A STUDY ON SERVICE’S PROVIDED BY SBI

ACADEMIC YEAR: 2019-2020

A PROJECT SUBMITTED TO

UNIVERSITY OF MUMBAI FOR PARTIAL COMPLETION OF THE DEGREE

OF

BACHELOR IN COMMERCE ( FINANCIAL MARKETS )

UNDER THE FACULTY OF COMMERCE.

BY:

RAVI VAITY

ROLL NO: 48

UNDER THE GUIDANCE OF:

Ms.

SIES COLLEGE OF COMMERCE AND ECONOMICS,

PLOT NO. 71/72, SION MATUNGA ESTATE

T.V. CHIDAMBARAM MARG,

SION (EAST), MUMBAI – 400041

1
CHAPTER PARTICULARS Page
no.
CHAPTER 1 INTRODUCTION

INTRODUCTION TO SBI 7

HISTORY OF SBI 7

OPERATIONS OF SBI 9

INTERNATIONAL PRESENCE 10

FORMER ASSOCIATE BANKS 11

SERVICES PROVIDED BY SBI

LOAN’S

SBI HOME LOANS 13

SBI GOLD LOANS 28

CARD’S

CREDIT CARD

DEBIT CARD

INVESTMENT’S

FIXED DEPOSIT’S

RECURRING DEPOSIT’S

BALANCE ENQUIRY

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BALANCE ENQUIRY

MOBILE BANKING

3
 SIES COLLEGE OF COMMERCE AND ECONOMICS,

PLOT NO. 71/72, SION MATUNGA ESTATE

T. V. CHIDAMBARAM MARG,

SION (EAST), MUMBAI – 400022

CERTIFICATE
This is to certify that Mr.Ravi Vaity has worked and duly completed her/his project
work for the degree of Bachelor in Commerce ( Financial Markets ) under the Faculty
of Commerce and her/his project is titled, “A STUDY ON PERFOMANCE
SERVICES PROVIDED BY SBI” under my supervision.

I further certify that the entire work has been done by the learner under my guidance
and that no part of it has been submitted previously for any Degree or Diploma of any
University.

It is her/ his own work and facts reported by her/his personal findings and
investigations.

_______________________

(Ms. )

(Project Guide)

Date of submission: ________________

4
 DECLARATION

I the undersigned Mr.RAVI VAITY here by, declare that the work embodied in this
project work titled “A STUDY ON SERVICES PROVIDED BY SBI” forms my
own contribution to the research work carried out under the guidance of Mr.

is a result of my own research work and has not been previously

submitted to any other University for any other Degree/ Diploma to this or any other
University.

Wherever reference has been made to previous works of others, it has been clearly
indicated as such and included in the bibliography.

I, here by further declare that all information of this document has been obtained and
presented in accordance with academic rules and ethical conduct.

___________________

Mr.Ravi Vaity

Roll No. 48

Certified by

___________________

5
Ms.

(Project Guide)

6
 ACKNOWLEDGEMENT
I would like to acknowledge the following as being idealistic channels and fresh
dimensions in the completion of this project.

I take this opportunity to thank the University of Mumbai for giving me a chance to
do this project.

I would like to thank our Principal Dr. Nina Roy Choudhury for providing the
necessary facilities required for completion of this project.

I take this opportunity to thank our coordinator Ms. Reema Castelino for her moral
support and guidance.

I would like to express my sincere gratitude towards my project guide Mr. for her
constant support and guidance.

I would also like to thank my College Library, for having provided various reference
books and magazines related to my project.

Lastly, I would like to thank each and every person who directly or indirectly helped
me in the completion of the project especially my Parents and Peers who supported
me throughout my project.

Mr.Ravi Vaity

Roll No: 48

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INTRODUCTION TO SBI:

The State Bank of India (SBI) is an Indian multinational, public sector banking
and financial services statutory body. It is a government corporation statutory
body headquartered in Mumbai, Maharashtra. SBI is ranked as 236th in the
Fortune Global 500 list of the world's biggest corporations of 2019. It is the
largest bank in India with a 23% market share in assets, besides a share of one-
fourth of the total loan and deposits market.

The bank descends from the Bank of Calcutta, founded in 1806, via the Imperial
Bank of India, making it the oldest commercial bank in the Indian subcontinent.
The Bank of Madras merged into the other two "presidency banks" in British
India, the Bank of Calcutta and the Bank of Bombay, to form the Imperial Bank
of India, which in turn became the State Bank of India in 1955. The Government
of India took control of the Imperial Bank of India in 1955, with Reserve Bank of
India (India's central bank) taking a 60% stake, renaming it the State Bank of
India.

HISTORY OF SBI:

The roots of the State Bank of India lie in the first decade of the 19th century
when the Bank of Calcutta later renamed the Bank of Bengal, was established on
2 June 1806. The Bank of Bengal was one of three Presidency banks, the other
two being the Bank of Bombay (incorporated on 15 April 1840) and the Bank of
Madras (incorporated on 1 July 1843). All three Presidency banks were
incorporated as joint stock companies and were the result of royal charters.
These three banks received the exclusive right to issue paper currency till 1861
when, with the Paper Currency Act, the right was taken over by the Government
of India. The Presidency banks amalgamated on 27 January 1921, and the re-
organised banking entity took as its name Imperial Bank of India. The Imperial
Bank of India remained a joint stock company but without Government
participation.

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Pursuant to the provisions of the State Bank of India Act of 1955, the Reserve
Bank of India, which is India's central bank, acquired a controlling interest in
the Imperial Bank of India. On 1 July 1955, the Imperial Bank of India became
the State Bank of India. In 2008, the Government of India acquired the Reserve
Bank of India's stake in SBI so as to remove any conflict of interest because the
RBI is the country's banking regulatory authority.

In 1959, the government passed the State Bank of India (Subsidiary Banks) Act.
This made eight banks that had belonged to princely states into subsidiaries of
SBI. This was at the time of the first Five Year Plan, which prioritised the
development of rural India. The government integrated these banks into the
State Bank of India system to expand its rural outreach. In 1963 SBI merged
State Bank of Jaipur (est. 1943) and State Bank of Bikaner (est.1944).

SBI has acquired local banks in rescues. The first was the Bank of Bihar (est.
1911), which SBI acquired in 1969, together with its 28 branches. The next year
SBI acquired National Bank of Lahore (est. 1942), which had 24 branches. Five
years later, in 1975, SBI acquired Krishnaram Baldeo Bank, which had been
established in 1916 in Gwalior State, under the patronage of Maharaja Madho
Rao Scindia. The bank had been the Dukan Pichadi, a small moneylender,
owned by the Maharaja. The new bank's first manager was Jall N. Broacha, a
Parsi. In 1985, SBI acquired the Bank of Cochin in Kerala, which had 120
branches. SBI was the acquirer as its affiliate, the State Bank of Travancore,
already had an extensive network in Kerala.

There was, even before it actually happened, a proposal to merge all the
associate banks into SBI to create a single very large bank and streamline
operations.

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The first step towards unification occurred on 13 August 2008 when State Bank
of Saurashtra merged with SBI, reducing the number of associate state banks
from seven to six. On 19 June 2009, the SBI board approved the absorption of
State Bank of Indore, in which SBI held 98.3%. (Individuals who held the shares
prior to its takeover by the government held the balance of 1.7%.)

The acquisition of State Bank of Indore added 470 branches to SBI's existing
network of branches. Also, following the acquisition, SBI's total assets
approached ₹10 trillion. The total assets of SBI and the State Bank of Indore
were ₹9,981,190 million as of March 2009. The process of merging of State Bank
of Indore was completed by April 2010, and the SBIndore branches started
functioning as SBI branches on 26 August 2010.

