State Bank of India (SBI) Current Account

State Bank of India (SBI) Current account is a Demand Deposit account. A current account is ideal for professionals, businessmen, entrepreneurs, traders, organizations, institutions, and others who handle bulk cash transactions or fund transfers regularly. The account comes with transactional and other benefits depending on the balance maintained by the account holder.

SBI Current Account Products

State Bank of India being one of the largest public-sector banking firms provides the following Current Accounts:

• 1. Regular Current Account
• 2. Gold Current Account
• 3. Diamond Current Account
• 4. Platinum Current Account
• 5. Power POS Current Account
• 6. Surbhi Current Account
• 7. Power Jyoti Current Account
• 8. Power Jyoti Pul Pre-uploaded
• 9. RERA Current Account
• 10. Master Current Account
• 11. Smart Current Account
• 12. Arthia Current Account

In the following post, we will cover information about features of SBI current account, eligibility criteria, documentation required for account opening, application procedure, different types of SBI current accounts, their features, fees, charges, facilities, additional services, and FAQs.

Features of SBI Current Account

Here are the features of Current Account SBI:

• State Bank of India offers free internet banking and mobile banking.
• It provides 50 free Multicity cheque leaves every financial year.
• A nomination facility is available.
• No fee on ATM transactions for the first year.
• Depending on the balance maintained in the account, the account holders get free and unlimited services or add-ons at nominal charges.
• There is no interest on deposit amounts.
• You will receive a free monthly account statement for the first/original copy.
• There is a facility for initial zero-balance or a low minimum monthly average balance.
• You can transfer your account to any other SBI branch without charges
• The bank also offers an overdraft facility (based on account balance and account holder's credit history) for particular current accounts.

Eligibility for State Bank Current Account

Here are the eligible candidates for opening an SBI current account:

In general, the below-specified business entities can open an SBI current account:

• Individuals residing in India
• HUF (Hindu Undivided Family)
• Limited Liability Partnership
• Private or Limited Company
• Partnership Firm
• Trust/ Association/ Club/ Society
• Sole proprietorship Firm

Documents Required to Open SBI Current Account

SBI requires the below-given valid and self-attested documents from you to open a current account. Below given is a list of documents for the State Bank of India Current Account Opening:

1. For Individuals

• 2 passport-sized colour photographs
• Identity Proof: PAN Card, Driving Licence, Aadhaar Card, Voter ID card, etc.
• Address Proof: Valid Passport, Aadhaar Card, Property Tax Bill, Utility Bill, etc.
• Employment proof (letter of joining, income certificate, etc)
• Seal of the company

2. Trust, Society, Unincorporated Association and Club

• Power of Attorney (POA)
• Trust Deed
• Beneficial owners list
• Certificate of registration
• Identity proof and address proof of the executors, trustees, administrators, and others

3. Non-Individuals

• HUF (Hindu Undivided Family)
• Identification and address proof of Karta
• Declaration from the Karta
• The identity of adult co-parceners
• A signed letter for account opening by the adult co-parceners of the Joint Hindu Family

4. Public/Private Limited Company

• Identity proof and address proof
• POA (Power of Attorney)
• Memorandum and Articles of Association
• Certificate of Incorporation
• Beneficial owners list holding 25% capital or share

5. Partnership Firms

• Identity proof and address proof
• Partnership deed
• Registration certificate
• Power of Attorney (POA)
• Beneficial owners list holding more than 15% in the organization.

6. Sole Proprietorship Firm

• Address proof and identity proof of the proprietor.
• Registration document/certificate provided by the Authority of Service Tax/Sales Tax/Professional Tax.
• CST/ VAT certificate
• Sales and ITRs in the name of sole proprietors
• Registrar of LLP issued Registration Certificate
• Licence/Certificate issued by the Municipal Authorities under the Shop and Establishment Act

SBI Current Account Application Procedure

You can either apply online or visit the nearest bank branch to open a current account at SBI.

