India’s largest public sector bank, headquartered at Mumbai, State Bank of India (SBI Bank) was established in the name of Bank of Calcutta in 1806. At present, this is the biggest multinational Indian bank by having 195 branches in foreign countries. In India as well, this bank is getting gigantic day by day. SBI has over 24,000 branches and a humongous 60,000 ATMs, this data is fetched only from India.
Not just having the highest figures as in quantity, SBI also has a torrent of products and services to offer to its customers.
Services Dispensed By SBI Bank
The SBI Bank services and products which you can get are listed below.
SBI Bank Deposit Account
From a glut of options varying from General Savings account to Savings Plus account, SBI provides all its customers with very interesting interest rates. The rates offered by SBI on the savings accounts on the deposits up to INR 1 cr is 3.5% and deposits ranging above INR 1 cr will get 4%.
You can get the option of online and offline account opening. In online mode, there are two types of savings account, a) Digital savings account, which will provide you paperless documentation along with a Platinum debit card, b) Insta savings account, where you will also get your KYC done through OTP and a free Rupay debit card will be provided.
In offline mode, the options are savings plus account, general savings account, special salary account, small savings account, Demat and trading account, etc.
Opening an SBI Bank’s current account will provide you an ocean of features and premium services in a very hassle-free manner. Some exclusive features that SBI offers are listed below.
- All the current account holders will get complimentary insurance along with the free internet banking facility.
- In the initial days, a lower balance could be maintained.
- If you have an excellent credit history then SBI Bank services also provide an overdraft facility.
- For the first year, all the ATM transactions are free and chargeable annually from next year.
- Nomination facility along with multicity checkbooks are included in the package.
The range of variety available for SBI Bank current accounts starts from the normal current account, power gain current account, Surbhi current account, and goes all the way to power Jyoti current account, and power Jyoti Pul current account.
SBI Bank Loan
SBI Personal Loan
The range of personal loans from SBI is also a widespread one. From Xpress credit loan to SBI Pension loan, something for everyone is available here. The needs for which you can apply for a personal loan can be anything such as the expansion of your business, consolidation of debt, marriage, renovation of home or office, emergency medical needs, etc. The loan amount can go all the way up to INR 20 lakhs.
The interest rate that SBI charges on personal loans are 11% with a processing fee varying from 0.5% to 1% plus taxes. If you want to prepay the whole amount, then the interest that will be charged is 3%. To avail SBI Xpress credit loan, one must have a salary account in SBI and the monthly salary must be of minimum INR 15,000.
The SBI also offers a personal loan amount of up to INR 14 lakhs to the pensioners of state or central government and their age should not be above 76 years. The EMIs can be set for up to 5 years.
SBI Car Loan
SBI will finance you in both situations if you are planning to get a new car or going for a used one. The interest rates are also very much flexible and keep varying from 10.40% to 10.45% with the repayment time of as high as 84 months. You must note a point that only 85% of the on-road price of the car is financed and the rest will be paid by you at the time of the purchase.
There is also an income criterion that decides if you are eligible for a loan or not. If a person is working for the government or is in any Pvt. Ltd. company and his/her net income is INR 2.5 lakhs p.a. Then he/she is eligible for the maximum loan amount of the 48 times of his/her net monthly income. If you are a businessman or agriculturist having a yearly income of INR 4 lakhs, then you are eligible to get the loan 4 times of your gross taxable income.
SBI Home Loans
The home loans that SBI caters are very much affordable and is fulfilling a dream of having a home of 30 lakhs plus Indian families. The processing charges of sanctioning a loan to its customers are very low, having the lowest possible interest rates and with absolutely no hidden costs.
SBI Two-wheeler Loans
The two types of two-wheeler loans are available at the State Bank of India. There is absolutely no need for advance payment and the lowest possible rates are available. As the balance reduces on per day basis, the interest is calculated on that only.
Loan Against Property
With a simple process of documentation, one can easily get higher amounts of sanctioned as a loan against one or more than one of their existing properties. The repayment tenure of these loans also goes as high as 15 years.
SBI Gold Loan
The gold loan offered by State Bank of India also comes with very interesting rates. Amounting from INR 20,000 to INR 20 lakhs and allowing repayment duration of 6 months to 3 years
SBI Business Loan
Both the secured and unsecured types of business loans are provided under this category. The process is made extremely simple and there is absolutely no hassle faced by the customers.
The loan offers 2 types of categories that are offered under this. Known as Mortgage of Immovable Property and Rent Plus, the loans available are of very low-interest rates and tenures that can be easily adjustable according to you.
SBI Bank Cards
SBI Credit Card
You can avail of a huge range of varieties in SBI Credit cards which are loaded with some attractive benefits and discounts. SBI credit cards fulfill your all requirements whether you are a shop alcoholic or a movie-buff. The customer gets huge benefits from these cards by reward points, cashback, etc.
SBI Debit Card
SBI mainly offers four types of debit cards to their customers according to their needs in daily life. One can do the free transaction for 5 times from SBI’s ATM. The best thing about SBI’s debit card is its security. In the meantime of any online transaction, SBI cards are always secured and saved with 2 step-verification code.
SBI Bank Investments
The FD rates of SBI ranges from 5% to 6.8% to all the customers whereas an extra 0.5% has been added for senior citizens.
The duration of these deposits could vary from 12 months to 120 months. Also, the overdraft facility is available to the customers for the value of up to 90% of the deposits.
SBI Online Banking
SBI Balance Inquiry
ATMs, SMS, Mobile banking, Net banking, miss call alert, etc. can be used for checking the balance of your account. You can also get the passbook updated in any branch.
SBI Mobile Banking
SBI’s YONO mobile banking app is one destination from where you can literally operate your whole account along with shopping, checking rewards, fund transfer, etc.
SBI Net Banking
The net banking facility provided by SBI enables you to transfer the amount up to INR 10,000 instantly without any extra charges.
Stay In Touch With SBI’s Bank Reliable Customer Service
The root of earning someone’s trust is to establish a good communication with them. This is the belief of SBI when it comes to after-sales services. The executives are available throughout the day to help you and provide answers to all of your queries. The toll-free number on which one can easily reach SBI customer care is 1800 11 2211 or 1800 425 3800. You can also reach the branch at Shankar Road, Pocket D, Rajinder Nagar, New Delhi, Delhi 110060.
SBI Bank Customer Reviews
SBI is very much aware now on improving its customer satisfaction tactics. The bank has a 90% satisfaction rate found in research done by Dr. Santhiyavalli. The research considered the dimensions of reliability, tangibility, empathy, and responsiveness. As it is also the bank of the government, the responsibility of having much higher customer satisfaction increases further in this bank.