On 7 October 2013, Arundhati Bhattacharya became the first woman to be

appointed Chairperson of the bank. Mrs. Bhattacharya received an extension of
two years of service to merge into SBI the five remaining associate banks.

OPERATIONS OF SBI:

SBI provides a range of banking products through its network of branches in

India and overseas, including products aimed at non-resident Indians (NRIs).
SBI has 16 regional hubs and 57 zonal offices that are located at important cities
throughout India.

Domestic presence:

Samriddhi Bhavan, Kolkata

SBI has over 24000 branches in India. In the financial year 2012–13, its revenue
was ₹2.005 trillion (US$28 billion), out of which domestic operations contributed

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to 95.35% of revenue. Similarly, domestic operations contributed to 88.37% of
total profits for the same financial year.

Under the Pradhan Mantri Jan Dhan Yojana of financial inclusion launched by
Government in August 2014, SBI held 11,300 camps and opened over 3 million
accounts by September, which included 2.1 million accounts in rural areas and
1.57 million accounts in urban areas.

International presence:

The State Bank of India branch located in Ramat Gan, Israel

As of 2014–15, the bank had 191 overseas offices spread over 36 countries having
the largest presence in foreign markets among Indian banks.

SBI operates several foreign subsidiaries or affiliates.

In 1989, SBI established an offshore bank, State Bank of India International

(Mauritius) Ltd. This then amalgamated with The Indian Ocean International
Bank (which had been doing retail banking in Mauritius since 1979) to form SBI
(Mauritius) Ltd. Today, SBI (Mauritius) Ltd has 14 branches – 13 retail
branches and 1 global business branch at Ebene in Mauritius. [15] SBI Sri
Lanka now has three branches located in Colombo, Kandy and Jaffna. The
Jaffna branch was opened on 9 September 2013. SBI Sri Lanka is the oldest
bank in Sri Lanka; it was founded in 1864.

State Bank of India branch at Southall, United Kingdom

In 1982, the bank established a subsidiary, State Bank of India, which now has
ten branches—nine branches in the state of California and one in Washington,
D.C. The 10th branch was opened in Fremont, California on 28 March 2011. The
other eight branches in California are located in Los Angeles, Artesia, San Jose,
Canoga Park, Fresno, San Diego, Tustin and Bakersfield.

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In Nigeria, SBI operates as INMB Bank. This bank began in 1981 as the Indo–
Nigerian Merchant Bank and received permission in 2002 to commence retail
banking. It now has five branches in Nigeria.

In Nepal, SBI owns 55% of "Nepal SBI Bank Limited". (The state-owned
Employees Provident Fund of Nepal owns 15% and the general public owns the
remaining 30%.) Nepal SBI Bank Limited has branches throughout the country.

In Moscow, SBI owns 60% of Commercial Bank of India, with Canara Bank
owning the rest.

In Indonesia, it owns 76% of PT Bank Indo Monex.

The State Bank of India already has a branch in Shanghai and plans to open one
in Tianji.

In Kenya, State Bank of India owns 76% of Giro Commercial Bank, which it
acquired for US$8 million in October 2005.

In January 2016, SBI opened its first branch in Seoul, South Korea.

Former Associate Banks:

SBI acquired the control of seven banks in 1960. They were the seven regional
banks of former Indian princely states. They were renamed, prefixing them with
'State Bank of'. These seven banks were State Bank of Bikaner and Jaipur
(SBBJ), State Bank of Hyderabad (SBH), State Bank of Indore (SBN), State
Bank of Mysore (SBM), State Bank of Patiala (SBP), State Bank of Saurashtra
(SBS) and State Bank of Travancore (SBT). All these banks were given the same
logo as the parent bank, SBI. The State Bank of India and all its associate banks
used the same blue Keyhole logo. The State Bank of India wordmark usually had
one standard typeface, but also utilized other typefaces. The wordmark now has
the keyhole logo followed by "SBI".

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The plans for making SBI a single very large bank by merging the associate
banks started in 2008, and in September the same year, SBS merged with SBI.
The very next year, State Bank of Indore (SBN) also merged.

Following a merger process,the merger of the 5 remaining associate banks, (viz.

State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of
Mysore, State Bank of Patiala, State Bank of Travancore); and the Bharatiya
Mahila Bank) with the SBI was given an in-principle approval by the Union
Cabinet on 15 June 2016. This came a month after the SBI board had, on 17 May
2016, cleared a proposal to merge its five associate banks and Bharatiya Mahila
Bank with itself.

On 15 February 2017, the Union Cabinet approved the merger of five associate
banks with SBI. An analyst foresaw an initial negative impact as a result of
different pension liability provisions and accounting policies for bad loans.

The merger went into effect from 1 April 2017.

Non-banking subsidiaries:

Apart from five of its associate banks (merged with SBI since 1 April 2017),
SBI's non-banking subsidiaries include:

In March 2001, SBI (with 74% of the total capital), joined with BNP Paribas
(with 26% of the remaining capital), to form a joint venture life insurance
company named SBI Life Insurance company Ltd.

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SERVICES PROVIDED BY SBI:

LOANS:

SBI Home Loan:

SBI Home Loans 2020

Interest Rate 7.90% onwards

Loan Tenure Up to 30 years

Loan-to-Value Ratio Up to 90% of property value

Processing Fees  0.35% – 0.50% of loan amount

SBI home loan interest rate today is 7.90% p.a., with women borrowers getting

interest concession of 0.05%. The housing loan from SBI, available for both
salaried and self-employed professionals, comes with a range of benefits like
longer loan tenure of up to 30 years and low processing fees i.e. 0.35% of the loan
amount subject to a minimum of Rs. 2,000 and a maximum of Rs. 10,000 plus
applicable taxes.

SBI Home Loan Features & Benefits:

 Lowest home loan interest rate starting from 7.90%

 Concession of 5 basis points on SBI home loan rates for women borrowers

 No prepayment penalty on floating rate home loans

 Longer loan tenure extending up to 30 years

 Both salaried and self-employed are eligible for SBI Home Loan

 Top up, overdraft and balance transfer facilities are available

SBI Home Loan Interest Rate:

From October 1, 2019, State Bank of India (SBI) adopted repo rate as its
external benchmark for all floating rate home loan schemes. Currently,

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SBI’s External Benchmark Rate (EBR) is 7.80%. The SBI repo rate linked home
loan interest rate is 7.90% onwards.

For existing SBI borrowers who are servicing home loan under Marginal Cost of
funds based Lending Rate (MCLR) lending regime, the current MCLR is
7.75%, effective from 10 March 2020.

SBI Home Loan Interest Rates for Various Schemes (RLLR linked)

Interest Rates for Interest Rates for Self

SBI Home Loan Schemes
Salaried Employed

SBI Home Loan (Term Loan) 7.90% – 8.35% 8.10% – 8.50%

SBI Home Loan (MaxGain) 8.20% – 8.60% 8.35% – 8.75%

SBI Realty Home Loan 8.65% onwards 8.65% onwards

SBI Home Loan Top Up (Term

8.35% – 10.40% 8.50% – 10.55%
Loan)

SBI Home Loan Top Up (Overdraft) 9.25% – 9.50% 9.40% – 9.65%

1st Year: 10.35%

SBI Bridge Home Loan –
2nd Year: 11.35%

SBI Smart Home Top Up Loan

8.90% 9.40%
(Term Loan)

SBI Smart Home Top Up Loan

9.40% 9.90%
(Overdraft)

Insta Home Top Up Loan 9.05% 9.05%

1. SBI Home Loan

SBI Regular Home Loan can be availed for multiple purposes, including the
purchase of ready built property, under-construction property or pre-owned
homes, construction of a house, extension of a house, repair and renovation. The
interest rate for this scheme is linked to repo rate. The details of the product are:

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Borrower Type Resident Indians

Loan Amount As per the applicant’s credit profile

Term Loan Maxgain

Interest Rate For Salaried: 7.90% – 8.35% For Salaried: 8.45% – 8.80%

For Self Employed: 8.20% – For Self Employed: 8.60% –
8.50% 8.95%

Loan Tenure Up to 30 years

0.35% of the loan amount (Min. of Rs. 2,000 & Max. of Rs.
Processing Fee
10,000)

Age Limit 18 – 70 years

NOTE:

 A premium of 10 bps will be added to the card rate for a loan up to Rs. 30
lakh, if LTV ratio is >80% & <=90%

 A premium of 10 bps will be added to the card rate for customers falls
under RG (4 to 6)

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2.SBI NRI Home Loans:

SBI NRI Home Loan allows Non-Resident Indians (NRIs) to get financial

support when investing in properties.

