The State Bank of India (SBI) offers a wide variety of current accounts to cater to the banking needs of all the individuals. A current account is majorly meant for businessmen, companies, firms etc. that undergo numerous daily banking transactions. SBI Current accounts are only meant for the convenience and business needs of individuals and not for earning interest or any kind of savings, hence these are the non-interest bearing accounts.
| Table of Content |
| SBI Current Account Types | Primary Features |
| Regular Current Account |
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| Normal Current Account |
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| Gold Current Account |
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| Diamond Current Account |
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| Platinum Current Account |
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| Power POS |
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| Power Gain Current Account |
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| Power Pack Current Account |
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| Power Jyoti Current Account |
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| Power Jyoti PUL Current Account |
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SBI provides customer centric current account product variants catering to the needs of its customers. SBI current account minimum balance requirement is different with every variant. Given below is the detailed explanation of the current account variants offered by SBI.
The Regular Current Account is ideally meant for professionals, small businessmen, traders etc. requiring a current account with all the banking facilities at minimal cost.
| Primary Features | Charges |
| Monthly Average Balance (MAB) | Rs 10,000 |
| Monthly Statement | Free (first / original) |
| Cash deposit limit | Free up to Rs.5 lakh per month |
| Cash withdrawal (from home branch) | Unlimited and Free |
| Cash withdrawal (from non-home branch) | Rs.1 lakh per day (self only) |
| NEFT & RTGS | Unlimited & free through internet or mobile banking |
| MAB non-maintenance charges | Rs.500 + GST (per month) |
| Cheque | 50 multicity cheque leaves free in a month |
| Demand Draft | Up to Rs.5000 = Rs.25 |
| Current Account closing charges (after 14 days) | Rs.1000 + GST |
Normal Current Account provides the basic banking facilities to all the customers at nominal cost. The account holders get free access to most secure and fastest corporate internet banking services.
| Primary Features | Charges |
| Monthly Average Balance (MAB) | Rs.10,000 |
| Monthly Statement | Free (first or original) |
| Cash deposit limit | Free up to Rs.25,000 per day |
| Cash withdrawal (from home branch) | Free |
| Cash withdrawal (from non-home branch) | Free for limit up to Rs.50,000 |
| NEFT & RTGS (through internet or mobile banking) | NEFT: Rs.5 for transactions above Rs.2 lakh
RTGS: Rs.10 for transactions above Rs.5 lakh |
| MAB non-maintenance charges | Rs.500 + GST (per month) |
| Cheque leaves | First 50 cheque leaves free in a financial year |
| Demand Draft | Up to Rs.5000 = Rs.25 |
| Current Account closing charges (after 14 days) | Rs.1000 + GST |
The Gold Current Account is suitable for professionals, premium businessmen, traders etc. who are majorly looking for expanding their operations and carrying out bulk transactions. It helps in reducing transaction cost significantly.
| Primary Features | Charges |
| Monthly Average Balance (MAB) | Rs.1 lakh |
| Monthly Statement | Free |
| Cash deposit limit | Free up to Rs.25 lakh per month |
| Cash withdrawal (from home branch) | Unlimited + Free |
| Cash withdrawal (from non-home branch) | Maximum Rs.1 lakh per day (self only) |
| NEFT & RTGS (through internet / mobile banking or home branch) | Free |
| MAB non-maintenance charges | Rs.2000 + GST (per month) |
| Cheque leaves | 300 multicity cheque leaves free per month |
| Demand Draft | 50 demand draft free per month |
| Current Account closing charges (after 14 days) | Rs.1000 + GST |
Diamond Current Account is most suitable for elite businessmen, large traders, top professionals and more. It is meant for carrying out bulk transactions conveniently and processing a large number of payments.
| Primary Features | Charges |
| Monthly Average Balance (MAB) | Rs.5 lakh |
| Monthly Statement | Free (first / original) |
| Cash deposit limit | Free up to Rs.1 crore per month |
| Cash withdrawal (from home branch) | Free and unlimited |
| Cash withdrawal (from non-home branch) | Rs.1 lakh per day (self only) |
| NEFT & RTGS (through internet / mobile banking or home branch) | Free |
| MAB non-maintenance charges | If MAB < Rs.2.5 lakh = Rs.4000 + GST (per month)
If MAB > Rs.2.5 lakh = Rs.2000 + GST (per month) |
| Cheque leaves | Free 700 multicity cheque leaves per month |
| Demand Draft | Free |
| Current Account closing charges (after 14 days) | Rs.1000 + GST |
Platinum Current Account is ideal for customers who intend to have the best of products for their business. The account is efficient in handling large value transactions and bulk payments. This account offers all the major banking services for free.
