CURRENT ACCOUNTS

  • “Current Account” (CA) is a form of demand deposit wherefrom 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

Current Accounts : Features & benefits of banking with SBI.

  • 1. Customer Centric Current Account Product Variants for satisfying our Customer’s Needs and Expectations.
  • 2. Choose from a variety of Cost Effective Current Account Variants for lower Transaction costs.
  • 3. Low Account maintenance charges.
  • 4. Convenience of Easy Cash Handling & Cash Pickup Facilities.
  • 5. Free Monthly Statement of Account (original).
  • 6. Accessibility to our wide range of Network of 24000+ Branches across India for Payments and Withdrawal facility and other Business Solutions. .
  • 7. Access to Fastest Safest & Securest Corporate Internet Banking with Current Account
  • 8. Ease of SMS Alerts
  • 9. Nomination Facility Available

    *Terms and Conditions apply. Please visit the nearest SBI Branch.



CUSTOMER TYPE

1. SOLE PROPRIETORSHIP FIRM

Minimum 2 documents issued in the name of Proprietary Concern from the following list of documents along with PAN of the proprietor as a Beneficial Owner (Annexure II of AOF) must be taken and in case Permanent Account Number is not submitted an Officially Valid Document shall be submitted.

 

  • Proof of the name, address and activity of the concern like registration certificate (in the case of a registered concern).
  • Certificate/license issued by the Municipal Authorities under Shop & Establishment Act.
  • Sales and Income Tax returns.
  • GST/CST certificate, certificate/registration document issued by Sales Tax/Service Tax/Professional Tax authorities.
  • License/ Certificate of practice issued in the name of the proprietary concern by any professional body incorporated under statute (e.g. Certificate of Practice issued by Institute of Chartered Accountants of India, Institute of Cost Accountants of India, Institute of Company Secretaries of India, etc.)
  • IEC (Importer/Exporter Code) issued to the Proprietary Concern by the Office of Director General of Foreign Trade (DGFT) in the name of Proprietary Concern.
  • vii) The complete Income Tax Return (not just the acknowledgement) in the name of the sole proprietor where the firm’s income is reflected duly authenticated/acknowledged by the Income Tax authorities.
  • viii) Utility bills such as electricity, water and landline telephone bills in the name of the proprietary concern.

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2. PARTNERSHIP FIRMS

 

  • 1. Registration Certificate (in case of registered firms).
  • 2. Partnership Deed.
  • 3. PAN of the Partnership Firm.
  • 4. Permanent Account Number or Form 60 issued to the person holding POA on its behalf and in case Permanent Account Number is not submitted an Officially Valid Document shall be submitted.

    Other doucuments
     
  • 5. A declaration containing the names of all the beneficial owners together with their share holding / controlling interest / stake duly signed by the authorized signatory.(Annexure IV of AOF)
  • 6. Mode of operation in case of Partnership to be indicated clearly in AOF.(Viz. All Partners jointly/severally /singly, Partner 1 & 2 jointly/severally / singly, etc.)
  • 7. Partnership Letter on Cos 37, signed by all partners. Each partner has to sign twice on partnership letter – first on behalf of the firm and second on personal capacity. (To be compulsorily obtained in case of partnership firms).
  • 8. Addresses of the Power of Attorney holders.
  • 9. POA granted to a partner or employee of the firm to transact business on its behalf
  • 10. PAN of all partners & Beneficial Owners Separate Annexure II of AOF for each Beneficial Owner to be obtained.

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3. LIMITED COMPANIES

 

  • 1. Certificate of Incorporation.
  • 2. Memorandum of Association and Articles of Association.
  • 3. A resolution from the Board of Directors and Power of Attorney granted to its managers, officers or employees to transact on its behalf; and
  • 4. PAN or Form 60 issued to managers, officers or employees holding an attorney to transact on the company’s behalf and in case Permanent Account Number is not submitted an Officially Valid Document shall be submitted.