Non-Resident Indians (NRIs) or Persons of

Borrower Type
Indian Origin (PIOs)

Loan Amount As per the applicant’s credit profile

Interest Rate Varies from one case to another

Loan Tenure Up to 30 years

0.35% of the loan amount (Min. of Rs. 2,000

Processing Fee
& Max. of Rs. 10,000)

Age Limit 18 – 60 years

3.SBI Flexipay Home Loan:

SBI Flexipay Home Loan offers the option to pay the interest amount during the
moratorium (pre-EMI) period, and thereafter, pay moderated EMIs. In the
subsequent years, the monthly instalments increase under the step-up EMI plan.
This home loan variant is quite useful for young earners.

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Borrower Type Resident Indians

Employment Type Salaried and Self Employed Professionals

Loan Amount As per the applicant’s credit profile

Interest Rate Varies from one case to another

Loan Tenure Up to 30 years

0.35% of the loan amount (Min. of Rs. 2,000 &

Processing Fee
Max. of Rs. 10,000)

21– 45 years (to apply for a loan) & 70 years

Age Limit
(for loan repayment)

4. SBI Privilege Home Loan:

SBI has launched SBI Privilege Home Loan exclusively for government
employees.

Borrower Type Resident Indians

Employees of Central & State Government,

which includes PSBs, PSUs of Central
Employment Type
Government & other individuals with
pensionable service

Loan Amount As per the applicant’s credit profile

Interest Rate Varies from one case to another

Loan Tenure Up to 30 years

5.SBI Shaurya Home Loan:

SBI Shaurya Home Loan scheme is dedicated to Army and other Indian Defence
personnel. The scheme, available at an attractive interest rate, comes with other

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benefits, such as zero processing fees, zero prepayment penalty, concession for
women borrowers, interest concession in case of Check-Off, etc.

Borrower Type Resident Indians

Employment Type Defence personnel

Loan Amount As per the applicant’s credit profile

Interest Rate Varies from one case to another

Loan Tenure Up to 30 years

Processing Fee Nil

Age Limit 18 – 75 years

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6. SBI Realty Home Loan:

Customers who want to purchase a plot for the construction of a house can avail
SBI Realty Home Loan or SBI plot loan. To avail the benefits of this loan
scheme, customers must ensure that the house construction starts within 5 years
from the date of loan sanction. Under this loan scheme, customers can also avail
another Home Loan for the construction of the house.

Borrower Type Resident Indians

Employment Type Salaried and Non-Salaried Individuals

Loan Amount Up to Rs. 15 crore

Up to Rs. 30 lakh: 8.90%
Interest Rate Above Rs 30 lakh to Rs 75 lakh: 9.00%
Above Rs 75 lakh: 9.10%

Loan Tenure Up to 10 years

0.35% of the loan amount (Min. of Rs. 2,000 &

Processing Fee
Max. of Rs. 10,000)

Age Limit 18 – 65 years

Note:

 A premium of 10 bps will be added to the card rate for customers falling
under Risk Grade 04 to 06
 05 bps interest rate concession for women borrowers

 A premium of 5 bps will be added for customers who do not have a salary
account with SBI

 An additional premium of 395 bps will be added to the final rate in case
the construction of the house is not completed and a completion certificate
is not submitted by borrowers within the stipulated period of 5 years.

7. Bridge Home Loan

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Many times, the gap between the sale of the existing property and the purchase
of the new property can pose a problem of short-term liquidity issue. To mitigate
this shortage of funds, you can opt for bridge loans. Check SBI Bridge Home
Loan details:

Borrower Type Resident Indians

Loan Amount Rs. 20 lakh to Rs. 2 crore

For 1st Year: 10.35% p.a.

Interest Rate
For 2nd Year: 11.60% p.a.

Loan Tenure Up to 2 years

0.35% of the loan amount (Min. of Rs. 2,000 &

Processing Fee
Max. of Rs. 10,000)

Age Limit 18–70 years

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8. SBI Smart Home Top-Up Loan

The SBI Smart Home Top-Up Loan is a general-purpose loan. Customers can
get it from the nearest SBI branch/RACPC within minutes, without furnishing
any document. However, to avail the benefits of this loan, neither Home Top-Up
nor Insta Home Top Up Loan must be active. Also, the applicant must have a
satisfactory repayment track record of 1 year or more after the completion of the
moratorium.

Borrower Type Resident Indians & NRI

Employment Type Salaried and Non-Salaried Individuals

Loan Amount Up to Rs. 5 lakh

Credit Score Preferably 750 or above

Salaried (term loan): 9.15%

Salaried (overdraft): 9.65%
Interest Rate
Non-Salaried (term loan): 9.65%
Non-Salaried (overdraft): 10.15%

Loan Tenure Up to 20 years

Processing Fee Rs. 2,000 + GST

Age Limit 18 – 70 years

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9. SBI Insta Home Top-Up Loan

This loan facility is available to all pre-selected SBI home loan customers at the
bank’s internet banking platform. This loan is processed and sanctioned without
any manual intervention. Be it the selection of customers, processing of their
loan request, disbursement of the loan or setting the standard instructions for
loan repayment, everything is performed by the system automatically. To avail
the loan, the existing home loan customers must have the minimum home loan
limit of Rs. 20 lakh with INB facility and a satisfactory track record of 3 years or
more. Also, no other top-up loan should be active at the time of loan application.

Borrower Type Resident Indians & NRI

Employment Type Salaried and Non-Salaried Individuals

Loan Amount Rs. 1 lakh to Rs. 5 lakh

Credit Score Preferably 750 or above

9.30%, (regardless of risk grades, gender

Interest Rate
& occupation)

Loan Tenure Min residual tenure of home loan of 5 years

Processing Fee Rs. 2,000 + GST

Age Limit 18 – 70 years

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10. SBI Corporate Home Loan

This loan scheme is for both Public and Private Limited Corporate Entities.
They can avail this loan to fund the construction/acquisition of Residential Units.
The loan must be availed in the name of the Company for use by their
Directors/Promoters and Employees. Under the scheme, the home loan transfer
facility is also available.

Borrower Type Public and Pvt. Ltd. Corporate Entities

Interest Rate Varies from one case to another

0.50% of the loan amount (Min. of Rs. 50,000

Processing Fee
& Max. of Rs. 10 lakh)

11. SBI Home Loan to Non-Salaried

SBI offers home loan to non-salaried persons. Non-Salaried Individuals can avail
it for the purpose of construction/acquisition/repair/renovation of a residential
house/flat. Under the scheme, the bank also offers home loan transfer facility.

Borrower Type Resident Indians

Employment Type Non-Salaried Individuals

Loan Amount Rs. 50,000 to Rs. 50 crore

Interest Rate As per the applicant’s credit profile

Loan Tenure Up to 30 years

0.35% of the loan amount (Min. of Rs.

Processing Fee
2,000 & Max. of Rs. 10,000)

12. SBI Tribal Plus

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Designed especially for hilly/tribal areas, SBI Tribal Plus home loan can be
availed for purchase or construction of a new house/flat (without mortgage of
land), purchase of an existing (old) house/flat which is not more than 10 years
old, and repair /renovation/extension of an existing house or flat.

