The State Bank of India (SBI) is the largest public sector bank in India. With a rich history spanning over 200 years, SBI plays a pivotal role in the development of the Indian economy. The bank provides a wide range of banking products and services to individual and corporate customers through its vast network of branches and digital platforms.

Brief history, when founded

The origins of SBI date back to the early 19th century when the Bank of Calcutta was established in 1806. This was the first ever joint stock bank established in India. Over the next few decades, similar banks were set up in other presidencies of British India. In 1921, the three banks of Bengal, Bombay and Madras were amalgamated to form the Imperial Bank of India. After India’s independence in 1947, the Imperial Bank was nationalized and renamed State Bank of India in 1955. At the time of nationalization, SBI inherited a network of 172 branches with deposits worth Rs. 277 crore from the Imperial Bank.

Position as largest PSU bank in India

With over 22,000 branches and 65,000 ATMs, SBI has the largest banking network in India. As per latest data, SBI has nearly 450 million customers, which includes retail, corporate and institutional clients. In terms of total assets, deposits and profits, SBI is the largest public sector bank in the country. As on March 31, 2022, the total assets of SBI stood at Rs 41.87 lakh crore. SBI accounts for over 20% of the nation’s loans and deposits. Due to its scale and reach, SBI plays an important role in implementing government schemes and driving financial inclusion in India.

Key metrics – Number of Branches, ATMs, Customers, etc.

  • Branch network – 22,000+ branches across India and 190+ foreign offices
  • ATM network – Over 65,000 ATMs and cash deposit machines
  • Customers – Nearly 450 million retail, corporate and institutional customers
  • Deposits – Rs 35.85 lakh crore as of March 31, 2022
  • Advances – Rs 27.06 lakh crore as of March 31, 2022
  • Total Assets – Rs 41.87 lakh crore as of March 31, 2022
  • Market Share – Over 20% of deposits and advances

Products and Services Offered by SBI

State Bank of India (SBI) is the largest public sector bank in India. It offers a wide range of banking products and services to meet the needs of its large and diverse customer base.

State Bank of India Savings Accounts

Savings accounts are deposit accounts that allow customers to save money and earn interest on the balance. SBI offers several types of savings accounts designed for different customer segments.

Types of Savings Accounts:

    • Basic Savings Bank Deposit Account: This is a basic zero-balance account with minimal charges. It is aimed at expanding financial inclusion.
    • Regular Savings Account: This is the standard savings account with all regular features like ATM card, cheque book facility etc. Minimum balance is required to be maintained.
    • Small Accounts: These accounts can be opened with simplified KYC norms. The maximum balance cannot exceed Rs. 50,000 and total credits cannot exceed Rs. 1 Lakh in a financial year.
    • Minor Accounts: These accounts are opened for minors below 18 years of age by parents/guardians. On attaining majority, the account is required to be converted to a regular savings account.

Interest rates:

    • Interest rates on savings accounts vary from 3% to 3.5% per annum currently.
    • Higher interest rates are offered for accounts with higher minimum balances.
    • Senior citizens get an additional interest rate up to 0.5% on select savings accounts.

Minimum balance requirements: 

    • Regular savings accounts require maintaining a quarterly average balance of Rs. 3000 for metro/urban branches and Rs. 1000 for semi-urban/rural branches.
    • Failure to maintain minimum balance attracts charges up to Rs. 600 plus taxes per quarter.
    • No minimum balance is required for BSBD accounts.

SBI Current/Cash Credit Accounts

Current accounts are meant for businessmen, companies, public enterprises etc. needing frequent cash transactions.

  • There are no restrictions on number or amount of transactions.
  • No interest is paid on current account balances. Minor charges apply for services.
  • Cash credit accounts allow overdraft facility up to a sanctioned limit against suitable collateral security.
  • Interest is charged only on the utilized overdraft amount.

Term Deposits

Term deposits, also known as fixed deposits, are investment accounts that allow customers to deposit money for a fixed period of time. SBI offers attractive interest rates on term deposits.

Interest rates for different tenure: 

    • Interest rates vary based on the deposit tenure.
    • Current rates range from 5.1% for 7-14 days to 5.6% for 1-2 years.
    • Senior citizens get an additional interest rate up to 0.5% on select tenures.
    • Higher interest rates are offered for large ticket size deposits.