• Here is the – application form to open the current account.
• Fill up the online form with appropriate details and apply.
• If you want to apply at the bank branch, then visit the nearest one with the required documents.
• Once at the branch, the bank official will guide you about the further procedure.

Types of State Bank of India Current Accounts

SBI offers different types of current accounts. These current accounts are based on the profiles of businessmen, entrepreneurs, traders, entities, and other applicants. Below-given is a detailed list of State Bank Current Accounts:

1. SBI Regular Current Account

The State Bank of India Regular Current Account (C. Acc) is for Professionals, traders, small businessmen, and relevant others who require all the C. Acc services at an affordable cost. The monthly average balance (MAB) for this account is Rs. 5,000 only.

Features

• 50 multicity cheque leaves per month are free.
• You will receive PRIDE Business Debit Card.
• You will receive free SMS alerts for transactions.
• Statement of the account first/original is free of cost.
• You can make a free cash withdrawal from the home branch.
• You can also make free cash deposits up to Rs. 5 lakhs is every month.
• SBI offers free access to secure, quick, and safe corporate internet banking.
• It provides free RTGS/NEFT through mobile banking and internet banking.

Fees and Charges

2. SBI GOLD Current Account

State Bank of India GOLD Current Account is designed for traders, professionals, premium businessmen, and relevant others who wish to diversify and expand their operations as well as handle bulk cash transactions. This account offers several services at discounted rates, which significantly reduce the cost of transactions.

Features

• The monthly average balance requirement is Rs. 1 lakh.
• 50 Demand Drafts per month are free of cost.
• NEFT and RTGS are free through net banking, mobile banking, and a branch.
• Free cash pickup service up to Rs. 1 lakh in a day. This is applicable for a single location/pickup. The charges for the agency are as per actual.
• You can withdraw cash for free from the home branch.
• You can deposit up to Rs. 25 lakhs per month without charges.
• The monthly statement for the account is free of cost.
• Transfer of account to another branch is also free.
• Get free access to secure, quick, and safe corporate internet banking.
• Get 300 multicity cheque leaves for free every month.

Fees and Charges

3. SBI DIAMOND Current Account

State Bank of India DIAMOND Current Account is a special C. Acc for top professionals, elite businessmen, large traders, and relevant customers who wish to operate through India, and handle bulk cash transactions, as well as process a large number of collections and payment transactions. This particular current account offers maximum services free or at a nominal charge.

Features

• The monthly average balance requirement is Rs. 5 lakhs.
• Premium Business Debit Card with per day withdrawal limit of Rs 2 lakhs.
• Free unlimited cash withdrawal is available from the home branch.
• You can access unlimited free demand drafts.
• Corporate internet banking is free.
• Free cash pickup service up to Rs. 2 lakh in a day. This is applicable for a single location/pickup. The charges for an agency are as per actual.
• Transfer of account to other branch attracts no charges.
• A monthly account statement is also free.
• You can avail of free NEFT and RTGS payments and collections.
• NEFT and RTGS are free through net banking, mobile banking, and a branch.
• Free cash deposit per month is up to Rs. 1 crore.
• Get free-of-cost 700 multicity cheque leaves every month.

Fees and Charges

4. SBI PLATINUM Current Account

State Bank of India PLATINUM Current Account is for those who need superior C. Acc services and products for the business and themselves. This account provides most of the services free and unlimited, or at a cost-effective price. This bank account is feasible for large traders, top professionals, elite businessmen, and relevant others who operate in the country to process a large number of collections and payment transactions, as well as handle bulk cash transactions.

Features

• The requirement for monthly average balance is Rs. 10 lakhs.
• You can avail of unlimited free multicity cheque leaves, NEFT, RTGS, cash deposit, cash pickup (1 per day for a single location/pickup), cash withdrawal from the home branch, and Demand Drafts.
• Take benefit of secure, safe, and fast corporate internet banking.
• The monthly statement of the current account is free of cost.
• Cash deposit at CDM is free
• Transfer of account to other branch applies no charges.
• Get a free Premium Business Debit Card, which has per day maximum withdrawal limit of Rs. 2 lakhs.