Borrower Type Resident Indians

Loan Amount Up to Rs. 10 lakh

Interest Rate 8.65% onwards

Loan Tenure Up to 15 years

0.35% of the loan amount (Min. of Rs. 2,000 &

Processing Fee
Max. of Rs. 10,000)

Age Limit 21 – 60 years

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13. SBI CRE (Commercial Real Estate) Home Loan:

CRE Home Loans are perfect for all those who own two houses or more and
require funding to purchase the next house. Under this loan scheme, the
maximum number of houses/flats/residential plots is restricted to three. Also, the
maximum number of home loans in the name of an individual (including the
existing & proposed loan) is five.

Borrower Type Resident Indian

Loan Amount As per the applicant’s credit profile

Interest Rate 9.05% onwards

Loan Tenure Up to 30 years

Processing Fee 0.35% of the loan amount (Min. Rs. 5,000)

Age Limit 18 – 70 years

Other SBI Home Loan Schemes

 SBI Maxgain:Under ‘SBI – Maxgain’, home loans are sanctioned as an

overdraft wherein the drawing power on the overdraft will reduce
monthly to the extent of the principal component of the SBI home loan
EMI so that the overdraft is liquidated at the end of the loan tenure.

 SBI Green Home Loans: To contribute to the fight against adverse

climate change, SBI adopted a Green Banking Policy. And for this
purpose, one of the initiatives SBI has taken is to incentivize borrowers
who go in for Green Projects, i.e. projects which reduce Carbon
Emissions and promote Renewable Energy.

 Pre-EMI Interest by Builders Scheme: In this scheme, the builder agrees

to service full or part of the Pre-EMI interest (during the moratorium

26
 period) as an incentive to homebuyers to generate maximum sales. The
scheme is restricted to the approved projects under our Builder Tie Up
arrangement, subject to fulfilment of the bank’s guidelines.

 SBI Suraksha: SBI offers life insurance linked to the housing loan. The
premium of RinN Raksha is funded by SBI and the repayment is spread
over the entire tenor of the loan in EMIs. This facility will be available to
new home loan accounts and to an existing home loan in case the
customer now opts to avail SBI Life cover.

SBI Home Loan Eligibility Criteria:

SBI offers several home loan schemes, each having its own eligibility criteria.
Customers planning to apply for SBI Home Loan must check the home loan
eligibility criteria to avoid loan rejection. The common  SBI home loan

eligibility Criteria is given as below:

Borrower Profile Indian Residents/NRIs/PIOs

Employment Type Salaried/Self Employed

Age 18 to 75 years

Credit Score Preferably 750 and above

Income Varies from case to case

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SBI Home Loan EMI Calculator:
The table below shows SBI home loan EMI calculation for different loan
amounts, loan tenure and interest rate:

EMIs as per Different Loan

Loan Amount Interest Rate Tenures

15 years 20 years 30 years

Rs. 40 lakh 8.00% Rs. 39,155 Rs. 33,832 Rs. 29,770

Rs. 60 lakh 8.75% Rs. 57,860 Rs. 50,748 Rs. 44,655

Rs. 80 lakh 8.50% Rs. 77,147 Rs. 67,664 Rs. 59,540

Rs. 1 crore 8.25% Rs. 96,433 Rs. 84,580 Rs. 74,425

SBI Home Loan Documents Required for Salaried & SELF

Employeed :

 Completed SBI home loan application form

 Three passport size photographs

 Employer Identity Card (for salaried applicants)

 Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID

card

 Proof of Residence/ Address (Any one): Recent copy of Telephone

Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/
Driving License/ Aadhaar Card

 Property Documents: Permission for construction, occupancy

certificate, approved plan copy, payment receipts, etc.

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  Account Statement: Last 6 months’ bank account statements and loan
account statement of last one year (if applicable)

 Proof of Income (For Salaried): Salary Slip/ Salary Certificate of last

3 months and a copy of Form 16 for last 2 years/ copy of IT Returns for
last 2 financial years, acknowledged by IT Dept.

 Proof of Income (For Non-Salaried): Business address proof, IT

returns for last 3 years, Balance Sheet & Profit & Loss A/c for last 3
years, Business License Details(or equivalent), TDS Certificate (Form
16A, if applicable) and Certificate of qualification (for C.A./ Doctor and
other professionals).

SBI GOLD LOAN:

The State Bank of India offers Gold Loans of up to Rs.20 lakhs to its existing
customers against their gold valuables. So anyone having gold assets which are
laying idle can pledge these assets to avail ready cash for meeting any kind of
business or personal needs for which the individual is facing a cash shortage. SBI
Gold Loan is a multi-purpose loan which can be used for several of
requirements. The only prohibitive use of the loan is in speculative purposes or
illegal acts. The loan amount can also be used for personal expenses like
marriage, education of child, building a property, going on a leisurely vacation,
etc.

Features Of SBI Gold Loan:

o The existing customers of the SBI bank can avail this loan and it is not
sold to anybody else.

o Loan can be availed for a maximum amount of Rs.20 lakhs. The

minimum amount of loan which can be availed is Rs.10,000 in rural and
semi-urban areas and Rs.20,000 for metros and urban areas. So the

29
 applicant can borrow any amount of the loan as per his requirement as
long he stays within the specified minimum and the maximum limits of
the loan

o Gold ornaments or jewelry are to be pledged to the bank for availing the
loan. Gold coins issued by SBI can also be pledged to avail a loan under
this scheme

o The process of sanctioning the loan and disbursing of the amount is fast
and simple. Very simple documents which are easily available with the
individual are asked to be submitted and once submitted, the loan is
issued instantly

o The rate of interest charged on the loan is low which can suit the pockets
of the borrowers when they are making the payment of the loan
instalment.

o The bank maintains a margin of 25% of the value of the gold. Thus, the
applicant ends up receiving 75% of the value of his gold pledged with the
bank while the remaining 25% is retained by the bank as margin.

o The maximum tenure for repaying the loan instalments is 30 months for
demand loan and 36 months for overdraft. The instalment payment
would commence one month post the date the disbursement of the loan is
made and would be required to be paid off within the stipulated tenure.
The individual may choose a lower tenure of repayment like 1 or 2 years
but the period or repayment cannot exceed 2.5 years and the loan has to
be repaid within 30 months or 36 months depending on loan type.

o The security required for availing the loan is the gold ornaments
including gold coins which are issued by the bank.

30
SBI Gold Loan Interest Rate:

Interest Rate 2% + 1yr. MCLR = 11.05%

Minimum Loan Amount Rs. 20,000

Max. Loan Amount Rs. 20 Lakhs

Gold Loan Margin 25%

30 months (36 months for

Maximum Repayment Tenure
overdraft)

Processing Fees Hallmarked

0.50% of loan sanctioned + ST
Jewellery/Special Bank Gold Coins

For Loan amounts not

  exceeding Rs. 25000 – Rs. 250 +

ST
 
For Loans amounts > Rs. 25000
Processing Fees of non-hallmarked – higher among  0.5% of loan
ornaments amount sanctioned + ST or Rs.
500 + ST

*The above table is indicative and subject to periodic revision.

Currently the bank charges a rate of interest on gold loan which is 2.00% above
the 12 months MCLR. The MCLR is currently 9.15% per annum making the
interest rate chargeable on gold loan equal to 11.15% per annum.

