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LoansJagat Team
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14 Minute
05 Apr 2025
SBI Current Account – Types, Features & Application Guide
Picture yourself running your small business, "V&G Traders," dealing with many receipts and payments. You choose to open an SBI Current Account, and this is how it goes:
- High Transaction Volume: You're receiving and making payments all the time. With SBI, you can withdraw and deposit money as many times as you want, without limits. Isn't that easy?
- Free Services: Enjoy 50 free cheque leaves and free internet banking every month. Smooth, isn't it? No more fear of additional charges!
Minimum Balance: You only need to keep a minimum of ₹5,000. If you fall short, there's a tiny penalty of ₹500. Not bad, right?
- Cash Deposits: You can deposit up to ₹1,00,000 per month at your home branch free! How cool is that?
With SBI, you'll find it a breeze to manage your business finances, allowing you to focus on what truly counts—growing your business! Worth it, don't you agree?
Motive of SBI Current Accounts:
SBI current accounts are suitable for traders and businesses, as well as individuals who need to manage recurring and high-value transactions. Businessmen, merchants, entrepreneurs, and organisations who require high-limit transactions, easy withdrawal, deposits, and transfer facilities.
Importance of Current Accounts for Businesses and Professionals:
Here's the information about the importance of current accounts for businesses and professionals, presented in a table:
Aspect | Explanation |
1. Streamlined Financial Management | |
Unlimited Transactions | Current accounts allow businesses to make unlimited deposits, withdrawals, and transfers without any limits. |
Easy Access to Funds | Businesses can easily access money to pay suppliers and receive payments from customers. |
Cash Flow Management | Helps businesses track their money flow, spot spending trends, and make better financial decisions. |
Overdraft Facility | Some accounts offer an overdraft, allowing businesses to cover temporary cash shortages. |
2. Enhanced Business Operations | |
Payment Solutions | Current accounts support payments through online transfers, cheques, and debit/credit cards for convenience. |
Merchant Services | Businesses can accept payments from customers in various ways using their current accounts. |
Cross-Border Transactions | Many current accounts offer international payment services and forex solutions for global business operations. |
Financial Reporting | Detailed account statements and online banking help businesses track their spending and income easily. |
3. Building Credibility and Professionalism | |
Separation of Personal & Business Finances | A business current account keeps personal and business finances separate, making it easier to manage expenses and file taxes. |
Professional Image | Having a current account makes a business appear more professional and trustworthy to clients and suppliers. |
Access to Banking Services | Current accounts often come with extra services like cash management and a dedicated banker to help with business needs. |
4. Benefits for Professionals | |
Managing Income & Expenses | Professionals like doctors or consultants can use a current account to manage their income and expenses. |
Facilitating Payments | Current accounts help professionals receive payments from clients and pay vendors easily. |
Access to Banking Services | Professionals enjoy the same banking services as businesses, like online banking, mobile banking, and cheque services. |
Types of SBI Current Accounts:
SBI's Standard Current Account | SBI's Standard Current Account is for professionals and business entities, with some handy features. Here's a more concise explanation of what it entails: Key Features: Low Minimum Balance: You must have a lower balance than other current accounts. Free Banking Services: Get free internet and mobile banking, NEFT/RTGS transfers, and 50 free cheque leaves per month. No Interest: There's no interest earned on the amount deposited in this account, as opposed to savings accounts. Debit Card: You will receive a debit card with no annual fee for the first year. Free Cash Withdrawal: You can withdraw cash for free at your home branch. Unlimited Transactions: You can conduct as many transactions as you require without any restrictions. Overdraft Facility: You may be eligible for an overdraft based on your credit history. Transferable Account: You are free to transfer your account to any SBI branch at no cost. Free Monthly Statement: The initial copy of your monthly statement is provided free of charge. Minimum Balance Requirements: The minimum balance is checked quarterly. If you fail to keep the minimum balance, you may be charged a penalty. The minimum balance between ₹5,000 and ₹10,00,000 varies based on the type of account. |
SBI Diamond Current Account | SBI Diamond Current Account is meant for successful business people, high-class professionals, and large traders with high cash transactions and payments. It provides a variety of free services or services that cost little. Here's the easier one: Who It's For: Elite Businessmen: For those who have many business transactions and complex financial requirements. Top Professionals: Professionals requiring a bank account specially designed for their business. Large Traders: Companies that do a lot of trading and facilitate a high amount of transactions. Important Features: Affordable: Most of them are free of charge or pay extremely low fees per transaction to make costs lower. Very Large Portfolio of Services: It provides many services of banking to suit the requirements of high net-worth customers as well as organisations. Bulk Cash Transactions: Perfect for firms which have plenty of cash involved. High Volume of Collections and Payments: Built to simplify a large amount of payments and collections. |