Fees and Charges

5. SBI Power POS Current Account

State Bank of India Power POS Current Account is designed for customers who avail of POS (Point of Sale) facility. You do not have to make any initial deposit. You can access secure, safe, and quick corporate internet banking services. This C. Acc comes with an Overdraft facility. It also offers additional services free or at nominal charges.

Features and Charges

• This account is especially for customers with POS facilities.
• Free 100 multicity cheque leaves in an FY (financial year). After this, you get a 50% discount on normal cheque rates.
• The monthly average balance requirement is only Rs. 5,000.
• Charges for non-maintenance of MAB per month are Rs. 500 + GST.
• There is a free collection through NEFT and RTGS.
• Free monthly statement of the current account.
• Free cash withdrawal from the home branch.
• An unlimited number of withdrawals and payments facilities.
• Duplicate statement of C. Acc applies Rs. 100 + GST for 40 entries per page.
• Free cash deposit with per day limit up to Rs. 25,000.
• Transfer of account to other branch does not apply any charge.

Overdraft (OD) Facility

6. SBI Surbhi Current Account

State Bank of India Surbhi Current Account is ideal for institutions, corporate, trusts, and relevant others. It offers great liquidity and returns. Also, this SBI current account has a scheme with sweep and reverse sweep option to CLTD (Corporate Liquid Term Deposits). The monthly average balance requirement is only Rs. 10,000. You get the facility of free cash withdrawal from the home branch and unlimited number of payments across branches in India.

Features

• You can make a free cash deposit per day up to Rs. 25,000.
• Get 50 cheques in a financial year, free of cost.
• Get a free ATM-cum-Debit-Card for the first year.
• There is a facility for free collection through NEFT and RTGS.
• The nature of the deposit is savings and the current account is linked to CLTD.
• The minimum and maximum period of CLTD is 12 months and 36 months, respectively. The deposit period is initially fixed by the depositor.
• The minimum amount of deposit for savings account is Rs. 5,000.
• The minimum amount of deposit for the current account is Rs. 10,000.
• The threshold limit for the auto sweep is Rs. 1 lakh, while that for CLTD initial deposit is Rs. 1 lakh (first sweep). The subsequent deposits should be in the multiples of Rs. 10,000.
• Transfer of account to other branch does not attract charges.
• You can access the fastest, safest, and securest corporate internet banking.

Terms and Conditions for the Account Operation

Using auto sweep facility to special deposit/term deposit account, the balance in current or savings account will be transferred automatically every week. This happens when the account has surplus funds in it. You as a depositor can decide the tenure of the deposit.

Fees and Charges

• Outstation cheque collection charges are Rs. 50 + GST for amount up to Rs. 10,000. Rs. 100 + GST for amount above Rs. 10,000 but up to Rs. 1 lakh, and Rs. 200 + GST for amount above Rs. 1 lakh.
• The duplicate statement of the current account will apply Rs. 100 + GST for 40 entries per page.
• For extra cheque leaves over the above limit, the charges are Rs. 3 + GST per cheque leaf, Rs. 75 + GST for a chequebook of 25 leaves, and Rs. 150 + GST for a chequebook of 50 leaves.
• The interest rate is as per that for Term Deposit or Special Term Deposit according to the deposit tenure. There are no differential rates of interest.

Terms and Conditions for Cash Deposit

7. SBI Power Jyoti Current Account

State Bank of India Power Jyoti Current Account is for fund collection at all the SBI branches along with MIS generation. This account is suitable for firms, government bodies, educational institutions, other institutions, for the collection of funds/fines/fees, etc. Here, the remitter can send funds without having an account at the State Bank of India.

SBI Power Jyoti Current Account Eligibility

To be eligible for the C. Acc, the account holder must be a firm/company/institution or any other eligible entity in India with a wide collection of funds or fees from multi-location outlets.