Premature withdrawal

    • Premature withdrawal is allowed for term deposits.
    • Penalty of 0.5% to 1% applies on pre-closure for tenures less than 1 year.
    • For longer tenures, penalty can be up to 1% on applicable rate for the period deposit was held.

State Bank of India Loans

SBI offers various retail loans for individual customers as well as corporate loans for businesses.

SBI Home Loans

  • Offered for purchase, construction, extension or renovation of house/flat.
  • Interest rates start from 8.15% per annum on home loans up to Rs. 30 lakhs.
  • No prepayment or foreclosure charges.

SBI Car Loans

  • Available for purchase of new 4-wheeler. Rate of interest from 8.7% per annum.
  • Loan up to 90% of on-road price for salaried individuals.

SBI Personal Loans

  • Unsecured loans for any personal needs.
  • Interest rate from 10.75% per annum for salaried individuals.
  • Quick processing and attractive terms.

SBI Education Loans

  • Offered for higher studies in India or abroad.
  • Up to Rs. 50 lakhs for studies in India. No upper limit for abroad studies.
  • Repayment period up to 15 years after course completion.

State Bank of India Credit Cards

Credit cards offered by State Bank of India (SBI) provide customers with a convenient way to make purchases and manage expenses. SBI offers a variety of credit cards to meet the needs of different customers.

Types of credit cards and features

  • SBI SimplyCLICK Credit Card: This is a basic credit card with no annual fee. It offers rewards points on purchases which can be redeemed for gift vouchers, flight tickets, and more. It has a lower credit limit compared to premium cards.
  • SBI Card Elite Credit Card: This premium card has higher credit limits and offers extensive rewards and benefits. It provides higher reward points on spending, domestic and international lounge access, golf course privileges, and more. It has an annual fee.
  • SBI Card PRIME Credit Card: This card offers premium benefits tailored for salaried professionals. It provides benefits like higher reward points, fuel surcharge waiver, air accident cover, and more. It also has an annual fee.
  • SBI IRCTC Card Credit Card: This co-branded card offers special rewards and benefits for customers who frequently use IRCTC for ticket bookings. It provides 10% value back on IRCTC ticket bookings, 1% back on other purchases, and more loyalty benefits.

Other cards like SBI Central, SBI Insta and SBI Corporate are tailored for different customer segments. The rewards, fees, credit limits and features vary across cards. Customers can choose one as per their needs and eligibility.

Eligibility and application process

The eligibility criteria to apply for SBI credit cards include:

  • Minimum age of 21 years
  • Employment with a reputed company or a steady source of income
  • Good credit score and credit history

Customers can apply for SBI credit cards through multiple channels:

  • Online application – Customers can visit SBI Credit Card website, compare different cards, check eligibility, and apply online by providing KYC documents and income details.
  • Offline application – Customers can visit their nearest SBI branch, meet the executive and submit duly filled application form along with KYC documents.
  • Insta Kit – Pre-approved customers may directly get an Insta Kit sent to their mailing address containing a pre-approved card.

The issuing of credit card is based on approval of the application by SBI after verification of applicant’s eligibility and documents. The card gets delivered within 7-10 days of approval.

SBI Demat Accounts

SBI offers Demat accounts to its customers for holding their shares and securities in electronic format. These help eliminate risks associated with physical shares and make trading easier.

Some key features of SBI Demat accounts are:

  • Online access through internet banking to conveniently monitor holdings
  • Low brokerage charges on sale or purchase of shares
  • Nominee facility available
  • Advisory services from experts on trading
  • Regular e-statements of holdings and transactions
  • Facility to integrate trading account with Demat account

To open a Demat account with SBI, customers need to have a savings bank account with SBI and provide KYC documents like identity proof, address proof, PAN, etc. The account opening process can be done online or at the SBI branch. Charges include account opening fee and annual maintenance charges which apply as per the type of account chosen.

State Bank of India Mobile and Internet Banking Facilities

SBI offers state-of-the-art mobile and internet banking services for convenient and secure access to banking services anytime, anywhere.