    Other doucuments
     
  • 5. A declaration containing the names of all the Beneficial Owners together with their shareholding / controlling interest / stake duly signed by the authorized signatory. (Annexure IV of AOF)
  • 6. Certificate of Commencement of Business (in case of Public Limited Company)
  • 7. CIN No.
  • 8. Copy of PAN of Company
  • 9. Proof of Current Address
  • 10. Any officially valid document/ Identification of those who have authority as per POA granted to operate the account (as applicable to individual accounts) and KYC of all such persons operating the account and Beneficial Owners.
  • 11. Certificate of Registrar of Joint Stock Companies that the Company is entitled to commence business (for inspection, entry in the Power of Attorney Register and return). (This certificate is not required when :
    • a. The company is a private company.
    • b. The company was registered before 1913 and does not invite the public to subscribe for shares.
    • c. The company is limited by guarantee and does not have a share capital).
  • 12. Certified copy of a resolution, regulating the conduct of the account, obtained, somewhat on the following items:-

    We hereby certify that the following resolution of the Board of Directors of the ……………………………………………………………………… Company Limited was passed in a meeting of the Board held on the …………………………… and has been duly recorded in the Minute Book of the said Company :-

    “resolved :- that a Bank account for the company be opened with the State Bank of India, and that the said Bank be and is hereby authorised to honour cheques, bills of exchange and promissory notes drawn, accepted or made on behalf of the company by …………………………………………. and to act on any instructions so given relating to the account, whether the same be overdrawn or not, or relating to the transactions of the company.”

  • 13. PAN of the Chairman / Managing Director / Chief Promoter etc. of all Related persons or Beneficial Owners, Separate Annexure II of AOF for each Beneficial Owner to be obtained.

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4. SOCIETIES / ASSOCIATION / CLUBS

KYC Documents as applicable to Accounts of Unincorporated Associations or Body of Individuals

 

  • 1. Copy of the Memorandum of Association and Articles of Association.
  • 2. Resolution of managing body for opening the account
  • 3. Copy of the Bye-laws and Resolution of the Society, regarding the conduct of the account, is to be obtained.
  • 4. Government / Military Order (whichever applicable).
  • 5. PAN of Chairman/ MD/ Chief Promoter/Secretary, etc. of all Related Persons or Beneficial Owners, Separate Annexure II of AOF for each Beneficial Owner to be obtained.

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5. HINDU UNDIVIDED FAMILY (HUF)

 

  • 1. Joint Hindu Family Letter on Cos 38, signed by all the adult coparceners
  • 2. Declaration from the Karta
  • 3. PAN of Karta
  • 4. PAN of adult coparceners
  • 5. PAN Card of Joint Hindu Family
  • 6. On death of a coparcener or birth of a new coparcener and a minor coparcener attaining majority (18 years), a fresh JHF letter (COS 38) has to be executed- Declaration that a) the depositor is the Karta of the Joint Family, b) the deposit belongs to JHF.

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6. TRUSTS

KYC Documents

  • 1. Registration Certificate
  • 2. Trust Deed
  • 3. PAN of the Trust
  • 4. Permanent Account Number or Form 60 issued to the person holding POA on its behalf and in case Permanent Account Number is not submitted an Officially Valid Document shall be submitted.

    Other doucuments
     
  • 5. A declaration containing the names of all the Beneficial Owners together with their shareholding / controlling interest / stake duly signed by the authorized signatory. (Annexure IV of AOF)
  • 6. Copy of relevant extracts of trust deed with special emphasis on the power of the trustees to sign cheques, delegation of authority, borrow money etc. The relevant portions should be entered in the Power of Attorney Register.
  • 7. A copy of the Resolution
  • 8. Power of Attorney granted to transact business on its behalf (wherever applicable),
  • 9. PAN of Trustees, Executors, Administrators, etc. of all Related Persons or Beneficial Owners, Separate Annexure II for each Beneficial Owner to be obtained.
  • 10. Proof of current address
  • 11. All Trust Accounts to be invariably assigned “High Risk”

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7. UNINCORPORATED ASSOCIATION OR BODY OF INDIVIDUALS
  • 1. Resolution of the managing body of such association or body of individuals;
  • 2. Power of Attorney granted to transact on its behalf;
  • 3. Permanent Account Number or Form 60 issued to the person holding POA on its behalf and in case Permanent Account Number is not submitted an Officially Valid Document shall be submitted.
  • 4. Such information as may be required by the Bank to collectively establish the legal existence of such an association or body of individuals.
  • 5. PAN of all Related Persons or Beneficial Owners, Separate Annexure II of AOF or each Beneficial Owner to be obtained
  • 6. A declaration containing the names of all the Beneficial Owners together with their shareholding / controlling interest / stake duly signed by the Authorized Signatory. (Annexure IV of AOF)

    • In Case of Political Parties, along with above mentioned document these 4 other documents will also be attached :

    • a. Certificate from the Election Commission confirming that “the Political Party is registered under Section 29A of Representation of people Act, 1951 (43 of1951) and secured not less than one percent of the votes polled in the last General Election to the House of the People or the Legislative Assembly , as the case may be”.
    • b. Memorandum or Rules and Regulations of the Political Party.
    • c. Photograph of the person who has been authorised to transact the account, i.e. to whom Power of Attorney is granted.
    • d. Documents in respect of proof of address of the Political Party.

