State Bank of India (SBI) Current Account

State Bank of India (SBI) Current Account Details

Minimum Balance Requirement

Rs. 10,000

Facilities

Chequebook, ATM cum Debit Card, internet banking, mobile banking, NEFT, RTGS, SMS alerts, cheque collection, cash deposit, cash withdrawal, overdraft, and a lot more

Interest

Nil


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 transfer on a regular basis. 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

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.
  • 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 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 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 a 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 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 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. 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. 10,000 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 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

SBI Regular Current Account Charges Details

Non-maintenance charges for MAB

Per month Rs. 500 + GST

Duplicate Statement of C. Acc

Rs. 100 + GST per page up to 40 entries

Cash Deposit in Non Home Branch

Rs. 1 lakh per day is the maximum limit of cash deposit at non-home branch

Account Keeping

Rs. 550 + GST

Account Closing

  • No charges up to 14 days of account opening
  • Rs. 1,000 + GST after 14 days of account opening

Cash Deposit

  • It is free up to Rs. 5 lakh in a month.
  • After this, Rs. 0.75 per Rs. 1,000 + GST
  • Subject to Rs. 50 + GST minimum and Rs. 20,000 + GST maximum

Extra Cheque Leave Above Free Limit

  • Per cheque leaf: Rs. 3 + GST
  • Rs. 75 + GST for a chequebook of 25 leaves
  • Rs. 150 + GST for a chequebook of 50 leaves

Cash Withdrawal

  • No charges for home branch
  • At non-home branch: Rs. 1 lakh per day is the maximum limit (self only)

Outstation Cheque Collection

  • Rs. 50 + GST for cheques up to Rs. 10,000
  • Rs. 100 + GST for cheques above Rs. 10,000 up to Rs. 1 lakh
  • Rs. 200 + GST for cheques above Rs. 1 lakh

Demand Draft (DD)

  • Rs. 25 for DD up to Rs. 5,000
  • Rs. 50 for DD above Rs. 5,000 but up to Rs. 10,000
  • Rs. 5 per Rs. 1,000 for DD above Rs. 10,000 and up to Rs. 1 lakh (subject to minimum Rs. 60)
  • Rs. 4 per Rs. 1,000 for DD above Rs. 1 lakh (subject to minimum Rs. 600 and maximum Rs. 2,000)

RTGS

  • It is free and unlimited through mobile banking and net banking
  • At Branch, it is Rs. 25 + GST for RTGS between Rs. 2 lakhs and Rs. 5 lakhs
  • At Branch, it is Rs. 50 + GST for RTGS above Rs. 5 lakhs

NEFT

  • It is free and unlimited through mobile banking and net banking
  • At Branch, it is Rs. 2.50 + GST for NEFT up to Rs. 10,000
  • At Branch, it is Rs. 5 + GST for NEFT above Rs. 10,000 and up to Rs. 1 lakh
  • At Branch, it is Rs. 15 + GST for NEFT above Rs. 1 lakh and up to Rs. 2 lakhs
  • At Branch, it is Rs. 25 + GST for NEFT above Rs. 2 lakhs

2. GOLD Current Account

State Bank of India GOLD Current Account is designed for trader, professionals, premium businessmen, and relevant others who wish to diversify and expand their operations as well as handle bulk cash transactions. This C. Acc 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 at branch.
  • Free cash pickup service up to Rs. 1 lakh in a day. This is applicable for single location/pickup. The charges for 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.
  • 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

SBI GOLD Current Account Charges Details

Non-maintenance of MAB

Rs. 2,000 + GST

Account Keeping

Rs. 550 + GST

Duplicate Statement of C. Acc

Rs. 100 + GST for 40 entries per page

Cheque Leaves Above Free Limit

  • Rs. 3 per extra cheque leaf
  • For 25 extra leaves: Rs. 75 + GST
  • For chequebook of 50 leaves: Rs. 150 + GST

Demand Drafts (DDs) Above Free Limit

  • Rs. 25 for DDs up to Rs. 5,000
  • Rs. 50 for DDs above Rs. 5,000 and up to Rs. 10,000
  • Rs. 5 per Rs. 1,000 for above Rs. 10,000 and up to Rs. 1 lakh, subject to minimum Rs. 60
  • Rs. 4 per Rs. 1,000 for DDs above Rs. 1 lakh, subject to Rs. 600 and Rs. 2,000 as minimum and maximum, respectively

