About SBI

About SBI

INTRODUCTION TO SBI

The State Bank of India, popularly known as SBI, is one of the leading banks in India. The bank traces its origin to the first decade of the 19th century. Later on, it was merged with the Imperial Bank. In the year 1955, the Government of India nationalized the Imperial Bank along with the Reserve Bank of India. Ever since that time, the bank acquired its present name that is SBI.

The State Bank of India is India's largest commercial bank. The bank has been striving sincerely to adhere to the efforts of providing utmost customer satisfaction to the best possible extent. The SBI has presence all over India with 16,000 branches. Not only this, the bank has made its roots secured internationally as well. At present, SBI has 131 branches in 32 countries all over the world.

SBI created a unique method of serving its customers even on a holiday. One can find a floating SBI ATM on a boat in the backwaters of Kerala. This caters to the needs of the customers by providing service round the clock. Besides, the customers can also avail the facilities of online banking and transactions.

State Bank of India Services

State Bank of India Services are most varied and innovative amongst all its contemporaries. State Bank of India Services includes a host of products and services to suit all types of consumers.

• Banking Subsidiaries- State Bank of Bikaner and Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Indore (SBIr),State Bank of Mysore (SBM), State Bank of Patiala (SBP), State Bank of Saurashtra (SBS) and State Bank of Travancore (SBT).

• Foreign Subsidiaries - State bank of India International (Mauritius) Ltd.,State Bank of India (California), State Bank of India (Canada) and INMB Bank Ltd, Lagos.
• Non- banking Subsidiaries - SBI Capital Markets Ltd (SBICAP), SBI Funds Management Pvt Ltd (SBI FUNDS), SBI DFHI Ltd (SBI DFHI), SBI Factors and Commercial Services Pvt Ltd (SBI FACTORS) and SBI Cards & Payments Services Pvt. Ltd. (SBICPSL)
• Joint ventures - SBI Life Insurance Company Ltd (SBI LIFE).

Products & Services

• Personal Banking
• NRI Services
• Agriculture
• International
• Corporate
• SME
• Domestic Treasury

SBI Retail Banking

The following services are provided under Retail Banking:-

• Term Deposits
• Recurring Deposits
• Housing Loan
• Educational Loan
• Personal Loan
• For Pensioners
• Against Mortgage of Property
• Against Shares & Debentures
• Plus Scheme
• Medi-Plus Scheme
• Rates of Interest

Apart from these, SBI also provides several other NRI services. The State Bank of India has its presence all over India with 16,000 branches. Not only this, the bank has made its roots secured internationally as well. At present, SBI has 131 branches in 32 countries all over the world.

SBI NRI Account

State Bank of India NRI Account as defined by FEMA can be opened by -

• An Indian citizen / Foreign National of Indian Origin resident outside India for purposes of employment, carrying on business / vocation in circumstances as would indicate an intention to stay outside India for an indefinite period.

• An individual, if stays less than 182 days in India,during the preceding financial year.

SBI NRI Account Opening Procedure

State Bank of India NRI Account offers banking services to Indians living outside India and the process of opening of an NRI account with SBI / State Bank of India are -

• Documents requirements - Passport copy, Visa / residence permit, 2 photographs and initial money remittance.
• Signature verification by anyone of the following - Indian Embassy / consulate, Any person known to the Bank, Notary public and any of SBI foreign offices.
• One can open - NRE Saving Bank a/c / Current Accounts, Fixed Deposits in Indian Rupees, Fixed Deposits in Foreign Currency and NRO accounts (Rupee accounts for crediting income in India).
• Further, one can authorize a resident to operate your account through a Power of Attorney or Letter of Authority. Nomination Facility is also available (Nominee can be a resident Indian also).

SBI NRI Account Services

• Deposits accounts, with following types:
• NRE Savings Bank Account.
• Foreign Currency Non-Resident Deposit Accounts.
• NRE Term Deposits.
• Non-Resident (Ordinary Accounts).
• Resident Foreign Currency Accounts.
• NRI-Car Loan Schemes.
• Miscellaneous services like -
• Facilities for returning Indians.
• Investment schemes for NRI
• Tax benefits for NRIs.
• Remittances to India.
• NRI home Loans.

State Bank of India Loans

State Bank of India Loans disburses the following loan-products through its wide network of branches in India and abroad. Loans to employees to buy shares of their companies.

• Home loans.
• SBI Saral Personal loans.
• Easy travel loans.
• Gram Nivas scheme.
• Car loan.
• Education loans.
• Property loans.
• Loan to pensioners.
• Loan against shares and debentures.
• Loan for earnest money deposits.
• Festival loans.
• Medi-plus scheme.
• Teachers-plus scheme.
• Tribal -plus scheme.
• Credit khazana.
• Rent plus.
• SBI career loans.

SBI Loans Rates

• SBI Home Loans (w.e.f. 9th April 2007) -
• Floating Interest Rates – 12.75% (upto 5 years Tenure Rate of Interest (p.a.), Upto 5 years 2.00% below SBAR, current effective rate being 10.75%. Above 5 years and upto 20 years 1.50% below SBAR,current effective rate being 11.25% ).

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