Quick Answer: Is SBI Good For Current Account?

Do we get passbook for current account?

Passbook is provided by banks on the savings bank account which lists the number of debits and credits to.

On the account, no passbook is issued by the bank to the current account holders.

Bank overdraft facility is provided to the current account only and not n the savings account..

Who are applicable for current account?

Current account eligibility or who can open current accountResident individual.Hindu undivided family.Sole proprietorship firm.Partnership firms.Limited liability partnership firm.Private and public limited company.

What is difference between savings and current account?

What is the Difference Between Current and Savings Accounts? While a Savings Account is one wherein you deposit your savings with the bank and earn interest on the same, a current account is one where you deposit money to carry out business transactions.

What are the benefits of SBI current account?

Features and Benefits – SBI Bank Current AccountSBI current account offers a premium internet banking facility with complimentary personal accident insurance.Initially, a low minimum average balance can be maintained.It also offers an overdraft facility based on one’s credit history.More items…

How can I convert my SBI account to current account?

It is not possible to convert your savings account to a current account as both the accounts are different in nature and also have distinct features and benefits. While a saving account is meant for personal use and thus can be opened with basic documents for KYC.

Does current account give interest?

Savings accounts earn interest at a rate of around 4%, while there is no such earning from a Current Account. A Current Account is actually a no interest-bearing deposit account.

What are the types of current account?

Let’s take a look at the different types of current accounts there are, which are based on the different requirements you might have.Premium Current Account.Standard Current Account:Foreign Currency Account:Packaged Current Account:Single Column Cash Book.

Can we do FD in current account?

Current Accounts provide liquidity at all times and have no restrictions on the account and fund usage. Hence, they do not command any interest payment. Along with Savings and Current Accounts, banks encourage people to invest in Fixed Deposits and Recurring Deposits by providing a higher rate of interest.

Which bank is best for current account?

Best Bank for Current Account in India 2020#1. ICICI Bank Current Account (For Best Technology)#2. HDFC Bank Current Account (For Best Products)#3. IndusInd Bank Current Account (Lower AMB yet Great Features)#4. Axis Bank Current Account.#5. Citi Bank Current Account (For Global Business)#6. State Bank of India Current Account (Widespread Reach)#7. … #8.More items…•

What is minimum balance in SBI current account?

SBI Current Account Minimum Balance and ChargesSBI Current AccountSBI Current Account Minimum BalanceNon Maintenance ChargesRegular Current AccountRs. 10,000Non Rural – Rs. 5,000 Rural – Rs. 2,500

Is GST required for current account?

Bank account details can be added later vide amendment of non-core field. Therefore, Current Account is not compulsory for GST Registration. And, you can use either saving account or Current account to register for GST in India.

What are the documents required for current account?

Documents Required to Open a Current Bank AccountDuly Signed Application Form with a Photograph.Identity Proof like copy of PAN Card and Aadhaar Card of all directors or partners.Address Proof like telephone bill or electricity bill.A cheque for opening current bank account.