State Bank of India (SBI) offers multiple current account options tailored for businesses of all sizes—ranging from startups to large enterprises. With simplified online account opening, minimal documentation, and a wide branch network, SBI makes business banking fast and accessible. 

Learn about the step-by-step SBI current account opening process, minimum balance requirements, types of accounts, benefits, charges, and more in this complete guide.

SBI Current Account 

An SBI Current Account is a non-interest-bearing business account designed for frequent and high-volume financial transactions. It is ideal for business owners, companies, entrepreneurs, and professionals who require regular access to their funds. 

SBI ensures that every business type, size, and sector has access to tailored banking solutions with a wide variety of current account types—Regular, Gold, Diamond, and specialized accounts like Power POS and Surbhi. Customers also benefit from features like free NEFT/RTGS transactions, digital banking access, and a vast ATM and branch network for uninterrupted banking.

How to Open a Current Account in SBI?

For SBI current account opening online, customers can complete the process online and then visit the nearest branch with the necessary documents. Here’s a step-by-step guide:

• Go to the official SBI website and navigate to the ‘Customer Application Form’ section.
• Select the appropriate customer type (Partnership Firm, Proprietorship Firm, or HUF).
• Fill in the required details in the ‘Customer Information’ section and continue.
• Complete the ‘Account Information’ section and proceed.
• Once done, an SMS containing the ARN (Application Reference Number) will be sent to the applicant’s mobile.
• Download and print the filled SBI current account application form from the website.
• To complete the account opening process, take the printed form along with the required KYC documents to the nearest branch for submission.

SBI Current Account Types

The following are the different types of SBI current accounts that you can opt from:

SBI Current Account Opening Eligibility

SBI current accounts can be opened by the following business entities:

• Resident Individuals
• Hindu Undivided Families (HUF)
• Private Limited Companies
• Sole Proprietorship Firms
• Partnership Firms
• Trusts, Associations, Clubs, or Societies
• Limited Liability Partnerships (LLP)

SBI Current Account Opening Documents

A single document for either proof of identity or address is required. Below is a list of documents accepted as proof of identity or address:

• Passport
• Voter ID card
• Driving licence
• Aadhaar card
• NREGA card
• PAN card

The following is the list of KYC documents for non-individuals: 

For Proprietorship Accounts

• Utility bills (water, electricity, etc.)
• Registration Certificate
• Sales and Income Tax Returns
• Certificate or Licence from Municipal Authorities
• Income Tax Return in the name of the sole proprietor
• Certificate from Sales Tax or Service Tax Authorities
• CST or VAT certificate
• Importer Exporter Code

Two of the above-mentioned documents are required when submitting the form for SBI current account opening.

For Partnership Firm Accounts

• Official document related to the person holding the power of attorney
• Partnership Deed
• Registration Certificate

For Company Accounts

• Certificate of Incorporation
• Articles of Association and Memorandum
• Resolution from the Board of Directors and Power of Attorney granted to officers, managers, or employees
• Official document concerning the person holding the power of attorney

For Trusts & Foundations Accounts

• Registration Certificate
• Trust Deed
• Official document related to the person holding the power of attorney

For Unincorporated Association or Body of Individuals Accounts

• Power of Attorney granted to the individual   
• Resolution of the Managing Body
• Official document related to the person holding the power of attorney
• Valid proof of the association’s legal existence

For Hindu Undivided Family (HUF) Accounts

• Declaration from the Karta
• Identification proof of the Karta
• Hindu Family Letter signed by all adult coparceners
• Identity proof of adult coparceners

SBI Current Account Minimum Balance

The SBI current account minimum balance varies as er the account type:

• Regular Current Account: ₹5,000
• Gold Current Account: ₹1,00,000
• Diamond Current Account: ₹5,00,000
• Platinum Current Account: ₹10,00,000

SBI Current Account Benefits

The following are the benefits of getting a SBI current account:

• Minimum Monthly Average Balance (MAB) requirement of ₹5,000.
• MAB can be up to 100 times the previous month’s balance, with a maximum of ₹5 lakhs per month, effective from 01.12.2024.
• Easy access to withdraw and deposit cash at over 22,000 SBI branches nationwide.
• There are no charges for cash withdrawals at your home branch.
• Free and secure access to the most efficient Corporate Internet Banking services.
• Free NEFT or RTGS transactions via internet banking and mobile banking.
• Complimentary 50 Multicity Cheque Leaves each month.

SBI Current Account Interest Rate

An SBI current account does not offer interest on the balance maintained. However, some specialised current accounts might offer interest, so you must check the official website of the SBI account for such information.

SBI Current Account Customer Care

You can reach out to your nearest SBI branch or contact SBI's current account customer care at 18004253800, 1800112211, or 08026599990.

How to Close SBI Current Account?

At present, SBI does not provide an online option for account closure. To close your account, visit your home branch, complete the account closure form, and submit it with proof of your ID and any account-related items. To close your SBI account offline, follow these steps:

• Go to the nearest SBI branch and request the account closure form.
• Fill out the form with your correct details and submit it to the branch.
• Provide copies of your identity proof, address proof, original chequebook, deposit book, and ATM or debit cards.
• Settle any pending fees, if necessary.

SBI staff will process your request and close the account within seven business days, depending on the type and age of the account.

SBI Current Account Charges

The following table shows the SBI current account charges:

SBI Current Account Statement Password

To access your SBI current account statement password-protected file:

• If downloaded from the internet or mobile banking, the password is your 11-digit account number (excluding leading zeros).
• If received via email, the password is created by combining the last 5 digits of your mobile number with your birthdate in the format DDMMYY.
• For SBI YONO statement password-protected files received via email, use your birthdate in DDMM format followed by “@” and the last 4 digits of your registered mobile number as the password.

SBI current account provides businesses the tools and flexibility to handle their day-to-day financial transactions effectively. With several advantages like easy access to banking services and free transactions, SBI simplifies managing your business finances. Whether you want to open an account for a small business or a large enterprise, SBI’s current account options are designed to provide unmatched convenience. 

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