31
Document And Eligibility Criteria For SBI Gold Loan:

Following documents are required while applying for a Gold Loan.

o Application Form for Gold Loans which should be duly filled up by the
The applicant

o Two copies of Photographs of the borrower

o Proof of Identity of the borrower PAN Card or Aadhar Card Copy.

o Proof of Address of the Borrower

Eligibility Criteria:

o The applicant must be above 21 years of age at the time of applying for
the loan. So anyone who is aged 21 years and above can easily avail the
loan if he or she matches the other mandated criterion.

o Anyone with a steady source of income can avail the loan which also
includes bank employees and Pensioners.

Gold Loan EMI Calculator:

Using the Gold Loan EMI calculator  facility, an individual, if he desires, can

check the tentative amount he is required to pay as installment for his gold loan.
The calculator calculates the corresponding EMI against the value of the loan
sought and the repayment term chosen by the customer. This makes the
borrower aware of his instalment outgo which he can adjust as per his
affordability. Below are some instances of the instalments calculated using the
calculator

o Mr. A has a business financing requirement equaling Rs.2.5 lakhs for

which he seeks a loan. He decides to utilize the idle gold jewelry of his wife
as a pledge for availing a gold loan from the bank.He chooses a
repayment period of 12 months for which the bank charges his an interest
32
 of 12.50% per annum on the outstanding balance of the loan. His
corresponding EMI amounts to Rs.22,270 approximately with a total
interest amount payable equaling Rs.17,249 for the entire tenure.

o Mr. B, a small time businesswoman working out of her home, faces a cash
requirement of Rs.5 lakhs for meeting a large order received by her. She
decides on a gold loan pledging her gold ornaments in the process.She
chooses the repayment tenure of 18 months for the amount of loan she
requires and the bank charges her an EMI of Rs.30,608. Within these 18
months, she completes the loan repayment paying a total of Rs.50,931 in
interest.

o Mr. C requires working capital for his paper mill business. His
requirement is Rs.10 lakhs and he has sufficient gold assets which can be
pledged for availing the loan.He chooses the term of 20 months for
repayment as he feels he would be able to afford the EMI relevant to such
a long tenure. The bank accepts his application and grants him the
required loan charging him an EMI of Rs.55648 in the process. Mr. C
chose the maximum allowable tenure beyond which repayment is not
allowed. For his total loan, he paid a total interest of Rs.112,962 to the
bank.

The following table tabulates the above instances for a clearer understanding:

Loan Interest Total Interest

Applicant Term EMI
Amount Rate Payable

12
Mr. A 2.5 lakhs 12.5% 22, 270 17,249
months

18
Mr. B 5 lakhs 12.5% 30, 608 50,931
months

20
Mr. C 10 lakhs 12.5% 55, 648 112,962
months

CARD’s:

33
SBI Credit Card:

Best SBI Credit Cards in India 2020

Best SBI Credit Cards in India 2020

SBI Credit Card Key Feature Annual Fee

10X Reward Points on

Dining, Movies,
SBI SimplySave Card Rs.499
Departmental Stores
and Grocery Spends

10X Reward Points on

shopping with
SBI Simply Click
exclusive partners like Rs.499
Card
Amazon and Book My
Show

Complimentary
membership to Air
Air India SBI
India’s Frequent Flyer Rs.1,499
Platinum Card
Program-Flying
Returns

Access to over 600

international luxury
Air India SBI
airport lounges Rs.4,999
Signature Card
through Priority Pass
Program

Flat 10% discount

SBI Style Up round the year when
Rs.499
Contactless Card shopping at FBB and
Big Bazaar stores

IRCTC SBI Platinum 10% value back as Rs.500

34
 Reward points when
booking AC1, AC2
Card
and AC CC tickets on
irctc.co.in

Complimentary movie
SBI Card Elite tickets worth Rs.6,000 Rs.4,999
every year

Auto top-up of Rs.200

Mumbai Metro SBI on the smart card
Rs.499
Card when balance comes
down to Rs.50

20% off on domestic

hotel booking for a
Yatra SBI Card Rs.499
minimum transaction
of Rs.3,000

Complimentary
SBI Card Prime Trident Privilege Red Rs.2,999
Tier Membership

Up to 4.25% value
BPCL SBI Card back at BPCL petrol Rs.499
pumps

35
Best SBI Credit Card’s:

Some of the SBI credit cards are specially curated to provide huge benefits on

shopping such as cash back, rewards, discounts, etc. The following SBI Credit
Cards are best-suited for shopping:

1. SimplySave SBI Credit Card:

Best suited for:  Shopping

Key Highlights:

Bonus Rewards- 2000 bonus reward points on spending Rs. 2,000 in first 60 days

of card issuance.

Annual Fee Reversal- Spend Rs. 1 lakh or more in a year to avail annual fee
reversal in the next year.

Rewards- 1 Reward Point on every Rs. 100 spent,10X more reward points on
Dining, Movies, Departmental Stores and Grocery Spends (4 Reward Points =
Re. 1).

Fuel Surcharge Waiver- 1% fuel surcharge waiver capped at maximum Rs. 100
per statement cycle.

Other SBI Card Benefits- Flexipay, Easy Bill Pay, Balance Transfer and other

additional benefits.

36
2. Simply Click SBI Credit Card:

Best suited for:  Shopping

Key Highlights:

Welcome Gift- Rs. 500 worth e-gift card from Amazon

Reward Points- 1 Reward Point on every Rs. 100 spent

Extra Rewards on Online Shopping- 10X Reward Points when shopping online

with exclusive partners

Milestone Benefits- Spend Rs. 1 lakh and Rs. 2 lakh in a year to get e-voucher
worth Rs. 2,000 each

Annual Fee Reversal- Spend Rs. 1 lakh in a year to get annual fee reversed in the
subsequent year

Contactless Payment- Simply wave the card at a secured reader to make

payment of up to Rs. 2,000.

3. SBI Style Up Contactless Credit Card:

Best suited for:  Shopping

Key Highlights

37
Welcome Gift- Voucher from FBB worth Rs. 500

Bonus Rewards- 2,000 bonus reward points every year

Discount at Big Bazaar Stores- Flat 10% discount when shopping at FBB and
Big Bazaar stores.

Accelerated Rewards- 10X reward points when shopping at Big Bazaar, FBB,

standalone Food Bazaar outlets, etc.

Pay Utility Bills Easily- Set standing instructions to pay your utility bills

Contactless Payment– Simply wave the card at a secured reader to make

payments up to Rs. 2,000.

Convert Purchases into EMIs- Convert high-value purchases into easy EMIs

with Flexipay.

SBI Travel Credit Cards:

Frequent travellers should always choose a travel credit card that offers rewards
in the form of free air miles, airport lounge accesses, hotel vouchers etc. Here are
the top 4 travel credit cards from SBI Card:

1. Air India SBI Platinum Credit Card:

Best suited for:  Travel

Key Highlights

Welcome Gift- 5000 Reward Points on payment of joining fee.

Travel Benefit– Complimentary Air India’s Frequent Flyer Program-Flying

Returns.
38
Reward Points– 5X reward points on every Rs. 100 spent on Air India flight
bookings, up to 15,000 bonus points annually.

Air Mile Conversion- Convert Reward Points into Air Miles (1 RP is equal to 1

Air India Air mile).

Lounge Access- Complimentary VISA lounge access at all domestic airports.

39
2. Air India SBI Signature Credit Card:

Best suited for:  Travel

Key Highlights:

Welcome Gift- 20,000 reward points.

Travel Privilege- Complimentary membership to Air India Frequent Flyer

Program- Flying Returns.

Reward Earnings- Up to 30 Reward Points on every Rs. 100 spent on Air India
tickets bookings through airindia.com or AirIndia mobile app.

Lounge Access- Access to over 600 international luxury airport lounges through

the Priority Pass Program and VISA Lounge Access at domestic airports..

Anniversary Gift- 5,000 Bonus Reward Points every year.

3. IRCTC SBI Platinum Credit Card:

Best suited for:  Train Tickets

Key Highlights:

Welcome Bonus- 350 activation bonus reward points on spending Rs.500 within

45 days of card issuance.