Key facilities offered are:

SBI Mobile Banking

    • YONO SBI app for banking, shopping, travel bookings, and more
    • Check account balance, view mini statements
    • Funds transfer using IMPS, NEFT, RTGS
    • Recharge prepaid mobiles, DTH and data cards

SBI Internet Banking

    • Online SBI portal for accessing banking services on desktop/laptop
    • Bill payments for electricity, mobile, gas, etc.
    • Cheque book request, stop cheque instructions
    • Demat holdings access and trading facility
    • Online term deposits and savings accounts

For security, mobile and internet banking require multi-factor authentication using OTPs, biometrics, etc. Customers should avoid accessing their accounts on unsecured public networks. SBI keeps upgrading its digital banking platforms regularly with new features and enhanced security.

SBI YONO App and Platform

SBI YONO is a digital banking platform offered by State Bank of India to provide banking services through mobile apps and web portals. It aims to offer financial services to customers in an integrated manner.

Features and services available

  • Mobile Banking – Customers can access their SBI accounts, view balances, request mini statements, transfer funds, pay bills etc through the YONO mobile app.
  • Online Shopping – YONO has integrated with over 100 e-commerce websites. Customers can shop online seamlessly without having to enter card details again and again.
  • Offers and Deals – Exclusive offers and discounts are available to YONO users on shopping, travel, entertainment, dining etc.
  • Investments – Users can invest in mutual funds, insurance products, gold coins, SBI life insurance etc. directly through the app.
  • Utility Bill Payments – Bills like mobile recharge, DTH recharge, electricity, gas etc. can be paid instantly.
  • Tax Services – Tax filing, tax payments and status tracking services are available.
  • UPI Services – YONO supports BHIM UPI payments. Users can link their UPI id and make/receive UPI payments.
  • Loans – Customers can apply for pre-approved loans like personal, home, car loans etc. through YONO.
  • Chat-bot Support – YONO has an AI-powered chat-bot to answer customer queries and guide them.

Benefits of using YONO

  • Convenience – Banking services are available at the tap of a finger anytime, anywhere. Saves time and effort.
  • Integrated Experience – Services like banking, shopping, payments etc. are integrated into one platform.
  • Secure – 128 bit encryption and multi-factor authentication ensure user data is safe and secure.
  • Offers and Deals – Availing YONO exclusive offers can lead to big savings and benefits.
  • 24×7 Support – Customers can find answers to queries instantly via chatbot. For complex issues, live agents are available.
  • User-friendly Interface – Simple and intuitive UI allows customers to easily navigate and use services.

Downloading and accessing the app

  • The YONO SBI app can be downloaded from Google Play Store for Android phones or from Apple App Store for iPhones.
  • Users have to register on the app first by providing details like name, mobile number, account number etc.
  • After registration they have to set a 6 digit YONO PIN. This will be required to login every time.
  • Users can also login via biometrics like fingerprint or Face ID on supported devices.
  • The app homepage shows account summary, recent transactions, special offers etc.
  • The menu houses options for banking, shopping, offers, support etc. Customers can explore and use required services.
  • The YONO web version can be accessed from any browser by visiting yono.sbi and logging in.

State Bank of India Rates and Charges

SBI Interest rates on deposits

State Bank of India (SBI) offers various types of interest-bearing deposit accounts like savings accounts, fixed deposits, recurring deposits etc. The interest rates vary based on the type of account.

  • For savings accounts, SBI offers an interest rate of 3.0% per annum on deposits up to Rs 1 lakh and 3.25% per annum on deposits above Rs 1 lakh. Senior citizens get an additional 0.5% interest.
  • Fixed deposits have tenure options from 7 days to 10 years. Interest rates currently range from 5.1% to 5.4% for the general public and 5.6% to 6.2% for senior citizens, depending on the tenure. The longer the tenure, the higher the interest rate.
  • Recurring deposits allow periodic investments for a fixed tenure. The current recurring deposit interest rate is 5.8% for the general public and 6.3% for senior citizens.

SBI Home loan interest rates

SBI offers home loans for purchase, construction, extension and renovation of house property. The interest rates for home loans start at 8.15% per annum and go up to 8.65% based on factors like the loan amount, the borrower’s credit score, gender and employment category. Women borrowers get a 5 basis points concession in interest rates.

Lending rates for personal loans, auto loans etc.