SBI Power Jyoti Current Account | The SBI Power Jyoti Current Account is designed for institutions, government bodies, and companies to gather funds and fees simply through SBI branches or Internet banking. It simplifies fund collection and report generation. Here's a more straightforward explanation: Purpose: The primary purpose of the Power Jyoti Current Account is to assist institutions in collecting funds, fees, fines, and other collections from various sources. Who It's For: This account is best suited for institutions such as universities, colleges, schools, and government institutions. Key Features: Fund Collection: Institutions can receive funds from different sources through SBI branches or Internet banking. MIS Generation: It assists in generating reports (Management Information Systems) to monitor and manage the collected funds. Pre-Uploaded Data: Institutions can pre-upload data, thus making the processing of transactions faster and simpler. How it Works: Institutions utilise the account to receive payment from their remitters. Funds are received via SBI branches or Internet banking by utilising pre-uploaded data. The account also facilitates report generation to monitor the received funds. Why Power Jyoti Current Account? Efficiency: Facilitates quick collection of funds and fees. Convenience: Institutions can collect funds via several channels. Transparency: Facilitates report generation to easily track and analyse funds received. |
Surabhi Current/Savings Account | SBI's Surabhi Current/Savings Account is a priority account that is specifically for companies and individuals who must handle a lot of transactions on a day-to-day basis. It has a sweep facility, which allows you to earn more interest on surplus amounts but keeps them accessible at all times. Here's a better way to put it: Type of Account: Surabhi Current/Savings Account is suitable for individuals and companies with frequent transactions. It has a sweep facility for ease of managing funds. Sweep Facility: Excess money above a predetermined amount is automatically transferred to a CLTD (Corporate Liquid Term Deposit), which pays you more. Reverse Sweep: If you need the money back, the account has a reverse sweep feature, which allows you to take back funds from the CLTD to your current account whenever you want. Minimum Balance: A minimum balance of ₹10,000 as the average monthly balance is required for the account. Other Features: Free cash withdrawal at the home branch. Unlimited payments through SBI branches all over India. Facility to corporate internet banking for easy online management. Target Market: This account is best suited for companies and individuals who desire to manage their money. |
SBI Power POS Current Account | The SBI Power POS Current Account is a zero-balance account that caters to customers who operate point-of-sale (POS) systems to receive payments. Here's an easier way to put it: Important Features: Zero Balance: No money needs to be deposited for opening the account. POS Facility: This account is reserved for those who operate POS machines to receive payments from customers. Overdraft Facility: You can take out more cash than your balance (up to ₹5,00,000) with an overdraft facility. Free Insurance: Personal Accident Insurance (Death cover) up to ₹40,00,000 Air Accident Insurance (Death cover) up to ₹1 crore. Unlimited Transactions: You are allowed to perform unlimited transactions in any bank's ATMs across India. Safe Corporate Internet Banking: Enjoy safe and fast Internet banking for conducting your account transactions online. |
Features and Benefits of SBI Current Accounts:
Here’s information about the key features of SBI Current Accounts, presented in a table format:
Feature | Details |
Convenience | |
Wide Network | Withdraw and deposit cash at over 22,000 SBI branches. |
Free Cash Withdrawal | Free cash withdrawals at your home branch. |
Internet Banking | Free access to secure and fast corporate Internet banking. |
Mobile Banking | Free NEFT/RTGS transfers through the Internet and mobile banking. |
Cheque Book | 50 free multicity cheque leaves per month. |
Financial Advantages | |
Low Monthly Balance | A low monthly average balance requirement (₹5,000). |
No Interest | Current accounts don’t earn interest. |
Free Demand Drafts | 50 free Demand Drafts per month. |
Other Features | |
Transfer Accounts | Transfer your account to any SBI branch without changing the account number. |
Passbook | Free passbook issued. |
Multicity Cheques | Multicity cheques are available. |
Eligibility to apply for SBI Current Accounts:
To open an SBI Current Account, you must fulfil some eligibility criteria and submit valid KYC (Know Your Customer) documents. Here's a more straightforward division:
Eligibility Criteria:
Individuals: Resident individuals, including business persons.
Business Entities:
- Hindu Undivided Family (HUF)
- Sole Proprietorship Firm
- Partnership Firm
- Private or Limited Company
- Limited Liability Partnership (LLP)
- Trust, Association, Club, or Society
Documents required to apply for SBI Current Accounts:
To apply for an SBI Current Account, you'll need to submit specific documents depending on whether you're a non-individual (such as a business or trust) or an individual. Here's a quick summary of the documents required:
For Individuals:
- Identity Proof: PAN Card, Aadhaar Card, Passport, Voter ID, or Driving License.
