State Bank of India provides current account facilities for the individuals, public and private limited companies, partnership firms, HUFs/specified associations, trusts etc. The basic requirements and documentation criteria for the individuals is same as in the case of savings bank account. The formalities which are to be followed in case of the public and private limited companies, partnership firms, HUFs/specified associations, trusts etc are mentioned on request.
The features of the SBI Current Bank account are:
- Credit balances in SBI Current Bank account do not bring any interest earning.
- The statements are given to the owners as per their desired frequency.
- Every single owner of the current accounts has the cheque facility and any kind of withdrawal is to be done by cheque. The important thing that is to be kept in mind is that cheques should not be issued for any withdrawal below Rs 50.
- If a cheque is presented after six months of issue is considered stale and is not paid.
- The cheques are to be drawn only when there is adequate balance in the account.
- The cheque book needs to be kept safely and in case a cheque or the cheque book is lost, there should not be any delay in reporting the same to the bank.
- A cheque can be stopped only after the drawer provides a notice in written mentioning all the details of the cheque before the cheque is presented for payment.
- The minimum balance to be kept in the current account for different cases is mentioned below:
i) Individual account in metro: Rs. 5000
ii) Individual account in urban area: Rs. 5000
iii) Individual account in semi- urban area: Rs. 5000
iv) Individual account in rural area: Rs. 2500
v) Other accounts in metro: Rs. 10000
vi) Other accounts in urban area: Rs. 10000
vii) Other accounts in semi- urban area: Rs. 10000
viii) Other accounts in rural area: Rs. 5000