SBI 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
Documents Required to Apply for SBI Current Account
You need to submit certain documents to open SBI current account, a list of which is mentioned below:
- Proof of company for which you are working. It could be any proof of company’s registration, including VAT registration.
- Seal of company.
- PAN card.
- Document for proof of address.
- Two passport size photos.
Once you are prepared with above mentioned documents, then you are eligible to open current account in SBI.
Minimum Balance Criteria for State Bank of India Current Account
Before you open SBI current account, here are some important points to look into:
- For non-individuals, the minimum balance required is Rs. 10,000 for urban and semi-urban areas, while the minimum balance required for rural area is Rs. 5,000.
- You have to maintain Rs. 5000 as minimum balance in the account, if you reside in semi-urban or urban area. If you live in a rural area, then the minimum balance requirement is Rs. 2500.
- If you do not maintain the minimum required balance, then you will have to pay service charge to the State Bank of India. This charge will be based on the existing minimum balance in each quarter.
- You will get the cheque book on your address on opening the current account.
- You will not receive any interest on the balance in SBI current account.
- There is a facility to select the frequency of when you want to receive statements.
Important Terms and Conditions of State Bank of India Current Account
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.