State Bank of IndiaSBI Current Account

SBI current account can be opened by individuals, jointly by more than one individual, sole proprietorship firms, partnerships, HUFs (Hindu Undivided Families), limited companies, societies, clubs, trusts, government and non government bodies, local bodies, etc. Interest is generally not paid in case of current accounts.

Current accounts play an important role in the health of an economy. Current account is defined as sum of balance of trade (export of goods and services less imports), net income from abroad and net current transfers.

Features of SBI current account:
  • Premium Internet Banking is available with complimentary personal accident insurance
  • Low minimum balance requirement
  • Standing instructions
  • Based on credit history, overdraft facility is available too
  • Free of cost ATM for the first year but chargeable annually for subsequent years
  • Interest is not paid on deposits
  • Account can be transferred to any other branch
  • Monthly statements can be obtained
  • Nomination available
  • Multicity cheque book is given with account opening
  • KYC needs to be furnished at the time of opening of account
Most important terms and conditions

There is no restriction for number of deposits and withdrawals however the branch sends monthly statements of accounts to the registered email of the customers but the same can also be obtained from the bank as per the need (monthly, quarterly, half yearly or yearly).

There is another option of sending the hard copy of the statements to address of the customers via post, which needs to be mandated with the bank. If you neither mandate hard copy nor furnish your email with the bank, further statements cease to be sent to you.

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