Question: Is SBI Good For Current Account?

What is minimum balance in SBI current account?

Rs.

10,000SBI Current Account Interest RateSBIRegular Current AccountMinimum Account BalanceRs.

10,000Non Maintenance ChargeNon Rural – Rs.

5,000 Rural – Rs.

2,500Interest RateNil.

Which is better savings account or current account?

A savings account is most suitable for people who are salaried employees or have a monthly income, whereas, Current Accounts work best for traders and entrepreneurs who need to access their accounts frequently. Savings accounts earn interest at a rate of around 4%, while there is no such earning from a Current Account.

What is the minimum balance in BOI current account?

Normal Current AccountBank Of India Current AccountAverage Quarterly Balance (AQB) to be MaintainedNon – Maintenance of Average Quarterly BalanceMetro BranchesUrban/Semi-Urban BranchesNormal Current AccountRs. 5000/-Rs. 500/- per quarter

Is current account taxable?

No. With a regular bank account (that’s just being used to hold your money), you won’t normally have to pay tax. … There’s a similar rule for low-income earners in Germany: savings interest of more than €801 is taxable.

Which bank is best for current account?

Best Banks for Current AccountBanksMaximum Cash Deposit AllowedHDFC BankUp to ₹2 lakhs per month (for regular current account)ICICI BankUp to ₹1.8 crores per monthAxis BankUp to ₹2 lakhs per month (for regular current account)Bank of BarodaUp to ₹1 lakhs per month4 more rows

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.

Can we deposit cash in current account?

You can deposit cash in your current account using any of the following methods: Depositing cash at any of the branches of your bank. Cheque deposits. Electronic transfers.

What is the minimum balance required for current account?

Current Account Monthly Average Balance and Withdrawal Limit 2021BankMinimum Average BalanceICICI Bank Smart Business AccountRs. 25,000HDFC Bank Regular Current AccountRs.10,000 per quarterBank of Baroda Baroda Small Business Current AccountQuarterly Average Balance Rs. 2,500SBI Regular Current AccountRs. 10,0002 more rows

What is the minimum balance in Icici Bank for current account?

Rs. 25,000What is the minimum amount required for opening Current Account in ICICI? ICICI Current Account minimum balance is Rs. 25,000.

Is Axis Bank good for current account?

AXIS is the best, their online services are good. 0.5 5.0/5 “Blown Away!” I hold a Current account with Axis bank from long time, the experience was good so far and i did not face any issues with this bank. The banking service and their facilities are good in this bank.

Does current account have interest?

Current bank accounts are operated to run a business. It is a non-interest bearing bank account. … There is also no restriction on the number and amount of withdrawals made, as long as the current account holder has funds in his bank account. Generally, bank does not pay any interest on current account.

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.

What are the benefits of SBI current account?

Types of SBI Current AccountSBI Current Account TypesPrimary FeaturesDiamond Current AccountUnlimited and free demand drafts Free cash deposit, up to Rs. 1 crore per monthPlatinum Current AccountUnlimited + Free multicity cheques Free and unlimited cash withdrawal from home branch9 more rows•Feb 18, 2020

What is current account in SBI?

SBI Bank Current Account ProductsS.No.SBI Current AccountSBI Current Account Minimum Monthly Average Balance (MAB)1.Regular Current AccountRs. 10,000 per month2.Power Gain Current AccountRs. 2,00,000/-3.Power Pack Current AccountRs. 5,00,000 per month4.Power PoS Current AccountRs. 5,000 per month4 more rows

Can individual open current account?

Current Accounts (C/As) can be opened by individuals, partnership firms, private and public limited companies, HUFs/ specified associations, societies, trusts etc. … Cheque books are issued to all Current Account holders and all withdrawals should be made only through issue of cheques.