  • Personal loans from SBI carry interest rates starting from 10.75% per annum. For loans up to Rs 25 lakh, the rate is MCLR + 6.65% and for above Rs 25 lakh, it is MCLR + 7.15%.
  • SBI offers auto loans for new and used vehicles. The interest rate ranges from 8.70% to 9.25% based on the loan amount and modeled year of the car.
  • Other retail loans like loans against property, gold loans, education loans etc. also have their specific rates based on the loan amount, collateral and other factors.

Charges for non-maintenance of minimum balance

SBI savings account holders need to maintain a monthly average balance (MAB), failing which they are charged a penalty. In metro and urban branches, the MAB is Rs 3000. In semi-urban branches it is Rs 2000 and Rs 1000 in rural branches.

If the MAB falls below 75% of the required balance, a penalty of Rs 10 + GST is levied for every shortfall. If it falls below 50%, the penalty is Rs 12 + GST. If it falls below 25% of the required MAB, Rs 15 + GST is charged as penalty for non-maintenance.

Locker rental charges

SBI offers locker facilities of different sizes like small, medium, large etc. based on availability at the branch. The locker rent varies across branches but indicative charges per annum could be:

  • Small locker – Rs 1500 to Rs 2500
  • Medium locker – Rs 2500 to Rs 4000
  • Large locker – Rs 4000 to Rs 6000
  • Extra large locker – Rs 6000 to Rs 12000

There are also refundable security deposits applicable. Locker charges are excluding GST.

Applying for SBI Products and Services

State Bank of India (SBI) offers a wide range of banking products and services to customers across India. From savings and current accounts to loans, credit cards and more, SBI aims to meet the financial needs of Indians from all walks of life. Here is an overview of how one can apply for key SBI products and services:

SBI Account opening process

To open an account with SBI, individuals need to visit their nearest SBI branch along with required KYC documents including ID proof, address proof and photographs. SBI offers three main types of bank accounts – regular savings accounts, current accounts and fixed/recurring deposits. The account opening form needs to be filled with personal details and nomination details. Minimum balance needs to be maintained in accounts as per SBI rules.

Loan application process

SBI offers various types of loans including home loans, car loans, education loans, personal loans etc. The loan application process starts with checking eligibility criteria. Then the applicant needs to fill a detailed application form and submit along with KYC documents, income proof, collateral/security etc. as required for the loan type. A credit check and eligibility verification is done before the loan is sanctioned or rejected.

Required Documents

Some key documents required for SBI account opening and loan application include:

  • Identity proof – Aadhaar, PAN Card, Voter ID, Passport etc.
  • Address proof – Aadhaar, Voter ID, Ration Card, Electricity bill etc.
  • Income proof – Salary slips, Form 16, ITR acknowledgement etc.
  • Collateral proof – Registered property documents, Fixed deposit receipts etc. as per loan type.
  • Photographs
  • Signatures

Credit card application process

To apply for a SBI credit card, one needs to fill an application form online or visit the nearest SBI branch. Basic eligibility includes being an Indian citizen over 18 years old with a decent income source. Salaried applicants need to provide salary slips and income tax returns. Self-employed need income tax returns and business address proof. The card application is approved based on applicant’s credit score, income eligibility and banking relationship with SBI.

SBI Customer Care

State Bank of India (SBI) is the largest public sector bank in India. It has a wide customer base across the country. Providing good customer service is a top priority for SBI. The bank has robust customer care mechanisms to address customer grievances and complaints.

Customer care numbers

SBI provides multiple helpline numbers for its customers to reach out for assistance. The toll-free customer care number is 1800 11 2211 or 1800 425 3800. Customers can call this number 24×7 for any queries or complaints related to their SBI accounts, loans, cards, online banking services etc.

The bank also has dedicated helpline numbers for specific services like internet banking, card services, loans, NRI services etc. Customers can find the relevant helpline number on the official SBI website or through a simple internet search. The customer care numbers are prominently displayed across all SBI branch premises as well.