| Primary Features | Charges |
| Monthly Average Balance (MAB) | Rs.10 lakh |
| Monthly Statement | Free (first / original) |
| Cash deposit limit | Unlimited |
| Cash withdrawal (from home branch) | Unlimited and Free |
| Cash withdrawal (from non-home branch) | Rs.2 lakh per day |
| NEFT & RTGS (through internet / mobile banking or home branch) | Unlimited + Free |
| MAB non-maintenance charges | If MAB < Rs.5 lakh = Rs.8000 + GST (per month)
If MAB > Rs.5 lakh= Rs.4000 + GST (per month) |
| Cheque leaves | Get unlimited free multicity cheque leaves |
| Demand Draft | Unlimited and Free |
| Current Account closing charges (after 14 days) | Rs.1000 + GST |
Surbhi Current Account provides sweep facility as a value added service to its customers adhering to liquidity with better returns. The account offers a scheme with sweep and reverse sweep option to CLTD (Corporate Liquid Term Deposits).
| Primary Features | Charges |
| Monthly Average Balance (MAB) | Rs.10,000 |
| Monthly Statement | Free (first or original) |
| Cash deposit limit | Free up to Rs.25,000 per day |
| Cash withdrawal (from home branch) | Free |
| Cash withdrawal (from non-home branch) | Free up to a maximum of Rs.50,000 |
| NEFT & RTGS (through internet / mobile banking) | NEFT: Rs.5 for transactions above Rs.2 lakh
RTGS: Rs.10 for transactions above Rs.5 lakh |
| MAB non-maintenance charges | Rs.500 + GST (per month) |
| Cheque leaves | First 50 multicity cheque leaves free in a financial year |
| Demand Draft | Up to Rs.5000 = Rs.25 |
| Current Account closing charges (after 14 days) | Rs.1000 + GST |
This current account variant is an exclusive one for customers availing the POS facility. The Power POS Current Account can be opened with zero balance. Also, the account provides overdraft facility (available up to Rs.5 lakh) to the customers.
| Primary Features | Charges |
| Monthly Average Balance (MAB) | Rs.5000 |
| Monthly Statement | Free (first / original) |
| Cash deposit limit | Free up to Rs.25,000 per day |
| Cash withdrawal (from home branch) | Free |
| Cash withdrawal (from non-home branch) | Free up to Rs.50,000 |
| NEFT & RTGS (through internet / mobile banking) | NEFT: Rs.5 for transactions above Rs.2 lakh
RTGS: Rs.10 + GST for transactions above Rs.5 lakh |
| MAB non-maintenance charges | Rs.500 + GST (per month) |
| Cheque leaves | Get 100 multicity cheque leaves for free |
| Demand Draft | Up to Rs.5000 = Rs.25 |
| Current Account closing charges (after 14 days) | Rs.1000 + GST |
The Power Gain Current Account is meant to be ideal for all premium businessmen, professionals, traders etc. The account provides its customers free access to the securest, safest and fastest corporate internet banking.
| Primary Features | Charges |
| Monthly Average Balance (MAB) | Rs.2 lakh |
| Monthly Statement | Free |
| Cash deposit limit | Free up to Rs.15 lakh per month |
| Cash withdrawal (from home branch) | Free |
| Cash withdrawal (from non-home branch) | Free up to Rs.50,000 |
| NEFT & RTGS (through internet / mobile banking) | NEFT: Rs.5 for transactions above Rs.2 lakh
RTGS: Rs.10 + GST for transactions above Rs.5 lakh |
| MAB non-maintenance charges | Rs.1500 + GST (per month) |
| Cheque leaves | 200 mutlicity cheque leaves free per month |
| Demand Draft | Up to Rs.5000= Rs.25 |
| Current Account closing charges (after 14 days) | Rs.1000 + GST |
Power Pack Current Account is best suited for customers of all segments with POS facility. The account is ideal for processing large number of transactions and bulk payment collections. The users get free premium business debit card with withdrawal limit of Rs.2 lakh per day.
| Primary Features | Charges |
| Monthly Average Balance (MAB) | Rs.5 lakh |
| Monthly Statement | Free (first / original) |
| Cash deposit limit | Free up to Rs.60 lakh per month |
| Cash withdrawal (from home branch) | Free |
| Cash withdrawal (from non-home branch) | Free up to Rs.50,000 |
| NEFT & RTGS (through internet / mobile banking or branch) | Free |
| MAB non-maintenance charges | Rs.2500 + GST (per month) |
| Cheque leaves | Free |
| Demand Draft | Up to Rs.5000 = Rs.25 |
| Current Account closing charges (after 14 days) | Rs.1000 + GST |
Power Jyoti Current Account is an exclusive account meant primarily for the purpose of collection of funds at all branches of SBI alongwith the generation of MIS. The account is most suitable for institutions, government bodies, firms etc. for collection of funds, fees etc.
| Primary Features | Charges |
| Monthly Average Balance (MAB) | Rs.50,000 |
| Transaction Charges | Rs.60 + GST (per transaction) |
| Monthly Statement | Free (first or original) |
| Cash withdrawal | Free (from home branch) |
| Facility of collection via INB | Not available |
| Cheque Book | Not available |
| MAB non-maintenance charges | Rs.1000 + GST |
| Current Account closing charges (after 14 days) | Rs.1000 + GST |
This account variant is exclusively available for any institution desiring to collect funds via SBI’s core banking branches or internet banking with pre-uploaded data. The Power Jyoti PUL Current Account is most suitable for colleges, schools, universities and other government bodies, thereby helping in the collection of fees, fines etc. It is to be noted that detailed MIS is also generated in this variant.
