State Bank of India (SBI) offers current bank account for users like firms, companies, public enterprises, businessmen, etc. According to SBI, current bank account is a form of demand deposit where withdrawals are allowed any number of times depending upon the balance in the account or up to a particular agreed amount. A current account is generally best suited for managing day to day transactions. Normal current account is ideal for small businessmen, professionals, traders etc. who need a current account with basic facilities at nominal cost, added SBI.
Here are 10 things to know about SBI’s current bank account:
- Any individual who owns a valid KYC (Know Your Customer) documents can open a SBI current account, said the country’s largest lender on its portal- sbi.co.in.
- No rate of interest is available on this account.
- The monthly average balance (MAB) requirement for personal banking branch is Rs. 10,000 while for non-rural it is Rs. 5,000. For rural branch, it is Rs. 2,500, said SBI.
- There is no maximum balance limit on SBI’s current account. It offers free cash deposit up to Rs. 25,000 per day.
- SBI’s current account can be opened singly, jointly, or with either or survivor, former or survivor, anyone or survivor etc. facility, said SBI.
- Unlimited number of payments and withdrawal facility options are available at 24000+ SBI branches across India.
- Nomination facilities are also available on SBI’s current account.
- First 50 cheque leaves are free, said SBI.
- Statement of account is issued as per requirement at monthly/quarterly/half yearly/annual intervals, noted SBI.
- The personal accident insurance is optional.