Cash Withdrawal at Non Home Branch

Maximum per day limit for self-only is Rs. 1 lakh

Cash Deposit at Non Home Branch

Rs. 2 lakhs per day is the maximum limit for cash deposit at non-home branch

Cash Deposit at Home Branch

  • Till up to Rs. 25 lakhs per month, no charges
  • The above is inclusive of cash deposited in GCC, Recycler, CDM, Home and Non Home Branches)
  • The above is subject to minimum Rs. 50 + GST and maximum Rs. 20,000 + GST

3. 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 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 single location/pickup. The charges for agency are as per actual.
  • Transfer of account to other branch attracts no charges.
  • Monthly account statement is also free.
  • You can avail free NEFT and RTGS payments and collections.
  • NEFT and RTGS are free through net banking, mobile banking, and at 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

SBI DIAMOND Current Account Charges Details

Non-maintenance of MAB Per Month

  • Rs. 2,000 + GST if MAB is more than Rs. 2,50,000 per month
  • Rs. 4,000 + GST if MAB is less than Rs. 2,50,000 per month

Account Keeping

Rs. 550 + GST

Duplicate Statement of C. Acc

Rs. 100 + GST for 40 entries per page

Cheque Leaves Above Free Limit

  • Rs. 3 per extra cheque leaf
  • For 25 extra leaves: Rs. 75 + GST
  • For chequebook of 50 leaves: Rs. 150 + GST

Demand Drafts (DDs)

No charges

Account Closing

  • No charges for account closing within 14 days of opening
  • Rs. 1,000 + GST for closing the account after 14 days from opening

Cash Withdrawal at Non Home Branch

Maximum per day limit for self-only is Rs. 1 lakh

Cash Deposit at Non Home Branch

Rs. 2 lakhs per day is the maximum limit for cash deposit at non-home branch

Cash Deposit at Home Branch

  • No charges for cash deposit up to Rs. 1 crore per monthg
  • The above is inclusive of cash deposited in GCC, Recycler, CDM, Home and Non Home Branches)
  • The above is subject to minimum Rs. 50 + GST and maximum Rs. 20,000 + GST

4. 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 cost-effective price. This bank account is feasible for large traders, top professionals, elite businessmen, and relevant others who operate in the country, process 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 unlimited free multicity cheque leaves, NEFT, RTGS, cash deposit, cash pickup (1 per day for single location/pickup), cash withdrawal from the home branch, and Demand Drafts.
  • Take benefit of secure, safe, and fast corporate internet banking.
  • Monthly statement of 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

SBI PLATINUM Current Account Charges Details

Non-maintenance of MAB Per Month

  • Rs. 8,000 + GST if MAB is less than Rs. 5 lakhs per month
  • Rs. 4,000 + GST if MAB is more than Rs. 5 lakhs per month

Account Keeping

Rs. 550 + GST

Duplicate Statement of C. Acc

Rs. 100 + GST for 40 entries per page

Account Closing

  • No charges for account closing within 14 days of opening
  • Rs. 1,000 + GST for closing the account after 14 days from opening

Cash Deposit at Non Home Branch

Rs. 2 lakhs per day is the maximum limit for cash deposit at non-home branch

Cash Deposit at CDM

  • Rs. 49,900 is the maximum limit per transaction
  • The above is subject to maximum 200 pieces at any one instance

Cash Deposit at Home Branch

Unlimited cash deposit

Outstation Cheque Collection (OCC)

Normal charges for OC of any amount


5. Power POS Current Account

State Bank of India Power POS Current Account is designed for customers who avail 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 Overdraft facility. It also offers additional services free or at nominal charges.

Features and Charges

  • This account is especially for customers with POS facility.
  • Free 100 multicity cheque leaves in a FY (financial year). After this, you get 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 free collection through NEFT and RTGS.
  • Free monthly statement of current account.
  • Free cash withdrawal from the home branch.
  • 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

SBI Power POS Current Account OD Facility Details

Overdraft Limit

Overdraft (OD) facility is available for account holders. OD of up to Rs. 5 lakhs is possible

Loan Eligibility

You are eligible to get a loan of up to 25% of the last 6 months transaction

Loan Amount

The minimum and maximum loan amount is Rs. 25,000 and Rs. 5 lakhs

OD Availability

  • OD facility is available after 6 months of installation and satisfactory operation of terminal
  • By satisfactory operation, it means there no commitment charges have been levied because of inactivity at the terminal

Terms and Conditions

  • To avail the Overdraft facility, you as a merchant should have at least Rs. 1.25 lakhs worth transaction generated at the installed terminal in the previous 6 months
  • Other terms and conditions have to be maintained simultaneously.