Features

• The monthly average balance requirement is Rs. 50,000.
• Charges for non-maintenance of the MAB are Rs. 1,000 + GST.
• Per transaction fee is Rs. 60 + GST..
• There are no charges for cash handling.
• Firms will receive MIS in the desired format.
• No chequebook facility and collection through internet banking.
• Collections can be done at any branch. Also, the collections will be put in one account.
• There are no charges for account closing if done within 14 days from account opening.
• The charges for account closing after 14 days of account opening are Rs. 1,000 + GST.

8. SBI Power Jyoti Pul Pre-uploaded Current Account

State Bank of India Power Jyoti Pul Pre-uploaded is a Current Account for institutions intending to collect funds from different remitters via core banking SBI branches. The collections are also possible through internet banking with pre-uploaded data. This C. Acc is ideal for schools, colleges, universities, government bodies, and other institutions that want to collect fines/fees/funds, etc.

Not only these institutions, but business organizations can also use this current account for fund collection from dealers, sales outlets, sub-dealers, and others at any of the SBI branches.

SBI Power Jyoti Pul Pre Uploaded Eligibility

To be eligible for the C. Acc, the account holder must be a firm/company/institution or any other eligible entity in India with a wide collection of funds or fees from multi-location outlets.

Features

• Firms receive detailed MIS in the desired format.
• The transaction fee per instance is Rs. 60 + GST.
• The requirement for monthly average balance is Rs. 50,000.
• Charges for not maintaining the MAB are Rs. 1,000 + GST.
• The chequebook facility is not available.
• Collection facility through internet banking is available.
• Remitters’ information is pre-uploaded on the system.
• There are no cash handling charges.
• Collections are made at any SBI branch and pooled into one account.
• The penalty charges for closing the account within 12 months are none up to 14 days of the account opening. After 14 days of account opening, the penalty charge is Rs. 1,000 + GST.

9. SBI RERA Current Account

If a realtor wants a current account to meet the provisions of the RERA Act 2016, then this is it. So, only realtors of residential and commercial real estate who intend to register or are already registered with the respective Union Territory/State authority under the RERA Act 2016, can avail of this service. Here, the account holder has to deposit at least 70% of collections from buyers and investors.

Styles of Account

There are 3 different styles of account here:

• In Account 1 – the realtor deposits 100% of the collections. He/she can auto-transfer the balance in the ratio of 70:30 at the end of the day to Account 2 and Account 3. The balance is zeroised at the end of the day. No account closure charges apply.
• In Account 2 – the realtor has to deposit at least 70% of the collection. This is the amount transferred from Account 1. And this is the account that he/she has to register with the RERA authority. The minimum average balance requirement is Rs. 10,000. This account will also have a sweep and reverse sweep facility. And the sweep balance will not be counted in MAB. No account closure charges apply.
• In Account 3 – the realtor maintains it for day to day operations. Here, the receipt of funds is 30% of the collections transferred from Account 1. But the realtor has the option to transfer 30% of collections to other OD/CD account instead of to their Account 3. The minimum average balance requirement is Rs. 10,000. You have to pay Rs. 500 + GST on non-maintenance of MAB. The account closure charges are as per the SBI current account norms.

Parameters for Sweep Facility to Term Deposits

The sweep facility is allowed only if the concerned RERA authority of the state permits the same. Here are the related parameters:

• The threshold balance is Rs. 2 lakhs.
• The MOD has to be of at least Rs. 1 lakh in the multiples of Rs. 10,000. The transfer has to be made at any one instance.
• The sweep facility to MODs only on Monday. So, it is permissible only once a week.
• You have to bear a prepayment penalty in the case of normal term deposits.
• The resultant balance is Rs. 1 lakh.

System Checks for MODs

Here are the system-driven checks for the MODs created:

• Proceeds from the Mod can be credited to Account 2 only.
• No lien is permissible on the MOD created from Account 2. Lien in the loan is only allowed if a regulator/RERA/Income Tax/Legal authorities in case of fraud, etc.
• There is no loan possible against such fixed deposits.
• No charges separately are applicable to manage the account apart from the usual maintenance charges.