| Primary Features | Charges |
| Monthly Average Balance (MAB) | Rs.50,000 |
| Transaction Charges | Rs.60 + GST (per transaction) |
| Facility of collection via INB | Available |
| Cheque Book | Not available |
| MAB non-maintenance charges | Rs.1000 + GST |
| Current Account closing charges (after 14 days) | Rs.1000 + GST |
| Account Type | Primary Features | |||
| Monthly Average Balance (MAB) | Non-maintenance charges | Cash Deposit | Cash Withdrawal (non-home branch) | |
| Regular Current Account | Rs.10,000 | Rs.500 + GST (per month) | Free up to Rs.5 lakh per month | Rs.1 lakh per day (self only) |
| Normal Current Account | Rs.10,000 | Rs.500 + GST (per month) | Free up to Rs.25,000 per day | Free for limit up to Rs.50,000 |
| Gold Current Account | Rs.1 lakh | Rs.2000 + GST (per month) | Free up to Rs.25 lakh per month | Maximum Rs.1 lakh per day (self only) |
| Diamond Current Account | Rs.5 lakh | If MAB < Rs.2.5 lakh= Rs.4000 + GST (per month)
If MAB > Rs.2.5 lakh= Rs.2000 + GST (per month) |
Free up to Rs.1 crore per month | Rs.1 lakh per day (self only) |
| Platinum Current Account | Rs.10 lakh | If MAB < Rs.5 lakh= Rs.8000 + GST (per month)
If MAB > Rs.5 lakh = Rs.4000 + GST (per month) |
Unlimited | Rs.2 lakh per day |
| Surbhi Current Account | Rs.10,000 | Rs.500 + GST (per month) | Free up to Rs.25,000 per day | Free up to a maximum of Rs.50,000 |
| Power POS | Rs.5000 | Rs.500 + GST (per month) | Free up to Rs.25,000 per day | Free up to Rs.50,000 |
| Power Gain Current Account | Rs.2 lakh | Rs.1500 + GST (per month) | Free up to Rs.15 lakh per month | Free up to Rs.50,000 |
| Power Pack Current Account | Rs.5 lakh | Rs.2500 + GST (per month) | Free up to Rs.60 lakh per month | Free up to Rs.50,000 |
| Power Jyoti Current Account | Rs.50,000 | Rs.1000 + GST | — | Free |
| Power Jyoti PUL Current Account | Rs.50,000 | Rs.1000 + GST | — | Free |
All individuals possessing acceptable KYC documents are eligible for opening a current account in SBI. Below given is the list of business entities (customers) who can open SBI current account:
Below mentioned is the list of documents one needs to submit at the time of opening current account with SBI.
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Documents Required |
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Any one document towards proof or identity or address is required. Below mentioned is the list of documents acceptable as proof of address or identity:
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For Individual Account |
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For Accounts of Proprietary Concerns |
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*Any two of the above mentioned SBI Current Account opening documents are required at the time of form submission.
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For Accounts of Partnership Firms |
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For Accounts of Companies |
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For Accounts of Trusts & Foundations |
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For Accounts of Unincorporated Association or Body of Individuals |
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Hindu Undivided Family (HUF) |
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The customers intending to open a current account with SBI can do so by submitting information online and printing the SBI current account opening form and thereby visiting the nearest bank branch with the printed form and applicable KYC documents. Below listed is the detailed explanation of the steps required.
Step 1: Visit the official website of SBI and go to the ‘Customer Application Form’ section.
Step 2: Choose the prefered customer type (Partnership Firm, Proprietorship Firm or HUF).
Step 3: Fill the ‘Customer Information’ section and proceed further.
Step 4: Fill the ‘Account Information’ section and proceed further.
Step 5: After successful completion, an SMS will be sent to the applicant’s mobile number along with the ARN (Application Reference Number).
Step 6: the filled SBI Current Account opening online form and take a print out (SBI Current Account opening form download pdf available on website).
Step 7: Submit the printed form to the nearest bank branch along with the applicable KYC documents for SBI Online Current Account opening.
Q. What is the minimum balance in SBI Current Account?
A. The minimum balance requirement varies from one current account variant to another. For Regular Current Account is it Rs 10,000 while for Gold Current Account it is Rs 1 lakh.
Q. What are the benefits of SBI Current Account?
A. Get free cash deposit up to Rs 1 crore, free RTGS and NEFT collections and payments, free cash pickup, unlimited free DD and more.
Q. Is GST mandatory for opening Current Account?
A. No, there is no specific requirement of GST registration for opening Current Account.
Q. What happens if one doesn’t maintain minimum balance in SBI Current Account?
A. SBI levies penalty for non-maintenance of account balance. The charges vary from one account variant to another.
Q. Can an individual open a current account in SBI?
A. Yes, individuals can open a current account as long as they have proper government issued IDs and address proof.
