|Period||< 1 Cr|
|Interest Rate||Senior Citizen Rates|
|7 days to 45 days||5.75 %||6.25 %|
|46 days to 179 days||6.25 %||6.75 %|
|180 days to 210 days||6.35 %||6.85 %|
|211 days to less than 1 year||6.40 %||6.90 %|
|1year to less than 2 years||6.70 %||7.20 %|
|2 years to less than 3 years||6.75 %||7.25 %|
|3 years to less than 5 years||6.80 %||7.30 %|
|5 years and up to 10 years||6.85 %||7.35 %|
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The State Bank of India which is popularly known as SBI in India and abroad was formed in its present position after the Imperial Bank of India ceased to exist through a parliamentary act which is known as the State Bank of India Act and was passed on 01 May 1955.Along with the same act one more act was later on passed which created the State Bank of India (Subsidiary Banks act).
The country had just attained the independence and the act was very important since the reorientation of the national resources was the main challenge. Before the State Bank was constituted, the economy was going through the problems as the nation had the challenge of supporting the rural masses which constituted the majority of the population and the banks were constrained to urban set up only.
Hence with this premise, the government feeling the urgent need to having a bank which required serving the rural India and since that was also the period of first five year plan, the nation required to support the masses with the social and economic uplifting of downtrodden and also the rural India in mind as whole. The setting up of the State Bank of India gave a fillip to the economy and has transformed Indian banking ever since.
The bank has reached a place since then where it manages to control 190 offices across globe and with the presence in 36 countries. In the span of 60 years since its inception in the present form, the bank started with the 480 offices, sub offices, 3 local head offices and presently has more than 13000 branches across India. It is the largest bank in India and ranks amongst the 500 fortune companies.
The bank being the largest bank offers a variety of service to its customers apart from the traditional banking. The services include accepting of deposits, opening of the PPF accounts, many kinds of savings account as per the demography of the customers, and there are other specialised services offered by the bank like forex, specialized loans, and credit cards through the subsidiary route and also the investor related services like ASBA etc.
The bank is presently headed by its chairman Smt. Arundhati Bhattacharya who is a very dynamic personality and a banker who committed to excel. The bank has the total business of Rs 29,12,217 Crore which is equivalent to 433.69 billion USD. The Bank has the total Deposit base of Rs 15,76,793 Crore which is equivalent to 234.78 billion USD. Hence the bank has the advances (Loans) of 198.91 billion USD. The bank serves almost 23-24 Crore (230-240 million) people of this country.
The bank has become the new age bank and offers many services related to IT which is new platform for the banking nowadays. The bank offers the mobile banking facility, internet banking and also the SMS banking, the bank offers personalized banking services through its many branches.
The bank apart from the regular online services, the bank has brought some innovative ideas to reduce the hassles for its customer when the bank has to service a large customer base. The SBI No queue App allows the customers to generate the e-token for the queue even though the customer is not present in the branch. This new innovation will allow the bank to service properly without any hassle since visiting SBI branch is still very inconvenient because of large customer base it serves.
The customer can register the mobile no and name with the application and can select upto five services which SBI offers. Hence during the peak hours, make use of this app and have hassle free banking with SBI.
For those who are from the borrowing community, SBI charges the lesser rate amongst the nationalized banks and hence becomes an attractive bank to bank with. In order to cater to the different set of the people, SBI has created the specialized branches and all the loans are being handled by those branches of the similar nature. Hence you need to be sure that what kind of loan you want to have from the SBI and contact the branch in case of any confusion. You can however enter any SBI branch and enquire about the loan procedure for your kind of loan.
The bank has the legacy and it is the largest Indian bank and has more than 60 years of existence. It is a bank to bank with apart from some services issues which the bank must have been committed to resolve.