- Address Proof: Aadhaar Card, Valid Passport, Utility Bill, or Property Tax Bill.
- Photographs: Two passport-sized colour photos.
For Non-Individuals (Trusts, Societies, Companies, etc.):
1. Trust, Society, Unincorporated Association, or Club:
- Power of Attorney (POA)
- Trust Deed
- Beneficial owners list
- Certificate of registration
- Trustees or administrators' identity and address proof.
2. Hindu Undivided Family (HUF):
- Identity and address proof of the Karta (family head)
- Declaration by the Karta
- Adult family members' (co-parceners) identity proof
- A letter signed by the adult members consenting to open the account.
3. Private or Public Limited Company:
- Registration certificate
- Certificate or license issued by the Municipal authorities (Shop & Establishment Act)
- Sales and income tax returns
- CST/VAT certificate.
How to apply for SBI Current Accounts online?
To apply for an SBI current account online, just go through these easy steps:
- Visit the official website of SBI YONO Business.
- Click on the ‘Open Current account’ option at the top of the page.
- Choose the ‘Current Account Through KYC’ option from the drop-down menu.
- Select the type of current account you want to open (e.g., regular, gold, diamond, platinum) and select your desired home branch.
- Upload the required documents, such as business registration, PAN card, and other KYC documents.
- The applications will need a video call for KYC verification. Follow the instructions to arrange a call with a bank representative.
- Carefully review all the information you have entered before you submit your application.
- Monitor the status of your application, and reach out to the bank if you require any updates.
How to apply for SBI Current Accounts offline?
To open an SBI Current Account offline, just follow these simple steps:
1. Find an SBI Bank Branch: Search for the nearest SBI Bank branch.
2. Request and Fill Out the Application Form: At the branch, request the current account application form. Fill out all the details asked for, such as your personal and business details.
3. Gather and Submit required documents:
- Proof of Identity: PAN card, Aadhaar card, Voter ID, Passport, or Driving License.
- Proof of Address: Utility bill (electricity, phone, etc.).
- Business Documents: If you have a business, submit documents such as a partnership deed or company registration certificate.
4. KYC Process: The bank will authenticate your identity through the Know Your Customer (KYC) process.
5. Account Activation: Once your documents and application are checked, your account will be opened, and you will be sent a welcome kit including your passbook, chequebook, and debit card (if applicable).
What are the fees and charges on SBI Current Accounts?
Here's information about the charges for the SBI Current Account in a table format:
Service | Charge |
Monthly Average Balance (MAB) | ₹5,000 |
Corporate Internet Banking | Free |
Monthly Statement (First/Original) | Free |
Duplicate Statement | ₹100 + GST per page (40 entries) |
Free Multicity Cheque Leaves | 50 free leaves per month |
Extra Cheque Leaves Above Free Limit | ₹3 + GST per leaf |
25 Leaf Cheque Book | ₹75 + GST |
50 Leaf Cheque Book | ₹150 + GST |
Account Transfer to Another Branch | Free |
Overdraft Facility | Not Available |
Cash Deposit (Home Branch) | 100 times of previous month's MAB, up to ₹5,00,000/month |
Cash Deposit Above Free Limit | ₹0.75 per ₹1,000 + GST (Min ₹50, Max ₹20,000) |
Cash Deposit (Non-Home Branch) | Maximum ₹5,00,000 per day |
Cash Withdrawal (Home Branch) | Unlimited Free |
Cash Withdrawal (Non-Home Branch) | Max ₹1,00,000 per day (Self Only) |
Demand Draft (Up to ₹5,000) | ₹25 (incl. GST) |
Demand Draft (₹5,000 to ₹10,000) | ₹50 (incl. GST) |
Demand Draft (₹10,000 to ₹1,00,000) | ₹5 per ₹1,000 (Min ₹60 incl. GST) |
Demand Draft (Above ₹1,00,000) | ₹4 per ₹1,000 (Min ₹600, Max ₹2,000 incl. GST) |
Business Debit Card | PRIDE Business Debit Card |
Outstation Cheque Collection (Up to ₹10,000) | ₹50 + GST |
Outstation Cheque Collection (₹10,000 to ₹1,00,000) | ₹100 + GST |
Outstation Cheque Collection (Above ₹1,00,000) | ₹200 + GST |
NEFT (Online) | Unlimited Free |
NEFT (Branch) | Upto ₹10,000: ₹2.50 + GST Above ₹10,000 to ₹1,00,000: ₹5 + GST Above ₹1,00,000 to ₹2,00,000: ₹15 + GST Above ₹2,00,000: ₹25 + GST |
RTGS (Online) | Unlimited Free |
RTGS (Branch) | ₹25 + GST (₹2,00,000 to ₹5,00,000) ₹50 + GST (Above ₹5,00,000) |