40
Value-back on IRCTC- Up to 10% value back as Reward points on buying AC1,
AC2 and AC CC tickets on irctc.co.in

Fuel Surcharge Waiver- 1% fuel surcharge waiver across all petrol pumps 
capped at Rs. 100 per statement cycle.

Cash back on ATM Withdrawal– Rs.100 cash back on first ATM cash
withdrawal within 30 days of receiving the card.

Travel Privileges- Tailor-made travel packages for leisure tours to various places

in India.

SBI Card Benefits- Transfer outstanding balances from other cards and convert

high-value purchases into EMIs with Flexipay.

4. SBI Mumbai Metro Credit Card

Best suited for: Travel

Key Highlights:

Preloaded Value- Preloaded Rs. 50 or Auto top-up of Rs. 200 on Mumbai Metro

card when balances come down to Rs. 50.

Reward Earning- 10 reward points on Rs. 100 spent on auto top-up of the card.

Extra Rewards- 10X reward points when shopping at grocery and departmental

stores.

Annual Fee Reversal- Spend Rs. 1 Lakh or more in a year to get annual fee
reversed.

Bonus Rewards- Spend Rs. 2,000 in the first 60 days to get 2,000 Reward Points..

41
Mumbai Metro Benefits- Up to 20% discount on Mumbai Metro travel.

SBI Fuel Card:

Fuel cards provide fuel surcharge waiver on fuel spends at petrol pumps. Details

of one of the best SBI Credit Card for fuel spends is mentioned below:

BPCL SBI Credit Card:

Best suited for: Fuel

Key Highlights:

Welcome Gift- 2,000 activation bonus points worth Rs. 500.

Fuel Privileges- 13X reward points + 1% fuel surcharge waiver at BPCL petrol

pumps on every transaction up to Rs. 4,000.

Rewards- 5 reward points on spending Rs. 100 at departmental stores, groceries,

dining and movies.

Utility Bill Payments- Pay your utility bills using the easy bill pay facility.

Balance Transfer- Transfer outstanding from other cards and get a lower rate of
interest and payback in EMIs.

How To Get SBI Credit Card Reward Point?

With SBI credit card, you do not only get the power of spending more, you can
also earn while spending with its exciting rewards program. The number of
reward points that one can earn differs from card to card and can be redeemed

42
for gift vouchers, accessories, shopping and more. These are the number of
points you can earn for different SBI cards-

Card Type General Spend Based

2 Reward Points 10 Reward Points for every Rs.100

Platinum for every Rs.100 spent on Dining, Departmental Store
spent & International Spends

2 Reward Points 10 Reward Points for every Rs.100

Signature for every Rs. 100 spent on Dining, Departmental Store
spent & International Spends

1 Reward Point 10 Reward Points for every Rs.100

SimplySAVE for every Rs. 100 spent on Dining, Movies, Departmental
spent Stores & Grocery spends

1. 5 Reward Points for every

1 Reward Point Rs.100 spent on online spends

SimplyCLIC
for every Rs. 100 2. 10 Reward Points for every
K
spent Rs.100 spent for online spends
with exclusive SBI partners

SBI Debit Cards:

State Bank of India offers a wide array of debit cards suitable for lifestyle needs
of all and sundry. SBI debit cards can be used to transact at more than 1 lakh
ATMs and POS terminals worldwide. Customers are entitled to 5 free ATM
transactions every month along with special benefits and signature privileges
such as insurance, discount vouchers, reward points on every transaction and
much more. SBI debit cards can be used for booking train or flight tickets, movie
tickets, making online purchases and dinner reservations, travelling, retail
expenditures and more. In order to ensure safety of online transactions, SBI
debit cards are secured with 2 factor authentication using Verified by
Visa/MasterCard Secure Code.

43
Types of SBI Debit Cards:

1. State Bank of India Classic Debit Card:

The following are some of the key features of the State Bank of India Classic
Debit Card:

 Earn 50 Freedom Rewards points on first purchase within one month

from the date of card issuance.

 Earn 100 Freedom Rewards points on making third transaction within

one month from the date of card issuance.

 Earn 1 Freedom Rewards point on every Rs.200 spent on dining,

travelling, online shopping etc.

 Use your State Bank Classic Debit Card to make at least 3 transactions
every quarter and double your reward points.

 Get instant SMS alerts for every ATM withdrawal and transaction you
make.

44
2. State Bank Silver International Debit Card:

The following are the key features of the State Bank of India Silver International
Debit Card:

 Use your debit card for shopping at more than 5 lakh merchant outlets
established within India and over 30 million outlets worldwide.

 Use your State Bank Silver International Debit Card for at least 3
transactions per quarter and get double reward points on your all spends.

 Earn bonus reward points on first three transactions you make using
your State Bank of India Silver International Debit Card within one
month of card issuance.

 Redeem your accumulated reward points for exciting gifts and vouchers

3. State Bank Global International Debit Card:

45
The following are the key features of the State Bank of India Global
International debit card, a top choice among international travellers:

 Enjoy shopping at over 6 lakh merchant outlets in India and over 30

million across the globe.

 Swipe your card for at least 3 times in a quarter and earn double reward
points for your transactions.

 Use your card for online shopping, booking movie tickets, travelling,
paying bills and much more.

 Ensure secure online transactions with MasterCard Secure Code or

Verified by VISA.

 Avail 100 bonus Freedom Reward points on your third transaction within
one month of card issuance.

4. State Bank Gold International Debit Card:

The following are the key features of the State Bank of India Gold International
debit card:

 Earn State Bank Rewards bonus points while making first three
transactions within first month of card issuance

 Earn 1 State Bank Rewards point for every Rs.200 spent on dining,
shopping, fuel spends, travelling and much more.

 Avail higher cash withdrawal and transaction limits with your State Bank
Gold International Debit Card.

46
4. State Bank Platinum International Debit Card:

The following are the key features of the State Bank of India Platinum
International debit card.

 Get higher transaction and withdrawal limits.

 Triple your reward points by making at least 3 transactions within a

quarter. Redeem your accumulated reward points for exciting gifts and
offers.

 Get complimentary personal death insurance worth Rs.5 lakhs and

purchase protection insurance of up to Rs.50000.

 Earn 50 points on your first and second transaction within 1 calander

month of card issuance. Also earn 100 bonus reward points on your third
card transaction made within one month of card issuance.

 Earn 1 State Bank Rewards point for every Rs.200 spent on dining,
shopping, travelling, booking train tickets an more

INVESTMENTS:

Fixed Deposits:

SBI fixed deposits are some of the safest investment avenues available in the
market. The bank provides its customers with an option to invest their savings in

47
as many as 5 types of fixed deposit schemes. These schemes carry competitive
SBI FD interest rates thus extending significant returns to the investors.

Read further to know the updated SBI FD rates along with features & benefits of
FD schemes like SBI loan against FD and SBI premature withdrawal.

SBI Fixed Deposits Interest Rate:

Domestic deposits below Rs. 2 crore

SBI FD Interest Rates (p.a.)

Tenure Regular Citizens Senior Citizens

7 days to 45 days 3.50% 4.00%

46 days to 179 days 4.50% 5.00%

180 days to 210 days 5.00% 5.50%

211 days to less than 1 year 5.00% 5.50%

1 year to less than 2 years 5.70% 6.20%

2 years to less than 3 years 5.70% 6.20%

3 years to less than 5 years 5.70% 6.20%

5 years and up to 10 years 5.70% 6.20%

Note: The above mentioned SBI FD rates in effect from 28th March 2020 and are
subject to change anytime without prior notice. SBI staff members and SBI
pensioners get an additional 1% interest rate. SBI staff members and SBI
pensioners get the extra benefit of 1% in the fixed deposit interest rates. SBI
pensioners get 0.50% (senior citizen benefit) + 1.00% (staff benefit), i.e. 1.50%
extra FD interest rate.

