28 Jan 2024 4 min read Business Financing

SBI Current Account

Opening a State Bank of India (SBI) current account is a straightforward process. You can apply online through the SBI website or visit your nearest branch. The process involves filling out an application form and submitting necessary KYC documents, such as PAN card, Aadhar card, and address proof. SBI also offers a video KYC option for a paperless and hassle-free experience.

Current Account Minimum Balance

SBI offers various types of current accounts with different minimum balance requirements. For instance, the Regular Current Account requires a minimum average balance (MAB) of ₹5,000, in Regular Account while the Silver Current Account requires ₹50,000, the Gold Current Account ₹100,000, And the Diamond Current Account ₹ 500,000, Platinum requires ₹ 100,000, Rhodium Requires ₹ 500,000. Maintaining the required MAB ensures you avoid non-maintenance charges.

SBI Minimum Balance Charges

If the minimum balance is not maintained, SBI imposes charges. For example, if the MAB is below ₹5,000, a charge of ₹500 + GST per month is levied. The charges vary depending on the type of account and the extent to which the MAB is maintained.

Current Account Transaction Limit

SBI current accounts offer unlimited transactions through internet and mobile banking. For cash deposits at non-home branches, the limit is ₹5,00,000 per day. Free cash withdrawal is allowed at home branches, while non-home branch withdrawals are capped at ₹1,00,000 per day.

SBI Account Opening Charges

The charges for opening an SBI current account vary based on the type of account. Generally, there are no specific charges for opening a Regular Current Account. However, for premium accounts like the Diamond and Platinum Current Accounts, there might be additional fees for enhanced services and facilities.

SBI Current Account Interest Rate

SBI does not offer interest on current accounts as they are meant for frequent transactions and not savings. However, maintaining a minimum balance is required to avoid charges.

SBI Current Account Opening Online Process

To open an SBI Current Account, follow these steps:

Visit the SBI Website: Go to the official SBI website.
Select 'Current Account': Navigate to the 'Current Account' section under the 'Personal Banking' tab.
Choose the Account Type: Select the type of current account you want to open (e.g., Regular Current Account, Silver Current Account, etc.).
Fill Out the Application Form: Complete the online application form with your details.
Upload KYC Documents: Upload the necessary KYC documents, such as PAN card, Aadhar card, and address proof.
Submit the Form: Submit the application form online.
Video KYC: Complete the Video KYC process by providing your signature and other required information.
Account Activation: Once your application is processed and approved, your account will be activated, and you can start using it.

Alternatively, you can visit your nearest SBI branch to open an account offline by filling out the application form and submitting the required documents in person.

Documents Needed to Open a Bank Account in SBI

To open a bank account with SBI, you'll need to provide the following documents:

Proof of Identity: Aadhar card, Driving License, Voter’s ID card, Passport, etc.
Proof of Address: Aadhar card, Driving License, Voter’s ID card, Passport, etc.
Permanent Account Number (PAN) Card: If available. If not, Form 60 is required.
Recent Passport Size Photographs: Two latest passport-size colored photographs.
Account Opening Form (AOF): A duly filled account opening form.
KYC Form with Documents: Know Your Customer (KYC) form with proof of identity and proof of address.
Proof of Date of Birth: For minors and senior citizens.

FAQs:

How to activate the SBI current account?

To activate your SBI current account, follow these steps:

Visit Your Nearest SBI Branch: Go to any SBI branch with your account details and KYC documents.
Submit Activation Request: Fill out the account activation form and submit it along with your KYC documents (PAN card, Aadhar card, address proof, etc.).
Verification: The branch staff will verify your documents and process your request.
Account Activation: Once verified, your account will be activated, and you will receive a confirmation via SMS or email.

If you have any issues or need further assistance, you can also contact SBI customer service at 1800 1234 or 1800 2100.

What is the minimum balance for the SBI current account?

Regular Current Account: ₹10,000
Silver Current Account: ₹50,000
Gold Current Account: ₹1,00,000
Diamond Current Account: ₹5,00,000
Rhodium Current Account: ₹10,00,000

Is GST mandatory for current account SBI?

Yes, GST is applicable on certain charges related to SBI current accounts. For example, non-maintenance of minimum balance charges, duplicate statements, and chequebook issuance fees include GST. The GST rate is typically 18%.

Is ATM available in the current account?

Yes, SBI current account holders are provided with an ATM-cum-Debit Card. This card allows you to access SBI's extensive network of over 64,000 ATMs and Automated Deposit cum Withdrawal Machines (ADWMs) across India. You can perform various transactions, including cash withdrawals, balance inquiries, and more, both at SBI ATMs and other banks' ATMs that accept cards like RuPay, Maestro, MasterCard, and VISA.

Who is eligible for a current account?

Eligibility for opening a current account with SBI includes:

Individuals: Both residents and non-residents can open a current account.
Sole Proprietorship Firms: Business owners can open accounts in the name of their business.
Partnership Firms: Partnerships can have current accounts in the firm’s name.
Limited Companies: Both private and public limited companies can open current accounts.
Trusts and Societies: Registered trusts and societies are eligible.
Associations and Clubs: Registered associations and clubs can open current accounts.
Hindu Undivided Families (HUFs): HUFs can open current accounts under Karta's name.
Government Bodies and Departments: Various government entities can maintain current accounts.
Foreign Entities: Representative offices or entities can also open accounts.

Each category might have specific document requirements, but they all need KYC documents like identity proof, address proof, and business registration documents if applicable.

What are the new RBI rules for a current account?

RBI Guidelines on Current Account :

Borrowers with Exposure Less Than ₹5 Crore: Any lending bank can open a current account, cash credit, or overdraft facilities without restrictions.
Non-Lending Banks: Restricted from opening current accounts for borrowers who have availed credit facilities from other banks.
Escrow Mechanism: For borrowers with an aggregate exposure of ₹50 crore or more, current accounts can only be maintained by the escrow managing bank.

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