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8. EXECUTORS, ADMINISTRATORS AND LIQUIDATORS
Proof of Identity for Executors, Administrators and Liquidators

 

Proof of Residence for Tax purpose
  • I. In case more than one Executors / Administrators / Liquidators are appointed, Letter of Authority signed by all of them regulating the conduct of the account, must be obtained.
  • II. Executors / Administrators / Liquidators cannot normally delegate their powers to third parties.
  • III. PAN of all Related Persons or Beneficial Owners, Separate Annexure II of AOF for each Beneficial Owner to be obtained
  • IV. With respect to an entity, any official document issued by an authorised Government Body, including a Government Agency or a Municipality, which includes the name of the entity and either the address of its principal office in the country or territory in which it claims to be a resident or the country or territory in which the entity was incorporated or organised;
  • V. TIN letter issued by the respective Government Body/Agency in case of entity resident in any country or territory outside India.

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9. OFFICIALLY VALID DOCUMENTS

The list of OVDs consist only the following Five:

  • Passport
  • Driving licence
  • Voter’s Identity Card issued by Election Commission of India
  • Job card issued by NREGA duly signed by an officer of the State Government
  • Letter issued by the National Population Register containing details of name, address.
DEEMED OFFICIALLY VALID DOCUMENTS

The Following documents shall be deemed to be officially valid documents for the limited purpose of proof of address:

  • Utility bill which is not more than two months old of any service provider (electricity , Telephone , post-paid mobile phone , piped gas, water bill).
  • Property or Municipal Tax Receipt
  • Pension or Family Pension Payment Orders (PPOs) issued to retired employees by Government Departments or Public Sector Undertakings, if they contain the addres
  • Letter of allotment of accommodation from employer issued by State Government or Central Government Departments, statutory or regulatory bodies, Public Sector Undertakings, Scheduled Commercial Banks, Financial Institutions and Listed Companies and leave and license agreements with such employers allotting official accommodation.

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CURRENT ACCOUNT VARIANTS Download Form



NEW CURRENT ACCOUNT VARIANTS LAUNCHED W.E.F 15.12.2018.

REGULAR CURRENT ACCOUNT

Regular Current Account is ideal for Small Businessmen, Professionals, Traders etc. who need a Current Account with all the facilities at nominal cost.

 

  • Low Monthly Average Balance : Rs 10,000.
  • Free Cash Deposit upto Rs 5,00,000/- per Month.
  • Convenience to withdraw and deposit cash at all 24000+ SBI Bank branches.
  • Free Cash Withdrawal from Home Branch.
  • Free access to the Safest, Securest, Fastest Corporate Internet Banking.
  • Free NEFT/RTGS through Internet Banking & Mobile Banking.
  • Free 50 Multicity Cheque Leaves per Month.

*Terms and Conditions apply. Please visit the nearest SBI Branch.

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GOLD CURRENT ACCOUNT

Gold Current Account is ideal for Premium Businessmen, Professionals , Traders etc. looking to expand and diversify their operations and handling bulk cash transactions. It provides ample additional services at concessional rates there by reducing transaction costs significantly.

 

  • Monthly Average Balance : Rs 1,00,000.
  • Free Cash Deposit upto Rs 25,00,000/- per month.
  • Free Cash Pickup*
  • Free Cash Withdrawal from Home Branch.
  • Free RTGS and NEFT.
  • Free 300 Multicity Cheque Leaves per month
  • Free 50 Demand Drafts.
  • Free access to the Safest, Securest, Fastest Corporate Internet Banking.
  • Convenience to withdraw and deposit cash at all 24000+ SBI Bank branches.

*Terms and Conditions apply. Please visit the nearest SBI Branch.

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DIAMOND CURRENT ACCOUNT

Diamond Current Account is ideal for Elite Businessmen, Top Professionals, Large Traders etc. operating across the country handling bulk cash transactions and processing large number of payments & collection transactions. It provides most additional services free or at very low transaction cost.

