SBI Current Account

SBI Current Account

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 account 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.
  • Interest for deposit amounts doesn’t hold any interest.
  • Based on credit history, overdraft facility is available too.
  • Current accounts do not provide any interest on the balance lying in current accounts with the bank.
  • 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 a SBI current account:

Documents Required

The below listed are the 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.

Sole Proprietorship Firm

  • 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/ licence 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.

Partnership Firms

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

Private/Public Limited Company

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

Trust, Society, Unincorporated Association & Club

  • 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 below list 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

S.No.

SBI Current AccountSBI Current Account Minimum Monthly Average Balance (MAB)Non – Maintenance Charges

Cash Deposit Requirement

Cash Withdrawal

Home Branch

Non-Home Branch

1.Regular Current AccountRs. 10,000 per monthNon-Rural – Rs. 5,000 Rural – Rs. 2,500

Free Cash Deposit up to Rs 25000/- per day of maintained MAB.

 

Unlimited (Free)Free Up to Rs. 50,000.
2.

Power Gain Current Account

 

Rs. 2,00,000/-Rs. 500/- +GST Per MonthFree Cash Deposit up to Rs 15,00,000/- per month of maintained MABUnlimited (Free)Rs 1,00,000/- per day
3.

Power Pack

Current Account

Rs. 5,00,000 per monthRs. 2500/- +GST Per MonthFree Cash Deposit up to Rs 60,00,000/- per month of maintained MABUnlimited (Free)Up to Rs. 50,000 Free.
4.

Power PoS Current Account

 

Rs. 5,000 per monthRs. 500/- +GST Per MonthFree Cash Deposit Up to Rs 25000/- per day of maintained MABUnlimited (Free)Free Up to Rs. 50,000.
5.

Surbhi Current Account

 

Rs. 10,000 /- per monthRs  500/- +GST Per MonthFree Cash Deposit Up to Rs 25000/- per day of maintained MABFree Up to Rs. 50,000.
6.

Power Jyoti Current Account

 

Rs. 50,000/- per monthRs. 1000/- + GSTRs. 60/-  + GST per transaction.Rs. 60/-  + GST per transaction.Rs. 60/-  + GST per transaction.
7.

Power Jyoti Pul Current Account

 

Rs. 50,000/- per monthRs. 1000/- + GSTRs. 60/- + GST per transaction.Rs. 60/- + GST per transaction.Rs. 60/- + GST per transaction.

Normal Current Account

This current account fits entrepreneurs or traders who deal with the small businesses can open this current account 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 professionals entities, large traders etc. operating across the country and who deal with large cash transactions and process huge 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 / 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 the Institutions, Firms, Educational Institute, Government Bodies, etc. mainly for the purpose of fund collections or fees/ fines at all the Branches of SBI along with generation of MIS.

  • No cheque book facility.
  • The organizations get access to the MIS in the desired form.
  • It offers with low transaction fees of Rs. 60/- + GST per transaction.

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 with 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.

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Post by Sinduja Shankar

IndiaFilings is India's largest online compliance services platform dedicated to helping people start and grow their business, at an affordable cost. We were started in 2014 with the mission of making it easier for Entrepreneurs to start their business. We have since helped start and operate tens of thousands of businesses by offering a range of business services. Our aim is to help the entrepreneur on the legal and regulatory requirements, and be a partner throughout the business lifecycle, offering support at every stage to ensure the business remains compliant and continually growing.