SBI Current Account

State Bank of India (SBI) is India's largest state-owned public sector banking company. This bank has played a vital role in establishing the regulated banking sector in India as it offers a vast network of current account banking products and services to individuals as well as businesses.

A current account is a type of demand deposit account which provides unlimited transactions depending upon the balance maintained in the account. A current account can be opened by entrepreneurs and professionals who deal with large transactions on a regular basis. In this article, we review the types of SBI current accounts that can be opened by business individuals in detail.

Features and Benefits - SBI Bank Current Account

The following are some of the main features and benefits of opening a current account with State Bank of India (SBI):

• SBI current account offers a premium internet banking facility with complimentary personal accident insurance.
• Initially, a low minimum average balance can be maintained.
• It also offers an overdraft facility based on one's credit history.
• ATM transactions are free for the initial year and annually chargeable for subsequent years.
• No interest is offered for deposit amounts in a current account.
• The account can be transferred to any other branch, and monthly statements can be obtained for the same.
• Multi-city cheque books are given with account opening, and nomination facility is also accessible.

Eligibility Criteria – SBI Current Account

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

• Resident Individual
• Hindu Undivided Family (HUF)
• Sole Proprietorship Firm
• Partnership Firm
• Private or Limited Company
• Limited Liability Partnership
• Trust/Association/Club/Society

Documents Required

The below-listed KYC documents need to be furnished at the time of opening a current account in SBI:

KYC Documents - Individuals

• Proof of the company that you're working in.
• Identity Proof: PAN Card, Aadhar Card, Driving License, Voter ID Card, etc.
• Address Proof: Aadhar Card, Valid Passport, Utility bill, Property tax bill, etc.
• Seal of the company.
• Two passport size color photographs

KYC Documents - Non-Individuals

• Hindu Undivided Family (HUF)
• Declaration from the Karta.
• Proof of Identification/Address Proof of Karta.
• Prescribed Joint Hindu Family letter signed by all the adult co-parceners.
• The identity of adult co-parceners.

• Identity Proof (PAN Card, Aadhar Card, etc.) of the proprietor.
• Address Proof (Valid Passport, Utility bill, Property tax bill, etc.) of the proprietor.
• Registration Certificate issued by the Registrar of LLP (in the case of a registered concern).
• Certificate/license issued by the Municipal authorities under the Shop & Establishment Act.
• Sales and income tax returns in the name of the sole proprietor.
• CST/VAT certificate
• Certificate/registration document issued by the Sales Tax/Service Tax/Professional Tax authorities.

• Registration certificate
• Partnership deed
• Beneficial owners list holding more than 15% in the firm.
• Address Proof & ID Proof
• Power of Attorney (POA)

• Beneficial owners list holding 25% share or capital.
• Address Proof & ID Proof
• Certificate of incorporation
• Memorandum & Articles of Association
• Power of Attorney (POA)

• Certificate of registration
• Trust Deed
• Address Proof & ID Proof (trustees, executors, administrators, etc.)
• Power of Attorney (POA)
• Beneficial owners list

Once all the documents mentioned above are self-attested and valid, you may open the current account in SBI.

SBI Bank Current Account Products

State Bank of India (SBI) offers various types of current account products based on the profile of entrepreneurs that can serve the requirements of different businesses.

Entrepreneurs or business entities can select the product from the below list that suits their business requirements. The following are the SBI current account variants:

1. Normal Current Account
2. Power Gain Current Account
3. Power Pack Current Account
4. Power PoS Current Account
5. Surbhi Current Account
6. Power Jyoti Current Account
7. Power Jyoti Pul Current Account

Normal Current Account

This current account fits entrepreneurs or traders who deal with small businesses. It can be opened in SBI along with basic facilities at a nominal cost.

• A number of multi-city cheque leaves – first 50 Multi-city cheque leaves free in a financial year.
• Debit card charges – Free ATM/ Debit card for the first year.
• A number of total NEFT transactions (via Net Banking/ Mobile banking) - Transaction Amount up to Rs. 10,000 will cost Rs. 1/-.
• Number of total NEFT transactions (At Branch) - Transaction Amount up to Rs. 10,000 will cost Rs. 2.50/- + GST.
• RTGS transactions (via Net Banking/Mobile banking) - From Rs. 2 Lacs to Rs. 5 Lacs: Rs 5/- including GST.
• RTGS transactions (At Branch) - From Rs. 2 Lacs to Rs. 5 Lacs: Rs. 25 including GST.
• Demand Draft charges - Up to Rs. 5000: Rs. 25/- includes GST.

Power Gain Current Account

This current account fits the Premium Businessmen, Professionals, Traders, etc., i.e., those who look to expand and diversify their operations and handle bulk cash transactions.

