SBI Current Account: features, average balance, eligibility 2020
SBI Current Account: SBI is the largest lender in the country and has its headquarters in Mumbai, Maharashtra. The majority is owned by the Government of India. Consolidated report says that SBI had a total income of Rs 2,57,289.51 crore as on March 31, 2015. SBI has total assets of over Rs 25,29,394 crore.
There are as many as 16,995 branches of SBI in India, including 190 in other countries. State Bank has an agreement with GE for its credit card services. It is the only bank in the country to figure in the Forbes list of 500. SBI holds a major market share in the fields of personal loan (20%), home loan (25.5%) and car loan (26%).Riding high on its extensive reach, SBI is the most searched and preferred bank in India and is accessible from almost every part of the country
A current account, also known as financial account is a type of deposit account maintained by individuals who carry out significantly higher number of transactions with banks on a regular basis. It is created by the bank on request of the applicant and is made available for frequent or immediate access. Current accounts relate to liquid deposits and it offers a broad range of customized options to aid financial dealings. Current accounts also allows to make payments to creditors through the cheque facility offered by the bank. Generally, current accounts do not provide interests and requires a higher minimum balance when compared to savings account. However, the greatest advantage of current bank account is that, account holders can easily avail overdraft facility up to an agreed limit.
Features of SBI Current Bank Account
A current bank account is one of the primary requirements for starting a business. These days, banks offer a number of attractive offers and benefits on current accounts to match the diversified needs of businesses. Listed below are some of the basic features of a current bank account:
- A current account allows transactions beyond the scope of a savings account
- It is designed to facilitate frequent transactions – transfer funds, receive cheques, cash, etc.
- Compared to savings account, a current account requires a higher minimum balance.
- No restriction on the number of transactions in a day
- A current account can be operated by individuals, proprietary concerns, public and private companies, associations, trusts, etc.
- Non-maintenance of the minimum balance can attract penalty charges.
SBI Current Account
|Eligibility||All individuals who have valid KYC documents|
|Monthly Average Balance (MAB) requirement||As applicable to the location of the branch :
|Mode of Operation||Singly, jointly, or with Either or Survivor, Former or Survivor, anyone or Survivor etc. facility.|
|Rate of Interest||Nil|
|Maximum Balance||No Limit|
|Facilities offered||First 50 cheque leaves will be free.
Mobile banking, Inter Net banking.
Free ATM card during first year.
Free cash deposit upto Rs. 25000/ -per day.
Free Transfer of account from one branch to another.
Statement of account is issued as per requirement at monthly/quarterly/half yearly/annual intervals.
Facility of getting statement by e mail
Personal accident insurance available (Optional)
|Most Important Terms & Conditions||All statements of account will be sent via e-mail. Customer requested to update e-mail ID at Home Branch or through Internet banking. If, one still wishes to continue receiving a printed statement, please visit the Home Branch.|
SBI offers different types of current accounts depending on the profile of the entrepreneurs. Here’s the list of current account products of SBI:
It’s a fixed deposit account with a minimum balance requirement of Rs.15 lakhs. You can deposit from 7 days to less than one year. The amount can be withdrawn any time after 7 days from the date of deposit. The Unfixed Deposit account offers an interest of 6.25% for deposits above Rs.1 crore fixed up to 61 days and 6.75% for 61 days to 1 year period.
Normal Current Account
As the name suggests, the normal current account is for businesses which do not involve huge amount of transactions. The minimum balance requirement for opening a Normal Current Account is Rs.10,000. The account provides free corporate internet banking facility.
SME Power current account offers three different variants with varying quarterly average balance. Customers can enjoy a myriad of benefits and offered depending on the product selected. Listed below are the variants of SME Power:
- Power Pack – quarterly average balance of Rs.5 lakhs
- Power Gain – quarterly average balance of Rs.1 lakh
- Power Base – quarterly average balance of Rs.20,000
Documents Required to Open a Current Account
You need to submit the following documents at your bank to open a current account:
- PAN card
- Address proof
- Companies or trusts must submit a certificate of incorporation and memorandum of association
- Partnership agreement in case of partnership firms
- ID and residence proof of all partners
- A color photograph of the applicant(s)
- Cheque from existing savings account for account opening
- Companies should provide address of communication
Note: Make sure that the KYC documents you submit are valid on the date of submission.