Special Terms and Norms

• If SBI finances the project of a realtor, then 30% of the withdrawal funds from Account 2 (70% of collections) as well as collections from the buyers are credited to the Escrow Account. This amount is then transferred to the current account/overdraft/CC of the realtor after adjusting the dues for the bank according to the norms of sanction.
• Account 2 holders can open a single current account to deposit 70% of the collections from buyers. The bank will update the agreement according to the new terms.
• Realtors can request the bank for a separate current account to deposit the fees and taxes from the purchases of flats from buyers, etc. This is accepted if permitted by the respective RERA authorities of the state.

10. SBI Master Current Account

The minimum average balance requirement is Rs. 1 lakh. You can deposit Rs. 10 lakhs per month without charges. Card rates are chargeable over the free deposit limits. The charges are Rs. 0.75 per Rs. 1,000 + GST. The minimum fee is Rs. 50 + GST and maximum fee is Rs. 20,000 + GST. The mode of collection is cheque, cash, draft RTGS, IMPS, NEFT, Payment Gateway, etc.

• A charge for non-maintenance of MAB is Rs. 2,000 + GST.
• Collection through Insta Deposit Card is permissible.
• Rs. 2 lakhs per day is the maximum cash deposit limit at the non-home branch.
• SMS alerts and annual account keeping charges are as per the card rate.
• Settlement of funds from collection of the current account to the main account is done to the home branch or main account at end of the day sweep facility through NEFT/RTGS.

11. SBI Smart Current Account

The minimum average balance requirement is Rs. 25,000. The maximum cash deposit limit at a non-home branch is Rs. 2 lakhs per day. Card rates will apply for cash deposits. The charge is Rs. 0.75 per Rs. 1,000 + GST. The minimum and maximum fees are Rs. 50 + GST and Rs. 20,000 + GST, respectively. The bank permits collection through Insta Deposit Card.

• The mode of collection is cheque, Payment Gateway, Draft RTGS, IMPS, NEFT, cash, etc.
• Card rates apply for SMS alerts, annual account keeping, and others.
• The fee per month for non-maintenance of minimum MAB is Rs. 500 + GST.
• Settlement of funds from collection of the current account to the main account is done to the home branch or main account at end of the day sweep facility through NEFT/RTGS.

12. SBI Arthia Current Account

The eligible applicants are non-individual customers in possession of Arthia Registration Certificate issues by the APMC (Agriculture Produce Market Committee). Or they can be registered under other laws of the concerned State or APMC. The applicant has to submit KYC documents as per the Constitution of Customers. This includes HUF, Companies, Proprietorship, Partnership, Firm, etc.

Other documents are Certificate/Undertaking to avail exemption as per the section 194N for TDS. This is for withdrawal of cash over Rs. 1 crore. Here are further features of this SBI Current Account:

• The minimum average balance requirement is Rs. 10,000.
• You have to bear Rs. 500 + GST per month as charges for non-maintenance of minimum MAB.
• Rs. 15 lakhs per month is the free cash deposit limit.
• Account maintenance charges for a year are Rs. 500 + GST.
• After this limit, the charges are Rs. 0.75 per Rs. 1,000 + GST. The minimum and maximum fees are Rs. 50 + GST and Rs. 20,000 + GST.
• The limit for a maximum daily cash deposit for free at a non-home branch is Rs. 2 lakhs.
• Cash withdrawal is free for an unlimited amount at the home branch.
• The cash withdrawal free limit at the non-home branch is Rs. 1 lakh per day by self only.
• No fee applies to SMS alerts.
• Every month get 100 free cheque leaves. After this limit, every additional leaf will cost Rs. 3.
• The annual maintenance fee for Arthia Card is nil for the first time. After this, the cost is Rs. 125 + GST.

Frequently Asked Questions about SBI Savings Account

Below-mentioned is the FAQs about the State Bank of India Savings Account: