SBI

SBI

The State Bank of India is one of India’s largest banks which is also a Fortune 500 company. The bank has a long history of evolution and was formally constituted as the State Bank of India by an Act passed in the Parliament in May 1955. The bank was constituted on 1st July 1955 and since then has been a pioneer in the banking sector. In 2014 the bank received the Best Bank Award in the AsiaMoney FX Poll of Polls.
 

The bank has more than 16, 000 branches in India with a network of over 21, 000 ATMs and it is growing rapidly.

Saving Accounts

State Bank of India offers Savings Accounts and Fixed Deposit schemes at attractive rates of interest. There are about six types of Savings Account offered by the bank namely:
 
  • Premium Savings Account:
 
Eligibility
Auto Sweep Facility Internet & Mobile Banking Other Facilities
Similar to Regular Savings Account On request
Available
20 Multicity cheque leaves
  • Savings Plus Account:
Eligibility Nomination Facility Term Deposit Deposit Tenure
As of Regular Savings Account Available With a minimum of Rs 10,000 1 year to 5 years
  • Yuva Savings Bank Account:
Eligibility Features Nomination facility Terms & Conditions
Individuals  above 18 years up to 30 years ATM cum debit card facility
Internet & Mobile banking facility
Available 20 free multicity cheques and thereafter Rs 2 is charged for each subsequent leaf
  • Basic Savings Bank Account
Eligibility Mode of Operation Minimum Balance Interest Rate
As applicable to Regular Savings Account Single or Jointly NIL As applicable to Saving Bank Account
 
  • Small Account
Eligibility Mode of Operation Minimum Balance Maximum Balance
As per Regular Savings Account Single of Jointly NIL Rs 50, 000
  • Savings Account for Minors
Eligibility Minimum Balance Auto Sweep Interest Rate
Minors of any age (Pehla Kadam)
Minors above 10 years (Pehli Udaan)
No minimum balance requirement With a minimum threshold of Rs 20,000 4% calculated on daily basis

All the above mentioned accounts earn an interest rate of 4% per annum which is calculated on a daily basis.

Fixed Deposits

State Bank of India offers Fixed Deposit schemes at attractive rates which are namely:
 
  • Term Deposits
  • Reinvestment plan
  • SBI Tax Savings Scheme 2006
  • SBI MODS Recurring Deposits
  • Annuity Deposit Scheme
  • SBI Flexi Deposit Scheme
The rate of interest on the domestic term deposit ranges from 5.50% to 7.50% for normal public for amounts lower than 1 crore and the rate varies with the tenure of deposit chosen. For Senior citizens the range is 5.75% - 7.75% which is 0.25% above the normal rate for deposits lower than 1 crore. For deposits higher than 1 crore, the rate of interest ranges from 5.50% - 6.75% depending on the tenure chosen for normal public. For senior citizens the range is 5.75% - 7.00% per annum.

NRI Banking

State Bank of India offers Savings Account, Current Account, Fixed Deposits and Recurring Deposits for Non-Resident Indians under four types of accounts which are:
 
  • NRE Account
  • NRO account
  • FCNR (B) Account
  • RFC Account
While the NRE and NRO account are denominated in Rupees, the FCNR (B) account is denominated in USD, GBP, EURO, CAD, JPY and AUD. The RFC account is denominated in USD, GBP and EURO. While the customer can open a Savings or Current account and Fixed or Recurring Deposits through NRE and NRO account, only Fixed Deposits of TDR and STDR can be maintained under the FCNR and RFC account. The interest earned in NRE, FCNR and RFC account is tax free in India, and interest earned under the NRO account is taxed under the Indian Income Tax Rules which may be reduced to avoid double taxation.


The principal and interest amount is freely repatriable under the NRE, FCNR and RFC account while the principal of up to 1 million USD is only repatriable and the interest is repatriable only after the tax treatment.

Loans

State Bank of India offers various types of Loan products for providing cash to individuals for their various needs. So whether the customer wants money for personal expenses or for building a house, for higher studies or for loan against an existing property, the bank has a loan product for everyone. The following types of loans are issued by the State Bank of India:

Home Loans

Under the home loan category State Bank of India further provides specialized loans for different needs and for different individuals. The sub-category of home loans are:
 
  • SBI Max Gain
  • NRI Home Loans
  • SBI Realty
  • SBI Pal
  • SBI Tribal Plus
  • Gram Niwas
  • Sahyog Niwas
SBI Auto Loan

loan scheme for four-wheelers and two-wheelers. The scheme is also sub-divided into various categories which provide loans for specific vehicles and individuals. The sub-categories are:
 
  • SBI New Car Loan Scheme
  • SBI Combo Loan Scheme
  • Certified Pre-owned Car Loan
  • Car Loan Scheme for used car
  • 2 Wheeler Loan
  • SBI Loyalty Car Loan Scheme
  • SBI Nano Youth Car Loan Scheme
  • Super Bike Loan Scheme
Education Loan

State Bank of India provides Education Loan for pursuing higher studies in India and abroad. The types of Education Loan offered by the bank are:
 
  • Student Loan Scheme
  • SBI Scholar Loan Scheme
  • Loan Scheme for Vocational Education and Training
Personal Loan

State Bank of India offers loans to customers to meet their personal cash requirements for various reasons like taking a vacation, marriage, festival, medical emergency, etc. The types of loans under this category are:
 
  • Xpress Credit Personal Loan
  • SBI Saral Personal Loan
  • Loans to Pensioners
  • Festival Loans
Loans against Securities

Loans issued against financial securities like:
 
  • Loans against Debentures
  • Loans to Employees to purchase ESOPS
  • Loans for Subscription of IPOs
  • Loans against Units of SBI Debt Fund Series
  • Loan Against Shares
  • Overdraft against Fixed Deposits
Gold Loan

Loan against gold ornaments and coins.

Loan against Property

Which is further sub-divided into:
 
  • Loan against Immovable Property and
  • Rent Plus
Career Loan

With a further sub-division of:
 
  • SI Career Loan
  • Education Plus

Banking Services

The bank provides various banking services like:
 
  • Mobile Banking: 
Banking through mobiles which can be used to transfer funds, for IMPS, enquiry services, cheque book request, bill payments, mobile or DTH top-ups, M Commerce and a lot more.
 
  • Demat Services: 
Offer online trading in securities through Demat Accounts, 3-in-1 accounts, etc.
 
  • Cards
Includes Debit Cards, Business Debit Cards, Prepaid Cards and Virtual Cards.
 
  • Internet Banking:
Banking through internet using the website www.onlinesbi.com.
 
  • Safe Deposit Lockers:  
Available to existing accountholders
 
  • MobiCash:
User friendly mobile wallet which facilitates mobile recharge, fund transfer, bill payment, mini statement, balance enquiry
 
  • Aadhaar Seeding:
Aadhaar card can be linked to the existing account through SMS, ATM, SBI Internet Banking Portal.
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