State Bank of India is the largest government co-owned bank in India. Popularly known as SBI, the bank has played a significant role in ushering the era of the organized banking sector in India. SBI offers a wide range of affordable services to individuals of all earning classes as well as corporate businesses. The headquarters of SBI is located in Mumbai, and the bank consists of more than 24,000 branches after the merger of SBI with five more associate banks. Such an extensive network of branch offices is impressive and speaks of the bank’s position in the banking industry
SBI has a wide range of products and services for its customers that include savings accounts, fixed deposits, home loans, personal loans, debit card, credit cards, mortgage loans, vehicle loans, gold loans and more. mymoneykarma gives you a glimpse into these SBI services.
SBI Card IPO - Share Quota and Subscription Status
SBI plans to raise up to Rs 10,341 crore by selling 13.71 crore shares through its IPO of 'SBI Card'. SBI Card includes both SBI Credit Card and Debit Card services.
Separate share quotas were set aside for six different categories of investors — anchor (3,66,69,590 shares), qualified institutional buyers (2,44,46,393 shares), non-institutional investors (1,83,34,795 shares), retail (4,27,81,188 shares), SBI shareholders (1,30,52,680 shares) and employees (18,64,669 shares).
Share prices start at 755 per share (with 75 per share discount for employees), with a minimum cutoff of 19 shares to be purchased. Around 40% of the IPO was subscribed on day 1 of the offering itself, and saw a further 55% subscription on day 2.
SBI is the largest public-sector lending bank. SBI shares are open for public trading. SBI stock prices keep fluctuating. Shares of SBI can be purchased from NSE (National Stock Exchange) and BSE (Bombay Stock Exchange) in India. SBI stocks are also listed on the London Stock Exchange. SBI is also listed on the Benchmark Indices of India like BSE Sensex and Nifty.
In addition to the various financial products, SBI offers several facilities that are intended to enrich its customer experience. Listed below are a few of the facilities that SBI offers to make banking easier and more convenient for all SBI customers.
SBI Net Banking
SBI Mobile Banking
SBI Customer Care Services
SBI Mobile App
The SBI IFSC code is used for electronic financial transactions for SBI customers. The first four letters are SBIN and the last six letters represent the branch code. Each branch has a unique code.
Most families dream of owning a house. SBI is committed to fulfilling this dream by helping more than 30 lakh families across the country to get their own homes. SBI offers home loans at attractive rates of interest and manageable loan tenures. SBI home loans are considered the best for the following reasons.
Wide range of SBI-approved construction projects.
Instant e-approval in three simple steps
Easy and affordable home loan EMIs
Facility to transfer the outstanding balance from other banks to SBI and save the amount of interest.
Home loans for NRIs
Flexipay home loan that allows only interest payment during the pre-EMI period.
SBI is committed to the development of the business sector in India. It offers two types of loans for small, medium and large-scale businesses.
Asset-backed loans: These loans are provided against property as collateral, and the loan can be used for business purposes like a working capital requirement and capacity expansion. SBI offers 60% of the value of the property as a loan.
Collateral free loans: SBI provides loans to businesses without any need for an asset as collateral. These loans can be utilized for various business purposes. The loan amount depends on the credit score of the borrower and a few other factors.
SBI offers credit cards as a joint venture with GE Capital. SBI is one of the largest credit card issuing institution in the country and provides an extensive range of credit cards to suit the needs of different types of customers. These cards are made to maximize the benefits when the customers are shopping, traveling, dining, going to the movies, booking airline tickets and much more. Here are some of the features of the credit cards from SBI.
Facility to transfer balances from other bank credit cards
Flexipay option to break huge expenses into affordable EMIs.
Hassle-free cashless shopping experience with convenient repayment options
Easy payment of utility bills with attractive cashback rewards
Every customer who opens a savings account with SBI gets a complimentary debit card. The type of debit card depends on the kind of savings account opened by the customer. All SBI debit cards are accepted internationally and offer various rewards and benefits. The types of SBI debit cards are listed below.
