SBI India

About 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% )
• Fixed Interest Rates - 12.75 % upto 10years.

SBI Car Loans

New vehicle - (Term Loan) Floating only W.E.F. April 09, 2007

Repayment Period	All Centers (SBAR - 12.75%)
Upto 3 years (for loans ` 7.5 lac & above)	0.75% below SBAR i.e. 12.00% p.a.
Upto 3 years (for loans below ` 7.5 lac)	0.50% below SBAR i.e. 12.25%p.a.
Above 3 yrs up to 5 yrs (for all loans)	0.50% below SBAR i.e. 12.25% p.a.
Above 5 yrs up to 7 yrs (for all loans)	0.25% below SBAR i.e. 12.50% p.a.

Old vehicle - Floating only W.E.F. May 10, 2007

Repayment Period	All Centers (SBAR-12.75%)
Upto 3 years	3.00% above SBAR i.e. 15.75% p.a.
Above 3 yrs up to 7 yrs	3.25% above SBAR i.e. 16.00% p.a.

Two Wheeler W.E.F. April 09, 2007

Repayment Period	All Centers (SBAR-12.75%)
Floating Rate	2.00% above SBAR i.e. 14.75% p.a.
Fixed Rate	2.25% above SBAR i.e. 15.00% p.a.

SBI Education Loans

Loan amount
Structure w.e.f. 20.2.2007 Revised Interest Rate
Structure w.e.f. 9.4.2007
For loans upto ` 4 lacs
11.50% p.a.
12.75% p.a.
For loans above `4 lacs
13.25% p.a.
13.75% p.a.

SBI Personal Loans -

(against third party security).

Personal Loan against third party security of NSC/IVP /RBI Relief Bonds etc.	upto 3 years 11.75% p.a.	More than 3 years and below 6 years 12.25% p.a.

SBI Loans against shares / debentures / bonds

Existing Interest Rate Structure w.e.f. 20.2.2007	Revised Interest Rate Structure w.e.f. 9.4.2007
At SBAR 12.25% p.a.	At SBAR 12.75% p.a.

SBI Loans against gold ornaments and Mortgage of property

(i) Loan against Gold Ornaments:

Size of credit limit	Revised interest rate structure w.e.f.09.04.07 (Repayable upto 30 months)
Upto ` 1,00,000/-	0.50% below SBAR i.e.12.25% p.a.
Above ` 1,00,000/-	SBAR i.e.12.75% p.a.

(ii) Loan against Mortgage of Immovable Property

Term Loan	0.75% above SBAR i.e.13.50% p.a. floating

State Bank of India Credit Card is another wonderful product from the deep product-portfolio of State Bank of India. State Bank of India Credit Card base as on 31st March 2007 is 25.36 million and till date is the largest credit card base in India. Moreover, it has 6473 ATMs - the highest number in India till date.

Amongst host of awards and accolades won by State Bank of India, the most mentioned worthy being, The "TECHNOLOGY AWARD 2005" by The Banker,London.

SBI Credit Cards Features

State Bank of India Credit Card offers the following features in serving its wide customer base :

• The State Bank of India Credit Card offers a Classic VISA card duly acceptable in India and Nepal. It transfers all the advantages provided by the VISA Card.
• The present eligibility for applying for the State Bank of India Credit Card is ` 75,000 for salaried and ` 60,000 p.a. for businessmen (kindly verify the rate with SBI before applying).
• SBI Credit Card is acceptable over 1,05,000 merchants in India and Nepal. The SBI Credit Card is accepted to 117 cash-point locations in 57 cities from Leh to Port Blair.
• The daily withdrawal limit is ` 10,000.
• SBI Credit Card comes with an insurance of ` 2 lakhs on road and ` 4 lakhs by air.

State Bank of India Credit Card has indeed revolutionized the Indian banking system credit and payment modes.

SBI Hikes Rate Deposit and Lending Rates

SBI announced a hike in its deposit and lending rates on 11th August 2008. The bank however insulated the small housing-loan borrowers from the lending rate hike. This has been reported in the Times of India dated 12th August 2008.

The salient features of the latest SBI announcement are stated below.

• SBI has hiked the BPRL to 13.75%
• The new rates will not hold for housing loans up to 30 lakhs
• For auto loans the rate hike will be up to 50 basis points

Table 1: Revised and Old SBI rates for FDs

Period of Fixed Deposit	Old rate (%)
Six months to one year	8
One year to Three years	9.5
Three years to less than five years	9
Five years to ten years	9

It may be noted that the five year FD scheme renders tax concessions. SBI has also announced that the existent education loan takers will not be affected by the recent rate hike. However the new loan takers in the same category will have to fork out the increased rate. The existent rates on educational loans are 9% or around 10.5%, depending on whether the loan amount is within or above ` 4 lakhs. The new applicable rate will be one percentage point greater than the existent ones.