 

  • Monthly Average Balance : Rs 5,00,000.
  • Free Cash Deposit upto Rs. 1 Crore per month.
  • Free Cash Pickup*
  • Free Unlimited Cash Withdrawal from Home Branch.
  • Free RTGS and NEFT Collections & Payments.
  • Unlimited Free Demand Drafts.
  • Free 700 Multicity Cheque Leaves per month .
  • Premium Business Debit Card with withdrawal limit of Rs 2,00,000 per Day.
  • Convenience to withdraw and deposit cash at all 24000+ SBI Bank branches.
  • Free access to the Safest, Securest, Fastest Corporate Internet Banking.

*Terms and Conditions apply. Please visit the nearest SBI Branch.

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PLATINUM CURRENT ACCOUNT

Platinum Current Account is a Highly Cost Effective, Customer Oriented and Convenient Current Account. Its Cash Friendly feature like Free Cash Pickup* and Unlimited Free Cash Deposit makes it an ideal Banking Solution for every Businessman, Traders, Professionals, Institutions and Corporates.

 

  • Monthly Average Balance : Rs 10,00,000.
  • UNLIMITED FREE Cash Deposit.
  • UNLIMITED FREE Cash Withdrawal from Home Branch.
  • UNLIMITED FREE Cash Pickup*.
  • UNLIMITED FREE RTGS and NEFT .
  • UNLIMITED FREE Multicity Cheque Leaves.
  • UNLIMITED FREE Demand Drafts.
  • Premium Business Debit Card with withdrawal limit of Rs 2,00,000 per Day
  • Convenience to withdraw and deposit cash at all 24000+ SBI Bank branches.
  • Free access to the Safest, Securest, Fastest Corporate Internet Banking.

*Terms and Conditions apply. Please visit the nearest SBI Branch.

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POWER POS CURRENT ACCOUNT

Power POS is an Exclusive Current Account for customers availing POS facility . This account can be opened with Zero Balance . Overdraft facility is also available in Power POS current Account.

 

  • Low Monthly Average Balance : Rs. 5000/-
  • Free Cash Deposit upto Rs. 25000/- per day.
  • Free Cash Withdrawal from Home Branch.
  • Free collection through RTGS and NEFT .

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SURBHI CURRENT ACCOUNT

Surbhi Current Account bundles liquidity with better returns by providing sweep facility as a value added service to Corporates / Institutions / Trusts. Surbhi Current Account provides a scheme with sweep and reverse sweep option to Corporate Liquid Term Deposits (CLTD).

 

  • Low Monthly Average Balance : Rs. 10000.
  • Free Cash Deposit upto Rs. 25000/- per day
  • Enjoy Liquidity of funds as well as Earn returns

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POWER JYOTI CURRENT ACCOUNT

Power Jyoti Current Account is an exclusive Current Account for the purpose of collection of funds at all the Branches of SBI along with generation of MIS . The USP of this Current Account is that a Remitter can send funds under the scheme without having an account with SBI. Power Jyoti Current Account is ideal for Institutions , Firms , Educational Institutes , Government Bodies etc for the collection of fees / funds / fines etc.

 

  • Hassle Free and Detailed MIS Generation
  • Low Transaction fees of Rs. 60/- per challan paid by the remitter.
  • Suitable for Educational Institution, Business Firms for Fees/Funds Collection.
  • Monthly Average Balance of Rs. 50000/-.

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POWER JYOTI PUL CURRENT ACCOUNT

Power Jyoti PUL Current Account provides customized fee/funds collection facility for Institutions / Firms /Companies, etc. through our core banking branches and Internet Banking with pre-uploaded data feature.

 

  • Pre Uploaded Data of Remitter saves Time and Resources
  • Payment of fee by remitter can be done through Internet Banking also.
  • Hassle Free and Detailed MIS Generation
  • Low Transaction fees of Rs. 60/- + GST per transaction.
  • Suitable for Educational Institutions, Business Firms for Fees/Funds Collection.
  • Monthly Average Balance of Rs. 50000/-.

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COMPARE PRODUCTS

Now you can compare all the Products and choose the most suitable Current Account as per your need & requirements.



ADDITIONAL SERVICES TO COMBINE WITH CURRENT ACCOUNTS

  • State Bank Collect
  • E - Hand shake ( Host to host Integration )
  • Cash Pickup
  • State Bank Business Debit Card
  • Insta Deposit Card
  • CDM / Recycler Facility