Cash Pickup (Facility) | Normal charges + agency charges at actuals |
SMS Alerts | Free |
Account Keeping Charges | ₹550 + GST |
Account Closing Charges (Up to 14 days) | Nil |
Account Closing Charges (After 14 days) | ₹1,000 + GST |
MAB Non-Maintenance Charges | ₹500 + GST per month |
SBI Current Account vs Competitor Banks:
Here’s a simplified comparison of current accounts offered by different banks, highlighting their features, benefits, and charges:
Bank | Focus | Key Features | Minimum Balance | Other Benefits |
SBI Bank | Broad network and traditional banking services | Free cash withdrawals at all branches, free access to corporate Internet banking | ₹5,000 | Convenient for deposits and withdrawals at multiple branches. |
Axis Bank | Tailored accounts for various businesses (retailers, wholesalers, traders) | Unlimited NEFT/RTGS transactions, unlimited cash withdrawals, business classic debit card | ₹15,000 | Cashback, entertainment, and grab deal benefits. |
HDFC Bank | Efficient cash management and bulk transactions | Local and intercity cheque collection, free fund transfers via RTGS/NEFT | Varies based on account type | Pre-approved loans on current account deposits. |
ICICI Bank | Digital banking and cash flow management solutions | Anywhere cash deposit/withdrawal, multi-location fund transfer, mobile or internet banking | Varies based on account type | Club Elite Ivy facility. |
RBL Bank | Focus on contractors and businesses needing cash management | High cash deposit limits, discounts on asset products, digital banking, access to RBL TradeX Platform | Varies based on account type | Special processing fee discounts for asset products. |
PNB | Free internet and mobile banking, instant transfers | Free internet and mobile banking, instant fund transfers via NEFT/RTGS, free ATM cum debit card | Varies based on account type | Acceptance of standing instructions. |
Customer Care Details Related to SBI Current Accounts:
Here’s the customer care information for SBI's current accounts in a simplified table format:
Contact Type | Details |
Toll-Free Phone Numbers | 1800 112211, 1800 4253800 |
Toll Phone Number (Charges Apply) | 080 26599990 |
Email Addresses | General Queries: customercare@sbi.co.in, contactcentre@sbi.co.in, socialreply@sbi.co.in Aadhaar Seeding: nodalofficer.aadhaarseeding@sbi.co.in Home Loan: customercare.homeloans@sbi.co.in General (GM): gm.customer@sbi.co.in |
SMS Feedback | Send "UNHAPPY" to 8008 20 20 20 |
Postal Address | Customer Service Department, State Bank of India, State Bank Bhavan, 16th Floor, Madam Cama Road, Mumbai 400 021 |
Website | bank.sbi |
Unauthorised Electronic Transactions | Toll-Free: 1800 11 1109 Mobile (Toll-Free): 94491 12211 Toll Number: 080 2659 9990 |
Corporate Internet Banking (CINB) & SCFU | Helpdesk: 022 27566067 (4 Lines), 022 27579841 (14 Lines) Email: inb.cinb@sbi.co.in |
SBI Credit Card Customer Care | 1860 500 1290, 1860 180 1290, Toll-Free: 1800 180 1290 |
Pensioners Helpline | 1800 11 0009 |
Conclusion:
Opening an SBI Current Account can make it easy and convenient to manage your business finances. Whether you are a small trader or a big business, SBI has excellent advantages, such as unlimited transactions, free facilities, and convenient access to funds.
With multiple types of accounts to meet different requirements, such as the Standard, Diamond, and Power Jyoti accounts, you can choose the ideal
one for your business. Additionally, with low maintenance fees and an extensive network, SBI keeps your money close at hand. So, go ahead, make your business transactions easy, and see your business flourish!
FAQs related to SBI Current Accounts:
Q1: What is the minimum balance required to open an SBI Current Account?
You need to maintain a minimum balance of ₹5,000 in your SBI Current Account.
Q2: What are the drawbacks of a current account?
Current accounts typically offer little to no interest on the deposited funds, meaning account holders miss out on the opportunity to earn interest on their balance.
Q3: What are the requirements for opening a current account in SBI?
To open an SBI current account, applicants must be Indian citizens above 18 years of age and provide a valid government-approved ID and proof of address.
Other Bank Current Accounts | |||
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LoansJagat Team
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