Central Bank Increases PLR

Central Bank of India hiked its PLR (Prime Lending Rate) to 14% as per a report carried in the Times of India dated 12th August 2008. This rise in PLR will make the loans, which are related to BPLR costlier. As per the new announcement, the vehicle loans from the bank, with a three year tenure will carry a 12% interest rate. The erstwhile rate for this loan category was 10.5%.

FM slated to meet Indian bankers

The Indian finance minister, Mr P.Chidambaram is slated to meet top public sector bank officials on 13th August 2008, as per a report carried in The Telegraph. It may be noted that an official data release on 12th August 2008 showed that India's industrial growth has fallen to 5.2%, for Q1 of the present FY. The comparable figure was 10.3% last year. In the meantime the RBI has been following a contractionary monetary policy by raising both repo rate and CRR. As a result, most of the commercial banks have gone for a hike in their lending rates. Economists have attributed the industrial slowdown to the dismal performance of the manufacturing sector, affected by increasing interest rates. Mr. Chidambaram is also expected to review the debt waiver scheme in the said meeting. The FM may advise banks to go in for selective credit curtailing.

SBI Life Insurance

SBI Life Insurance is a joint enterprise of BNP Paribas Cardiff and the State Bank of India. SBI holds 74 percent of the overall shares and BNP Paribas Cardiff owns the remaining stake. The insurer has a paid up capital of INR 1000 crores and an authorized capital of INR 2000 crores.

SBI Life Insurance has a special model of multi distribution that includes the following:

• Bancassurance partners
• Institutional partnerships
• Retail agencies
• Corporate solutions distribution channels

Over the years SBI Life has been using its connections with the State Bank Group in order to market its products in combination with offerings such as personal loans and housing loans. The insurer can reach more than 100 million State Bank Group customers across the country and this enables them to get across to people from different economic levels and regions across the country. It also has at least 80 thousand insurance advisors in its agency channel that allows it to offer services on a door to door basis.

SBI Life Awards and Recognition

Following are some of the major achievements of SBI Life Insurance in 2011-12:

• Conferred the most coveted NDTV Profit Business Leadership Award, in two consecutive years, 2010 and 2011
• ICRA reconfirmed its iAAA rating thus pointing to the greatest ability to pay claims as well as a basically strong financial position
• Received the 'Most Trusted Life Insurance Brand - II from The Economic Times, Brand Equity and Nielsen, Most Trusted Brands 2011
• Won the IMC Ramkrishna Bajaj National Quality Awards 2011- "Certificate of Merit", which can be regarded as one of the leading influential quality distinctions
• Became the world leader for the esteemed Million Dollar Round Table (MDRT) for owning the maximum number of MDRT members, for three straight years
• Received the Silver Shield by ICAI for Excellence in Financial Reporting for FY 2010 - 11 under the Insurance category
• CRISIL reiterated its AAA / Stable rating - this ranking indicates the highest level of financial strength to make the payments for the policyholders
• Won 'Best Presented Accounts Award' from the South Asian Federation of Accountants (SAFA), in the Insurance Category for the Annual Report FY 2009-10

SBI Life Corporate Social Responsibility

Over the years, SBI Life has built up its brand reputation through programs that have reflected its focus on corporate social responsibility. Till date its most famous programs in this regard have been Gift Drishti, Read India Pledge, Gift Drishti Campus, and Read India Campus.

SBI Life Products and Services

The products offered by SBI Life Insurance may be categorized into individual plans, health plans, and group plans. They may be further described as below:

• Individual Plans
• Unit Linked Plans
• SBI Life - Smart Performer
• SBI Life - Unit Plus Super
• SBI Life - Smart Horizon
• SBI Life - Saral Maha Anand
• SBI Life - Smart Scholar
• SBI Life - Smart Wealth Assure
• SBI Life - Smart Elite
• Child Plans
• SBI Life - Scholar II
• SBI Life - Smart Scholar
• Pension Plans
• SBI Life - Annuity Plus
• Protection Plans
• SBI Life - Smart Shield
• SBI Life - Swadhan
• SBI Life - Saral Shield
• Savings Plans
• SBI Life - Smart Money Back Insurance
• SBI Life - Shubh Nivesh
• SBI Life - Flexi Smart Insurance
• SBI Life - Saral Life
• SBI Life - Sanjeevan Supreme
• Group Plans
• Corporate Solutions
• Retirement Solutions
• SBI Life - Kalyan ULIP Plus
• SBI Life - Swarna Jeevan
• SBI Life - CapAssure Gratuity Scheme
• SBI Life - Gaurav Jeevan
• SBI Life - CapAssure Leave Encashment Scheme
• SBI Life - Swarna Ganga
• SBI Life - Dhanrashi
• SBI Life - CapAssure
• Group Protection Plans
• SBI Life - Sampoorn Suraksha
• SBI Life - Suraksha Plus
• SBI Life - Credit Guard
• Group Term with ROP
  
