Having a Bank Account is like a mandate thingy for us especially in the modern era. Advanced technology, the Internet, social Media plays a crucial role. Today I’m going to discuss the account types and in detailed information about Account types in State Banks. Here I will also write about how to apply for SBI Current Account.
Types of Bank Accounts in State Bank of India
There might be many forms of Bank Accounts but as far as State Bank of India is concerned there are few classification at bank account types as below
- Current Accounts
- Saving Bank Accounts
- Recurring Deposit Accounts
- Fixed Deposit Accounts
All the above 4 categories of Banks have their own features like savings bank account is used for not people doing the home transaction like paying bills and stuff.Fixed Deposits are to save money with a higher amount of a fixed name, Recurring deposits define the objects for the people who can save the money at small bits.
Let us see about Current Accounts
What is a Current Account & How to Open a Current Account in SBI?
A current account is a bank account which allows you to gain access to a variety of bank} services, such as acquiring money (like your salary, pension or benefits repayments), paying expenses, and establishing immediate debts and position requests to make regular repayments.
Current accounts will typically offer you a cash credit card and debit cards (that may probably be merged), a cheque booklet and guarantee credit card, and may permit you with an overdraft facility.
Some current accounts give you a high rate appealing, but normally only payable on the first few thousand amounts in the bank account and will need a specific amount of money to be paid in monthly.
Most accounts can be reached in a variety of ways, such as with branch, via the internet, by post, and by mobile phone. Some accounts can even be reached at the POSTOFFICE and many are now able to be run via a smartphone app.
How to Open a Current Account in SBI?
Opening a new Current Account with SBI is simple it’s almost same as the saving account too.
Please Note that you have all the documents required as per the application form above.
SBI Current Account Balance Check
Three ways to check State Bank of India Current Account Balance.
SBI Current Account Interest Rate
Intrest for the balance in Current account is not applicable it is only applicable for dedicated saving, recurring & fixed deposit Account.
Terms & Conditions to Open Current Account with State Bank of India
- Current Accounts can be opened up by individuals, relationship companies, private and general public limited companies, HUFs/ given organizations, societies, trusts etc.
- No interest is payable on credit amounts in Current Accounts.
- The clients may have the statements of a bank account in line with the rate of recurrence desired by them.
- Cheque catalogs are issued to all or any Current Members and everything withdrawals should be produced only through the problem of cheques. A cheque shouldn’t be issued for some lower than Rs. 50/-.
- According to RBI directive, the applicant for Current Bank account should declare in the accounts starting form or individually that he/they is/are not enjoying any credit service with any Lender and when he/they will/do enjoy any credit service, he/they should declare full particulars thereof indicating the name of the Lender/branch concerned.
Minimum Balance Required for a Current Account Holder
SBI Current Account Minimum Balance
|Individual Accounts||Non- Individual Accounts|
|Metro||Rs. 5000||Rs. 10000|
|Urban||Rs. 5000||Rs. 10000|
|Semi-urban||Rs. 5000||Rs. 10000|
|Rural||Rs. 2500||Rs. 5000|
For more in-depth Terms and Conditions Click here
SBI Power Gain Current Account Features
- No interest paid on Deposits
- Transfer of accounts to any branch possible
- Account maintenance demand applicable
- Personal Automobile accident Insurance offered by a twelve-monthly Premium Internet Bank.
- Low minimal balance requirement.
- Overdraft center available predicated on credit history
- Free ATM / Debit Cards in the very first year; demand from 2nd 12 months onwards.
- No constraints on quantity of Repayments / Withdrawals
- No Passbook is released but monthly Declaration of bank account is issued
- Nomination center available
- KYC Norms as relevant to be used for starting of Account
- Multi city cheque service available
SBI Current Account Cash Deposit Charges
- Unlimited Transactions limit, with applied charges as per bank rates
- No ATM Card charges for one Year
- Maintenance charges on Account are revised yet Applicable
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