48
SBI Fixed Deposit Interest Rates for Domestic Bulk Deposits (Rs. 2 crore and
above):

SBI FD Interest Rates (p.a.)

Tenure Regular Citizens Senior Citizens

7 days to 45 days 3.50% 4.00%

46 days to 179 days 3.50% 4.00%

180 days to 210 days 3.70% 4.20%

211 days to less than 1 year 3.70% 4.20%

1 year to less than 2 years 3.70% 4.20%

2 years to less than 3 years 3.70% 4.20%

3 years to less than 5 years 3.70% 4.20%

5 years and up to 10 years 3.70% 4.20%

Note: The Interest rates are applicable on deposits of Rs. 2 crore and above with
effect from 28th March 2020.

SBI Tax Saving FD Rates

Tenure Regular Citizens Senior Citizens

5 – 10 years 5.70% 6.20%

Term wise SBI FD Interest Rates:

 SBI FD interest rates range from 3.50% to 5.70% for regular residents.
For senior citizens, this range starts from 4.00% and sets at 6.20%’

49
  For deposits maturing in 180 days to less than 1 year, depositors can gain
returns @ 5.00% while senior citizens get these returns at 0.50% higher
rate of 5.50%.

 For tenure ranging from 1 year to 10 years, investors can expect returns
@ 5.70% (6.20% for senior citizens).

Note: These rates are updated from time to time.

SBI Fixed Deposit’s Rate for NRI’S:

For Non-Resident Indians (NRIs), SBI has put forth 4 different types of accounts
where they can book an FD. These are:

 NRE (Non-Resident External) FD Account

 NRO (Non-Resident Ordinary) FD Account

 FCNR (Foreign Currency Non-Repatriable) FD Account

 RFC (Resident Foreign Currency) FD Account

Below are the current rates for the SBI NRI fixed deposit accounts:

1. SBI Interest Rates for Non-Residential External (NRE) FD Account:

SBI provides NRE FD account for NRIs so that they can invest their savings and
earn interest on the same without having to bear market-related risks. The
money can be deposited in any foreign currency which is converted into Indian
currency (INR) at the time of deposit. Thus, withdrawals are made in Indian
Rupee.

NRE Term Deposit Interest Rates by SBI

Tenure Below Rs. 2 Crore Rs. 2 Crore & above

50
1 year to less than 2
5.70% 3.70%
years

2 years to less than 3

5.70% 3.70%
years

3 years to less than 5

5.70% 3.70%
years

5 years and up to 10
5.70% 3.70%
years

Note: The above mentioned SBI NRE FD rates are subject to change without
prior notice.

2.SBI Interest Rates for Non-Residential Ordinary (NRO) FD Account:

NRO FD accounts are for NRIs (Non-Resident Indians). NRIs can deposit their
savings in this type of account in Indian Currency (INR). The principal, as well
as interest earned, is taxable in India. The account can be opened jointly with an
Indian resident.

NRO Term Deposit Interest Rates by SBI

Deposits below Rs. 2 Deposits of Rs. 2

Tenure
crore crore & above

7 days to 45 days 3.50% 3.50%

46 days to 179 days 4.50% 3.50%

180 days to 210 days 5.00% 3.70%

211 days to less than

5.00% 3.70%
1 year

1 year to less than 2

5.70% 3.70%
years

2 year to less than 3 5.70% 3.70%

51
years

3 years and up to 5
5.70% 3.70%
years

5 years and up to 10
5.70% 3.70%
years

Note: The above mentioned SBI FD rates are subject to change without prior
notice.

3.SBI Interest Rates for Foreign Currency Non-Repatriable (FCNR) FD Rates:

FCNR account is a type of fixed deposit which is designed to benefit NRIs.

Deposits can be made in any of the stated foreign currencies, i.e. USD, GBP,
CAD, AUD or JPY. Tax, as well as principal, is not taxable in India but in the
respective foreign country. This account can be opened by individuals or with
two or more NRI account holders.

SBI FCNR Term Deposit Interest Rates

US GB EUR CA AU JP
Tenure/Currency
D P O D D Y

1 year 1.65 1.07 0.01 1.94 0.55 0.02

Above 1 year to less than 2

1.65 1.07 0.01 1.94 0.55 0.02
years

2 years to less than 3 years 1.51 1.07 0.01 1.5 0.51 0.05

3 years to less than 4 years 1.48 1.06 0.01 1.41 0.5 0.05

4 years to less than 5 years 1.47 1.06 0.1 1.4 0.61 0.05

5 years 1.51 1.07 0.15 1.39 0.66 0.05

4.SBI Interest Rates for Resident Foreign Currency Account (RFC):

52
RFC FD or Resident Foreign Currency Fixed Deposit is an account which is
available for Indian residents who have returned from a foreign country having
savings in any of the stated foreign currency of USD, GBP or EURO. Interest
and deposit amount are paid in foreign currency, i.e. in the currency it was
deposited in the first place.

SBI RFC Interest Rates

Tenure USD GBP EURO

1 year to less
2.51% 1.25% 0.01%
than 2 years

2 years to less
2.41% 1.32% 0.01%
than 3 years

3 years 2.40% 1.35% 0.01%

Note: The above-mentioned RFC rates are applicable to w.e.f. 28th March 2020

and are subject to change any time without notice. For 1 year deposits, simple
interest is applicable. For the remaining tenure, compounding of interest is done
on a half-yearly basis.

Feature’s And Benefits of SBI Fixed Depost’s:

Before investing in SBI fixed deposit schemes, it is quite imperative to know the
important features it offers:

 Tenure starts from 7 days and goes till 10 years

 Special FD scheme to benefit the taxpayers as per Section 80C (Income

Tax Act, 1961)

 Minimum deposit amount starts from Rs. 1000 with no upper limit

 Facility to deposit in bulk available (i.e. deposit above Rs. 2 crore)

53
  Extra 0.5% interest rates for senior citizens (individuals aged 60 years or
more)

Investing in SBI FD scheme shall benefit investors in the following ways:

 Guaranteed returns at a fixed interest rate at the time of booking

 Insurance cover of Rs. 1 lakh to all investors

 Choice of interest payout (monthly/quarterly)

 Loan/Overdraft facility to cope with financial setbacks

 Automatic renewals available

 Option to withdraw prematurely available

54
RECURRING DEPOSITS:

The State Bank of India or SBI offers a wide range of safe deposit schemes such
as recurring deposits that offer assured returns to its customers along with the
affordability factor. Investing in a recurring deposit is a good choice for those
who do not have a regular income but they want to increase their saving. With
the guarantee of assured returns based on the prevailing SBI RD interest rates,
recurring deposits prove a logical choice for the risk-averse investors with an
irregular income.

SBI RD Interest Rates 2020

The rates provided by State Bank of India for recurring deposits are the same as
the other term deposit schemes offered by the bank. The prevailing rates on the
SBI recurring deposits have been tabulated here:

RD Rates in SBI (p.a.)
Tenure
Regular Citizens Senior Citizens

7 days to 45 days 4.50% 5.00%

46 days to 179 days 5.50% 6.00%

180 days to 210 days 5.80% 6.30%

211 days to less than

5.80% 6.30%
1 year

1 year to less than 2

6.25% 6.75%
year

2 years to less than 3

6.25% 6.75%
years

3 years to less than 5

6.25% 6.75%
years

5 years and up to 10 6.25% 6.75%

55
years

Note: The above-mentioned SBI RD interest rates are applicable with affect

from November 10th, 2019. Additional 1% rate of interest to SBI staff and SBI
pensioners.