  • SBI Life - Swadhan (Group)
• Group Loan Protection Products
• SBI Life - RiNn Raksha
• Group Savings Protection Products
• SBI Life - Nidhi Raksha RP
• Group Micro Insurance Plans
• SBI Life - Grameen Super Suraksha
• SBI Life - Grameen Shakti
• Health Plans
• SBI Life - Hospital Cash
• SBI Life - Group Criti9

SBI Life Office Network

Following are the states where SBI Life has set up offices:

SBI Life Office Network

Following are the states where SBI Life has set up offices:

SBI Life Contact Details

Corporate Address:
SBI Life Insurance Co. Ltd,
"Natraj",
M.V. Road & Western Express Highway Junction,
Andheri (East), Mumbai - 400 069
Toll free telephone numbers: 1800-22-9090, 1800-425-9010
E-Mail address: [email protected]

State Bank of India Mutual Funds

State Bank of India Mutual Funds is a joint venture between the State Bank of India and Société Générale Asset Management, one of the world’s leading fund management companies, managing over US$ 330 Billion worldwide. SBI Mutual Fund is largest bank sponsored mutual fund in Indian market with stupendous investments track record. The State Bank of India Mutual Funds is sponsored by over 80% of the top corporate houses of the country.
Amongst host of awards and accolades won by State Bank of India Mutual Funds, the most mentioned worthy are -
1. Lipper Award – The Lipper India Fund Awards 2007.
2. ICRA – Mutual Fund Awards 2007.
3. CNBC TV 18 - CRISIL – Mutual Fund of the Year Award 2007.

Mutual Funds offers

State Bank of India Mutual Funds offers investment opportunities in both, Equity and Debt funds. With 18 years of operational experience the achievements of State Bank of India Mutual Funds are -

• The fund has launched 32 schemes and successfully redeemed them with handsome returns.
• The fund has investor base of over 3.5 million.
• SBI Mutual Fund have consistently met investor's expectations and have emerged as the preferred investment for millions of investors and HNI’s.
• SBI Mutual Fund manages over ` 16500 crores of assets and has a diverse portfolio of 30 active schemes.
• State Bank of India Mutual Funds has a network of 100 collection branches, 26 investor service centers , 28 investor service desks and 52 district organizers.
• SBI Mutual is the first bank-sponsored fund to launch an offshore fund – Resurgent India Opportunities Fund.

SBI Mutual Funds Corporate Office

State Bank of India Mutual Funds is headed by Mr. Syed Shahabuddin, Managing Director. State Bank of India Mutual Funds Corporate Office is located at:
SBI Funds Management Private Limited
191, Maker Tower 'E', Cuffe Parade,
Mumbai - 400 005, India.
Tel: +91 22 2218 0221-27
Fax:+91 22 2218 9663
E-mail: [email protected]
Web Site: www.sbimf.com

State Bank of India USA

State Bank of India USA is an extension of the parent bank - State Bank of India. There are altogether 4 foreign offices and subsidiaries of State Bank of India which, offers its service to its customers in US.
Amongst all other Indian Banks operating in foreign countries the State Bank of India USA is the most prominent one. Amongst host of awards and accolades won by State Bank of India, the most mentioned worthy being, The "TECHNOLOGY AWARD 2005" by The Banker,London.
State Bank of India, the parent bank of State Bank of India USA is a Fortune Global 500 Company.

SBI USA Services

State Bank of India USA service the international needs of the bank's USA customers, in addition to conducting retail operations. The focus of these offices is India-related business. State Bank of India USA is the best link to India with a 13000+ branch network of SBI and its Associate Banks in India. State Bank of India USA offers a wide array of services to its customers covering domains like -

• Money transfer.
• Deposits.
• Loans.
• Trade services.

State Bank of India USA has branches spread across US cities, like New York, Chicago, Los Angeles and Washington DC to cater its products and services to NRIs in US. Further, the State Bank of India USA branches acts as a facilitator for making and receiving payments.
New York Office -

• Rupee Remittances.
• Dollar Remittances.
• Other Currency Remittances.
• Deposits.
• Credit and Trade Finances.

Chicago Office -

• Personal Loans.
• Credits and Loans.
• International Banking.
• Remittances.

Los Angeles Office -

• Money Transfer to India.
• Deposits in the US.
• Credit and Trade Finances.

Washington DC -

• Money Transfer to India.
• Deposits in the US.
• Credit and Trade Finances.

State Bank of India USA Head Office Address:

SBI -Office of the Country Head (US Operations)
State Bank of India
460 Park Avenue
New York
N.Y. 10022, USA
Tel: (212) 521-3200
Fax: (212) 521-3360 (Country Head Sectt.)
SWIFT: SBIN US33
ISD: 001
Cable: INDTHISTLE
Email:[email protected]
website:www.statebank.com

SBI Corporate Office Address, India

The Chairman
State Bank of India
State Bank Bhavan,
Madam Cama Road,
Mumbai 400 021
Email: [email protected]

State Bank of India Website :

https://www.sbi.co.in/

SBI 24X7 helpline number :

1800 11 2211



Last Updated on May 26, 2015