The current account is an account that is meant for a business transaction. Unlike savings accounts that cater to individuals who want to save money. Current accounts have a larger number of monthly cash deposits, the withdrawal transaction limit is high, relative to savings account limits.
In addition, current account holders do not receive any interest on their balance in the bank's current account. When it comes to maintaining the minimum balance and available services, all accounts differ.
SBI Current Account
The State Bank of India (SBI) provides a wide range of current accounts to meet the banking needs of all individuals.
Who can open an SBI current account?
Current accounts can be opened by individuals, partnership firms, private and public limited companies, HUFs, specified associations, societies, trusts, etc., on the fulfillment of specified protocols and required documents.
Here's a list of documents to open SBI Current Account;
- Valid KYC Documents
- Companies or trusts must submit a certificate of incorporation and memorandum of association
- A partnership agreement in case of partnership firms
- ID and residence proof of all partners
- A colour photograph of the applicant(s)
- Cheque from existing savings account for account opening
- Companies should provide the address of the communication
- Proof of the existence of an entity, such as Trade license, GST Identification Number, SSI Certificate, IPR Registration, etc
SBI - Regular Current Account
There are 7 different types of current account which cater different requirements depending on the type of account. They all differ when it comes to services and charges. Let us have a look at the different accounts offered along with services and charges.
Regular Current Account
The Regular Current Account is best suitable for professionals, small businesses, merchants who need a current account with all banking services at negligible expense.
Features of Regular Current Account
- The monthly Average Balance for an individual to be maintained is Rs 5,000
- The monthly Average Balance for non-individual is Rs 10,000
- Customers can cash deposit free up to Rs 5,00,000/- per month
- Customers are eligible for free 50 multicity cheque leaves per month
- Cash withdrawal from a non-home branch is charged Rs 1 lakh per day
- For non-maintenance of average balance, Rs 500 + GST will be deducted per month.
SBI - Gold Current Account
The Gold Current Account is appropriate for premium businessmen, entrepreneurs, merchants, who are looking to extend and diversify their resources and manage bulk cash transactions.
Features of Gold Current Account
- The monthly Average Balance to be maintained is Rs 10,000
- Customers can cash deposit free up to Rs 25,00,000/- per month
- For non-maintenance of average balance, Rs 2000 + GST per month will be deducted
- Customers are eligible for 300 multi-cheque leaves per month free of charge.
- Customers are eligible for the 50 Demand Draft per month free of charge.
- Free Cash Withdrawal for Home Branch customers
SBI- Diamond Current Account
Diamond Current Account is optimal for elite businessmen, top practitioners, large traders, and people who travel and work around the world. It is perfect for organizations handling bulk cash transfers and processing vast amounts of payment and collection transactions.
Features of Diamond Current Account
- The monthly Average Balance to be maintained is Rs 5,00,000
- Customers can deposit cash for free up to Rs 100 lakhs per month
- For Diamond Current Account customers Demand Drafts facility is free and unlimited
- Customers are eligible for 700 multicity-cheque leaves for free per month
- Customers can opt for Premium Business Debit Card with a withdrawal limit of Rs 2,00,000 per day
- For non-maintenance of the average balance per month: MAB < Rs 2.5 lakh = Rs.4000 + GST
- MAB > Rs.2.5 lakh = Rs.2000 + GST
SBI- Platinum Current Account
The Platinum Current Account is for individuals who want the best product for themselves as well as their company. This Current Account includes all significant services completely free so that it becomes easy and cost-efficient.
Features of Platinum Current Account
- The monthly Average Balance to be maintained is Rs 10,00,000.
- Customers can deposit cash for free up to Rs 2 Crores per month.
- Free Premium Business Debit Card with a withdrawal limit of Rs 2,00,000 per Day
- Platinum Current Account customers are eligible for unlimited free multicity cheque Leaves and Demand Drafts
- For non-maintenance of the average balance:
If MAB < Rs 5 lakh = Rs.8000 + GST (per month)
If MAB > Rs 5 lakh= Rs.4000 + GST (per month)
SBI - Surbhi Current Account
The Surbhi Current Account packages liquidity with better returns by offering a sweep facility as a value-added service to Corporate, Institutions, Trusts. It also offers a sweep and reverses sweep to Corporate Liquid Term Deposits (CLTD).
The deposits in the Savings/Current account will be moved automatically on a weekly basis, using an electronic sweep facility, to a term deposit/special deposit account, if there are excess funds in the account.
Features of Surbhi Current Account
- The monthly Average Balance to be maintained is Rs 10000.
- Customers can deposit cash for free up to 25000 per day
- Customers are eligible for 50-cheque leaves for free per year
- Demand Draft up to Rs 5000 DD there will be a charge of Rs 25.
SBI- Power Jyoti Current Account
The Power Jyoti Current Account is an exclusive Current Account to generate funds from all SBI branches along with the generation of MIS. The value proposition of this Current Account is that the Remitter can send funds without having an SBI account.
This account is suitable for Institutions, Businesses, Educational Institutes, Government Agencies, etc. to receive fees, funds, or fines.
Features of Power Jyoti Current Account
- The monthly Average Balance to be maintained is Rs 50000
- Zero Cash Handling Charges
- A collection made at any Branch will be pooled into one account.
- The company can get access to the MIS in the desired format.
- There will be a transaction charge of Rs 60 + GST per transaction
- The cheque book facility is not available for this account
- Charges for non-maintenance of MAB Rs 1000/- + GST.
SBI - Power Jyoti Current Account (Pre Uploaded Data)
The Power Jyoti Current Account is an exclusive solution for any entity wishing to collect funds from different senders via our core banking or Internet banking services with pre-loaded data.
This account is strongly favoured by universities, colleges, schools, and other government bodies to collect fees, funds, fees, etc.
Features of Power Jyoti Current Account (Pre Uploaded Data)
- Remitters Information would be pre-uploaded on the System
- A company can get access to the MIS in the desired format
- Per transaction, the fees of Rs 60/- + GST will be charged
- A collection made at any Branch will be pooled in one account
- The monthly Average Balance to be maintained is Rs 50000
- Charges for not Maintaining of average balance is Rs 1000+ GST