SBI Current Account

• Instant money transfer
• 24x7 ATM withdrawals
• Attractive rate of interest

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The State Bank of India (SBI) was established in 1806, making it one of the country’s oldest banks. The bank’s mission is to provide India’s citizens with innovative and responsive financial solutions that are simple and efficient.

With its operations spanning over a millennium, SBI has evolved and branched out in terms of the services that it offers its customers. While it still has several traditional financial instruments, the bank also offers its customers products like insurance and mutual fund investment opportunities. The current account is one of the many products that SBI offers its customers.

A current account is a type of bank account that is most commonly used by businessmen, retail merchants, and other individuals who require liquidity. The nature of their profession requires carrying out a large number of financial transactions each day and usually involves large sums of money being deposited and withdrawn. Unlike a savings account, a current account has higher limits with reference to the number of transactions permitted in a day. Keeping in mind all of these factors, SBI has developed the SBI Current Account.

Features and benefits

The following are the features and benefits of the SBI Current Account:

• An SBI Current Account may be opened by any individuals who have valid KYC documentation.
• The monthly average balance to be maintained in the account varies based on the location of the bank branch and the number of account holders. They are as follows:
  • Metro branches:
    • Individual account: Rs.5,000
    • Non individual account: Rs.10,000
  • Urban branches:
    • Individual account: Rs.5,000
    • Non individual account: Rs.10,000
  • Semi-urban branches:
    • Individual account: Rs.5,000
    • Non individual account: Rs.10,000
  • Rural branches:
    • Individual account: Rs.2,500
    • Non individual account: Rs.5,000
• The minimum average balance is calculated every quarter.
• The current account may be held by a single individual or jointly held.
• Unlike a savings account, a current account is not eligible to earn interest on the balance in the account.
• The SBI Current Account provides the account holder with a nomination facility.
• There is no maximum limit on the amount that can be deposited in the account.
• The bank provides the account holder with 50 free cheque leaves. The account holder can only make withdrawals by issuing cheques. The minimum amount that can be drawn using a cheque is Rs.50.
• When making withdrawals using cheques, the account holder should ensure that the cheque is deposited within 6 months of the date of issue.
• Account holders can set standing instructions against their SBI Current Account.
• SBI provides the current account holder with its mobile banking and internet banking facilities free of charge.
• The account holder receives a debit card at the time of opening their account. The annual charges for the debit card are waived for the first year.
• The bank does not levy any charges for funds transferred between SBI branches.
• Account holders can make cash deposits upto Rs.25,000 each day without having to incur any charges for the transactions.
• The bank issues account statements as per the requirement of the account holder. Statements can be issued in either monthly, quarterly, half yearly, or yearly intervals. The bank also issues e-statements based on the account holder’s preference.
• Account holders have the option of availing a personal accident insurance cover against their account.
• Account holders who draw their pension from their current account are entitled to a 50% concession on the bank’s service charges and the account’s minimum balance requirement.

Eligibility Criteria

To be eligible to open a current account with SBI, the applicant has to fall under one of the following categories:

• Resident individual
• Partnership
• Hindu Undivided Family (HUF)
• Association
• Society
• Trust
• Private and Public Limited Company

Opening a current account with SBI

An SBI Current Account can be opened by filling out an application and submitting it at a bank branch. The application is available both at the bank and on the SBI website. The applicant will have to submit all the documents to comply with the bank’s KYC verification policy. In cases where the account is being opened by companies or partnership firms, applicants will have to submit copies of the certificate of incorporation.

Proof of identification and proof of address should also be submitted along with passport size photographs.

SBI is the country’s most trusted bank. It has been committed to providing its customers with simple solutions to any of their financial needs. Their core values of maintaining transparency and sustainability can be attributed to their large customer base.

GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.