• A number of multi-city cheque leaves – 200 Multi-city cheque leaves free per month.
• Business Debit card charges – Free Pride Business debit cards for the first year.
• The number of total NEFT transactions (via Net Banking/Mobile banking) - Transaction Amount up to Rs. 10,000 will cost Rs. 1/-.
• Number of total NEFT transactions (At Branch) - Transaction Amount up to Rs. 10,000 will cost Rs. 2.50/- + GST.
• RTGS transactions (via Net Banking/Mobile banking) - From Rs. 2 Lacs to Rs. 5 Lacs: Rs 5/- including GST.
• RTGS transactions (At Branch) - From Rs. 2 Lacs to Rs. 5 Lacs: Rs. 25 including GST.
• Demand Draft charges - Up to Rs. 5000: Rs. 25/- includes GST.

Power Pack Current Account

This account is more suitable for elite businessmen, top professional entities, large traders, etc., operating across the country and dealing with large cash transactions, processing a large number of payments & collection transactions.

• A number of multi-city cheque leaves – 1000 Multi-city cheque leaves free per month.
• Business Debit card charges – Free Pride Business debit cards with a withdrawal limit of Rs. 2,00,000 per day.
• Free payments and collections via RTGS and NEFT transactions.
• Demand Draft charges - Up to Rs. 5000: Rs. 25/- includes GST.

Power PoS Current Account

This Power PoS Current Account is a unique account mainly for the customers availing PoS facility. The customers can open this account with Zero Balance.

• A Number of multi-city cheque leaves – First 50 Multi-city cheque leaves free in a financial year (Additionally 50% off on the normal cheque rates).
• The number of total NEFT transactions (via Net Banking/Mobile banking) - Transaction Amount up to Rs. 10,000 will cost Rs. 1/-.
• Number of total NEFT transactions (At Branch) - Transaction Amount up to Rs. 10,000 will cost Rs. 2.50/- + GST.
• RTGS transactions (via Net Banking/Mobile banking) - From Rs. 2 Lacs to Rs. 5 Lacs: Rs 5/- including GST.
• RTGS transactions (At Branch) - From Rs. 2 Lacs to Rs. 5 Lacs: Rs. 25 including GST.
• Demand Draft charges - Up to Rs. 5000: Rs. 25/- includes GST.

Surbhi Current Account

This Surbhi Current Account provides a scheme sweep and reverses sweep option facility as a value-added service to Corporates, Institutions, and Trusts.

• A Number of multi-city cheque leaves – First 50 multi-city cheque leaves free in a financial year.
• Business Debit card charges – Free ATM/DEBIT card for the first year.
• The number of total NEFT transactions (via Net Banking/Mobile banking) - Transaction Amount up to Rs. 10,000 will cost Rs. 1/-.
• Number of total NEFT transactions (At Branch) - Transaction Amount up to Rs. 10,000 will cost Rs. 2.50/- + GST.
• RTGS transactions (via Net Banking/Mobile banking) - From Rs. 2 Lacs to Rs. 5 Lacs: Rs 5/- including GST.
• RTGS transactions (At Branch) - From Rs. 2 Lacs to Rs. 5 Lacs: Rs. 25 including GST.
• Demand Draft charges - Up to Rs. 5000: Rs. 25/- includes GST.

Power Jyoti Current Account

This account is opened by institutions, firms, educational institutes, government bodies, etc., mainly for the purpose of fund collections or fees/fines at all the branches of SBI along with the generation of MIS.

• No cheque book facility.
• The organizations get access to the MIS in the desired form.
• It offers low transaction fees of Rs. 60/- + GST per transaction.
• Explore SBI transaction services to know more about the complete offerings.

Power Jyoti Pul (Pre Uploaded) Current Account

This Power Jyoti Pul (Pre Uploaded) Current Account can be opened by any institution for the purpose of fund collections from various remitters. It is highly preferable by government bodies such as Universities, Colleges, and Schools.

• No cheque book facility.
• It offers low transaction fees of Rs. 60/- including GST per transaction.
• Charges for NON-Maintenance of MAB will cost Rs. 1000/- including GST.

Application Procedure

To open a current account with SBI online, the applicant can apply either by visiting the nearest branch or by filling up a form on its official website. The applicant will have to fill up the online form with the appropriate details. In the case of the latter, the bank official may contact the applicant to take the process further. You may also check out the company registration process to ensure your business eligibility.

For businesses and institutions looking to streamline payroll processes, consider exploring PF Registration services as part of your financial management strategy.

If you're running a business in Karnataka, you may be interested in learning about sole proprietorship firm formation in Karnataka as you plan to open an SBI current account.

Also, explore the options for SMEs listed on the Stock Exchange in India to find out how it can benefit your business with efficient transactions through an SBI current account.