SBI Classic Debit Card
SBI Silver International Debit Card
SBI Gold International Debit Card
SBI Platinum International Debit Card
SBI Global International Debit Card
Mumbai Metro Combo Card for easy recharge and convenient commuting in Mumbai Metro.
Whatever be the financial need, SBI offers a smooth resolution of financial problems with SBI personal loans. These loans can be used to cover huge medical bills, substantial wedding expenses, international vacation expenses, or debt consolidation. SBI personal loans have an easy application process. The minimum loan amount is set at Rs.25,000 and the maximum amount at Rs. 15 lakhs. The processing fee for the loans is very nominal and is equal to 1% of the loan amount. Prepayment of loan is an easy process with a fee of 3% on the loan amount. These loans are available for both salaried individuals and self-employed people.
Customers can use their idle gold articles to tide over their financial problems with SBI gold loans. The gold loans from SBI are offered at attractive interest rates. The sanctioned loan amount depends on the current market value of the pledged gold and cannot exceed a maximum limit of Rs. 20 lakhs. The maximum loan tenure for SBI gold loan is 36 months. Here are a few features that make SBI gold loans accessible.
Any person with a steady source of income can avail the loan.
The eligible age range is extensive to cover the maximum number of customers.
The customers can rest easy regarding the security of their gold, which is kept safe in secure bank vaults.
Cars are rapidly becoming a necessity rather than a luxury. SBI recognizes this growing need and has come up with affordable car loans to help customers buy their dream cars. The loan can be used to buy a passenger car, a multi-utility vehicle, or a sports utility vehicle. The loans have low interest rates and a straightforward application process. The loan tenures are optimally designed with a maximum limit of 7 years. The loan amount depends on the on-road cost of the vehicle. SBI also does not penalize prepayment or foreclosure of the loan before the end of the loan tenure. The eligible age ranges from 21 years to 65 years.
SBI offers loans against property or LAPs as alternative options for customers to meet their varied financial requirements. Customers don’t have to provide any justification for the end use of the loan funds. SBI LAPs allow both residential and commercial properties to be pledged to the bank for the loan. The minimum loan amount is set at Rs.10 lakhs and the maximum amount at Rs. 7.5 crores. Here are some features of SBI LAPs
Attractive rates of interest
Lowest processing charges
Transparent application and operations
No prepayment penalty
Rental income also be considered a source of income
SBI knows the importance of long term investments and the need for savings. Hence SBI has come forward with various fixed deposit schemes for customers to invest and earn interests. The fixed deposit tenures can range from 7 days to 10 years. SBI offers attractive interest rates on these FDs. Senior citizens are eligible for an extra 0.50 percent raise on the interest rate as compared to regular investors. FDs can also be used as collateral for loans from SBI.
SBI offers different savings accounts designed to fit the varied requirements of a large pool of customers. SBI savings accounts offer their customers the convenience of banking across the world through internet banking or mobile banking. Here are the different types of savings accounts offered by SBI:
General Savings Account
Special Salary Account
Children’s Savings Account
Three-in-one Demat And Online Trading Account
SBI savings accounts also offer other facilities such as auto-sweep facility, internet banking, mobile banking, rewards programs, personal insurance plans, and a dedicated customer service hotline for query resolution that remains open 24/7.
Higher education is very important for the development of careers and personality of students. However, with college education becoming costlier by day, not many students and their families can afford it. SBI offers education loans to help these students and their families fulfill their dreams of education in a top institute. This loan covers tuition fees, exam fees, lab fees, purchase of books/uniform/equipment, travel expenses to study abroad, and more. For higher studies in India, the loan amount is set at a maximum of Rs. 10 lakhs and Rs. 20 lakhs for college education in foreign countries. These loans do not require any security for amounts below Rs. 7.5 lakhs.