514122 and LC 514123, respectively. The phylogeny of these strains has also been worked out based on homology, with data available on NCBI GenBank. The strains were screened for their plant growth-promoting traits, and quantified in the same way. The enzymatic activity and molecular weight of the ACC deaminase obtained from both bacterial strains have also been determined. An in vitro drought tolerance study was done by using PEG 6000. These bacterial strains exhibited higher ACC deaminase activity (~5 to 6 µmol/mL), exopolysaccharide yield (15 to 18 mg/10 mL protein), and indole acetic acid (27–32 µg/mL). These characteristics indicate that the bacterial strains under present study may be helpful in enhancing the drought tolerance of the crops with enhanced yield. Bacillus cereus has been found to be a tolerant strain to As, Ba, and Ni, based on the plate assay method, and so it has the potential to be used as biofertilizer in fields affected by these metals.