Grievance redressal mechanisms

SBI has a well-defined grievance redressal system to resolve customer complaints efficiently. Customers can register their grievances through multiple channels:

  • Calling the customer care helplines
  • Sending an email to the customer care email ID
  • Logging a complaint at the SBI branch where they hold an account
  • Writing a letter to the branch manager regarding the grievance
  • Using the Complaint Registration Form on SBI’s internet banking portal

There are specialized nodal officers appointed to handle complaints and grievances related to loans, credit cards, deposits etc. Customers get an acknowledgement number when they lodge a complaint. The bank aims to resolve most grievances within 7 working days.

Raising complaints on services

Customers can raise complaints on various banking services offered by SBI through multiple options:

  • ATM related issues like cash not dispensed, wrong debit etc can be raised by calling the ATM helpline.
  • For complaints on internet or mobile banking transactions, customers can call the e-banking support number.
  • Credit card related grievances can be raised with the SBI Cards helpline.
  • Issues in account statements or passbook entries can be escalated to the account-holding branch.
  • For loans, customers can contact the loan issuing branch or the dedicated loan complaint number.
  • Fraudulent transactions can be immediately reported to customer care or the cyber crime helpline number.

SBI takes utmost efforts to ensure customer complaints are resolved keeping the customer’s interest in mind. The robust redressal mechanisms give customers the confidence that their grievances will be fairly addressed in a timely manner.

Locating Nearby SBI Branches or ATMs

Using online branch locator

State Bank of India (SBI) has one of the largest networks of branches and ATMs across India. Locating a nearby SBI branch or ATM is easy with their online branch locator facility.

On the SBI website or mobile banking app, you can search for SBI branches and ATMs based on your location. Simply enter your city, area or pincode and it will show the nearest SBI branches on a map. You can filter by branches with customer service points or currency chests. Contact details and exact address are provided.

For ATMs, you can search based on proximity and see SBI ATMs nearby on a map. Details like ATM type (on-site, off-site, brown label), facilities available (cash withdrawal, balance enquiry etc), address and distance are displayed. This helps find the most convenient ATM close to your location.

The online branch and ATM locators save time instead of manually searching. Customizable filters and map view make it easy to find nearby SBI touchpoints. The availability details help plan your visit better.

Proximity based search for ATMs

SBI also offers proximity based ATM search in their YONO app. This uses your phone’s GPS to automatically show SBI ATMs closest to your current location.

When you open the YONO app and go to the ATM locator, it fetches your live location. Then it displays SBI ATMs in 1 km, 2 km and 5 km radii on the map view. You can see how far they are and get directions to reach them easily.

This proximity search is handy when travelling as it can show SBI ATMs nearby wherever you are. Without entering any location details, it finds the ATMs closest to you. This offers convenience and avoids wasting time searching when you need cash urgently.

Latest News and Updates About SBI

As the largest public sector bank in India, State Bank of India is constantly in the news for various developments. Here are some latest news and updates about SBI:

  • SBI recently launched their Global Visa Debit Card in collaboration with Visa. This allows customers to make payments at Visa merchants worldwide and withdraw cash from Visa ATMs globally.
  • In December 2022, SBI opened nearly 17 lakh new savings accounts under their digital savings bank campaign. This aims to expand their customer base focusing on digital banking.
  • SBI Chairman Dinesh Khara announced that they will soon introduce variable interest rates for savings bank deposits similar to fixed deposits. This may attract more customers to open savings accounts.
  • The bank is expanding its global footprint and has received in-principle approval to establish a wholly-owned subsidiary in Bhutan. This will strengthen SBI’s presence internationally.
  • To promote green energy, SBI has set a target to become carbon neutral by 2030. They aim to rely more on renewable energy to reduce their carbon footprint across all operations.
  • SBI partnered with Adani Capital to provide easy loans to farmers through digital lending platform. This collaboration aims to provide credit access to underserved farming segments.

These developments highlight SBI’s efforts to offer improved services leveraging technology while also expanding their operations locally and globally. Staying updated can help customers take advantage of SBI’s latest offerings.

Conclusion and Final Thoughts

In summary, SBI offers multiple ways to locate nearby branches and ATMs through online locator tools and proximity search. Their extensive network makes it convenient to find a touchpoint closeby. Staying updated on SBI’s latest news gives insights into their new initiatives, partnerships, and offerings. Overall, as India’s largest bank, SBI combines accessibility, digital focus and continued efforts to enhance banking experience for customers.

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