Types of SBI Current accounts

January 1, 2022 Finance Talk Valli Sarvani No comments

A current account is intended for firms, companies, and businesses that perform many transactions daily. The State Bank of India (SBI) offers different types of current accounts. These current accounts are meant for performing regular business transactions but not for earning interest.

SBI current account minimum balance varies with its type. Some types of SBI current accounts are given below:

The regular current account is suitable for small businesses, traders and professionals. The monthly average balance (MAB) is ₹10,000. A cash deposit of ₹5 lakhs per month is allowed for free, and free cash withdrawals of unlimited amounts from the home branch are allowed. From non-home branches, cash withdrawal is capped at ₹1 lakh daily.

The normal current account is ideal for anyone that needs corporate banking services. The MAB is ₹10,000 for this account also. However, a cash deposit of ₹25,000 per day is allowed. While cash withdrawal from the home branch is free, the withdrawal from the non-home branch is capped at ₹50,000.

Gold current account is suitable for traders, professionals, and premium corporates. The MAB is ₹1 lakh for this account. A cash deposit of ₹25 lakhs per month and free cash withdrawals of unlimited amounts from the home branch is allowed. From non-home branches, cash withdrawals are capped at ₹1 lakh daily.

Diamond current account is ideal for large traders and businesses. The MAB is ₹5 lakhs, and a cash deposit of ₹1 crore is allowed per month. The cash withdrawal is the same as for the gold current account.

Platinum current account is suitable for those who want to obtain the best products or services for their businesses. The MAB is ₹10 lakhs, and a free cash deposit of ₹2 crores is allowed per month. Free unlimited cash withdrawal is allowed from the home branch, while it is capped at ₹2 lakhs per day from non-home branches.

Read about the remaining types of SBI current accounts in the next article.

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