6. 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 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 facility of free collection through NEFT and RTGS.
  • Nature of deposit is mSavings and Current Account 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 current account is Rs. 10,000.
  • The threshold limit for 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 fastest, safest, and securest corporate internet banking.

Terms and Conditions for the Account Operation

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

SBI Surbhi Current Account Operation Details

Threshold Limit

  • Rs. 1 lakh is the threshold limit to maintain account operation
  • Any amount over Rs. 1 lakh will be transferred to the CLTD

Reverse Auto Sweep

  • You can choose reverse auto-sweep (breaking of the deposit) and withdraw on the basis of LIFO (Last in First Out)
  • This is in case of a necessity, and should be in the multiples of Rs. 10,000 to bridge the shortfall in minimum balance

Interest Rate on Reverse Sweep

  • The interest will be as per the rate card for the tenure.
  • This tenure and related rate is as per the opening date for the deposit.
  • You will be also charged a penalty as per that applicable for premature withdrawal on premature payment of STDR/TDR.

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 + GSY 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

SBI Surbhi Current Account Cash Deposit Details

Cash Deposit at Non Home Branch

  • Maximum limit per day is Rs. 2 lakhs
  • After this, the charges are as per the discretion of the bank, and its acceptability for more cash deposit
  • Cash deposit free of charges include both non-home and the home branch
  • The charges thereafter per Rs. 1,000 are Rs. 0.75, subject to minimum Rs. 50 + GST, and maximum Rs. 20,000 + GST

Cash Withdrawal at Home Branch

No Charges

Demand Draft (DD)

  • Rs. 25 for DD up to Rs. 5,000
  • Rs. 50 for DD above Rs. 5,000 but up to Rs. 10,000
  • Rs. 5 per Rs. 1,000 DD for above Rs. 10,000 but up to Rs. 1 lakh, subject to Rs. 60 minimum
  • Rs. 4 per Rs. 1,000 DD for above Rs. 1 lakh, subject to minimum and maximum Rs. 600 and Rs. 2,000

Cash Withdrawal at Non Home Branch

  • Maximum limit per day for self-only withdrawal is Rs. 1 lakh
  • Otherwise, up to Rs. 50,000 no charges apply
  • Rs. 2.50 + GST per Rs. 1,000 is applicable for withdrawal over Rs. 50,000 but up to Rs. 1 lakh
  • The above is subject to minimum Rs. 50 + GST per transaction

7. Power Jyoti Current Account

State Bank of India Power Jyoti Current Account is for the purpose of 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 purpose of 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. 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 other 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.
  • 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.
  • 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.

Frequently Asked Questions about SBI Savings Account

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

State Bank of India does not offer any interest return on current accounts.
You need to submit filled and duly signed account opening application form with KYC documents, and other required papers. You should also meet the eligibility criteria for the specific account to be eligible to apply.
SBI offers a low ‘monthly average balance’ regular account for professionals, small businessmen, traders, and other eligible candidates. The associated serves come at budgetary cost. The MAB requirement is only Rs. 10,000. It has RTGS/NEFT through net banking and mobile banking. Also, per month, you can make cash deposits up to Rs. 5 lakhs.
The minimum monthly average balance required for Gold, Diamond, and Platinum current account is Rs. 1 lakh, Rs. 5 lakhs, and Rs. 10 lakhs, respectively.
In an OD facility, you can withdraw credit as per need, and pay interest only the withdrawn amount. The overdraft facility is offered under the Power POS Current Account. The OD is up to Rs. 5 lakhs.
Yes, SBI offers auto sweep facility for Surbhi Current Account. You can also avail reverse sweep facility if the C. Acc runs low on the minimum monthly average balance. Rs. 1 lakh is the threshold limit. Over this limit, any additional balance can be transferred to Corporate Liquid Term Deposits.
Yes, the bank offers a free ATM-cum-Debit Card depending on the current account type.
The current account Power Jyoti and Power Jyoti Pul Pre Uploaded are both for the purpose of fund collection. This account does not have chequebook facility. It has a MAB requirement of Rs. 50,000.