Types of SBI Bank Recurring Deposit Schemes:

SBI provides 2 types of recurring deposit schemes to its account holders. All
these offer higher returns with constant interest payout or at maturity. RD
schemes offered by SBI are:

1. Regular Recurring Deposit Scheme:

The SBI RD scheme is targeted towards investors who want to build a wealth
corpus by investing fixed installments every month over a specified period of
time. Since the minimum deposit amount is as low as Rs. 100, students and
people from the low-income group can also take advantage of this investment
scheme. The account can be opened by individuals, HUFs, partnership firms,
trusts, associations, companies, etc.

Further information about the scheme is detailed in the table below:

Particulars Details

Tenure 12 months – 120 months

Min. Deposit Amount Rs. 100

Rates for Senior Citizens Additional 0.50% rate of interest

Premature Withdrawal Available

Loan against RD Available; up to 90% of deposit

 Nomination facility
Features
available

56
  Penalty levied on non-
payment of monthly
installments

 TDA applicable as per

the tax laws

2. SBI Flexi Deposit Scheme:

SBI Flexi Deposit scheme is a type of recurring deposit scheme wherein the
deposit installments are variable. Deposits in this scheme can be made any time
in a month and for any number of times. Further features of the scheme are as
follows:

SBI Flexi Deposit Scheme Key Points

Tenure 5 – 7 years

Minimum Deposit Amount Rs. 5,000; every financial year

Allowed (Interest rate offered is

Premature Withdrawal 0.5% lesser than the applicable
rate)

Available; up to 90% of deposit

Loan Facility
amount

Features 1. Deposits can be made

monthly

2. Interest compounded
quarterly

3. Affordable in terms of min.

installment worth Rs. 500

4. Nomination facility

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 available

 Deposits can be made any time during a month for any number of times

 The maximum amount of deposit in a financial year is Rs. 50, 000

 Interest is compounded quarterly on the balance outstanding at the

month-end

 Premature withdrawal is allowed and the applicable SBI fixed deposit

rates will be 0.50% lower than the rate applicable for the period the
deposit has remained in the bank

SBI Premature Withdrawal Facility:

SBI facilitates its customers to make premature withdrawal from their recurring
deposit account in time of need. The following points are important w.r.t. SBI
RD:

 05% penalty levied for deposits up to Rs. 5 lakh.

 1% penalty levied for deposits above Rs. 5 lakh but below Rs. 1 crore.

 No interest shall be paid on deposits withdrawn before 7 days from

opening of account.

SBI Loan against RD:

Apart from attractive SBI RD interest rates another point worth notice is the
facility to avail loan against the recurring deposit. The bank has made it possible
for its RD customers to take loan for a maximum of 90% of the deposit amount
in the account. Such loans are given keeping the RD as collateral.

Banking Services:

1 .Balance Enquiry:

Customers having a bank account with the State Bank of India (SBI) can check
their account balance through numerous methods. SBI Balance Enquiry is
offered through its toll-free number, mini statement, mobile banking, net

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banking, ATM, branch visit, SMS banking (SBI Quick), etc. One can opt for any
one of the following methods for SBI balance check:

SBI Balance Enquiry Toll Free Number:

SBI customers can use the SMS banking services provided by the bank to check
their SBI account balance or receive a mini-statement. All they need to do is give
a missed call or send a SMS from their registered mobile number on the SBI
balance enquiry toll-free number. In a few seconds, they will receive their
balance details on their phone.

 To check the account balance, customers can give a missed call on the SBI
balance enquiry toll-free number mentioned below:

 09223766666 Or SMS “BAL” to 09223766666

 The toll-free (missed call service) SBI number for mini statement is
mentioned below:

09223866666 or SMS “MSTMT” to 09223866666

Different Options for SBI Balance Enquiry:

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Here are a few alternate ways through which customers can do SBI account
balance check:

 ATM

 Net Banking

 SMS Banking

 SBI Card Balance Enquiry

 Passbook

 Mobile Banking using the State Bank of India (SBI) Mobile Apps

 SBI Anywhere

 SBI Quick

 SBI Online

 SBI Anywhere Saral (SBI mPassbook)

 Missed Call Banking

These SBI balance enquiry options have been discussed in detail here:
SBI ATM

Customers having an SBI account can also use the ATM-cum-debit card issued
to them for SBI account balance. They need to visit a State Bank of India ATM
and follow the steps mentioned here:

 Swipe the SBI ATM-cum-debit card

 Use the 4-digit ATM PIN

 Choose the “Balance Enquiry” option

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  Finish the transaction

Customers also have the option to check their last 10 transactions by choosing
the “Mini Statement” option at the ATM. The SBI ATM will print a receipt
containing the details of the last 10 account transactions. SBI account holders
can also visit non-SBI or third-party ATM service to check their account
balance.

It is important to note here that RBI has limited the number of free transactions
per ATM card. Balance enquiry is also counted as a transaction. Once you
exhaust your free transactions, you will have to pay transaction charges for
every transaction you carry out in the month. Remember, the number of
transactions includes both carried out at SBI and non-SBI ATMs.

This is one of the primary reasons why account holders should opt for SBI
Balance Enquiry online. Hence, it is advised that ATMs should be used for cash
withdrawals or other services only. SBI Balance enquiry or any other bank
account balance check should be done through mobile or online methods, which
are convenient and both time and cost effective.

SBI Net Banking:

SBI account holders who have registered for the net banking facility can use
their SBI net banking login id and password to log into their net banking
account. They can choose a range of banking facilities provided by SBI to its
customers including balance enquiry, home loans, mortgage loans, funds
transfer, personal loans, etc.

SBI SMS Service:

SBI customers can use their mobile numbers to register for the SMS service and
then use it to check their account balance. They can follow the steps mentioned
below to register for the same. The format of the SMS is as given below:

“REG<space>Account Number” to 09223488888

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SBI will send a registration confirmation message. Customers can now use this
service to check the SBI account balance, mini statement, cheque book request,
e-statement, education loan interest certificate and home loan interest certificate.

SBI Card Balance Enquiry:

SBI credit card users can check their balance and other details using the SMS
service. One can get various details by sending an SMS to the number 5676791 in
the format mentioned below:

Service/Information SMS Format

Balance enquiry BAL XXXX

Available credit and cash limit AVAIL XXXX

Block your lost or stolen card BLOCK XXXX

Last payment status PAYMENT XXXX

Reward point summary REWARD XXXX

Subscribe to e-statement ESTMT XXXX

DSTMT XXXX MM
Request for duplicate statement
(Statement Month in MM)

SBI Passbook:

 State Bank of India issues passbook to its customers when they open a
bank account.

 Customers need to keep their passbooks updated at all times to make sure
that it contains the information about all carried out transactions.

62
  Customers can open their updated passbooks to check the current
balance and also see the record of both the debit and credit transactions
carried out by them.

 Customers need to visit the bank branch for each passbook update.

 This method of balance enquiry is still available since a lot of people are
still not keen on using net banking or mobile banking services provided
by the bank.

SBI Mobile Banking:

SBI offers mobile banking services to its customers through a range of mobile
apps including SBI Anywhere, SBI Online, and SBI Anywhere Saral. Here are
the ways in which account holders can check SBI account balance using
smartphones:

1. SBI Anywhere:

 SBI customers can download the SBI Anywhere app on their Android or
iOS devices to avail the mobile banking facilities

 One can log in using the mobile banking credentials

 Customers can avail plenty of banking services such as balance enquiry,

account statement check, funds transfer, etc.

2. SBI Online:

 State Bank of India account holders can use the SBI online portal easily
on their smartphones for SBI banking services such as funds transfer,
balance check, account statement, NEFT, IMPS, etc.

 This app provides the interface similar to that of the SBI desktop website

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  Just by entering the net banking credentials, customers get access to all
these banking services instantly

3. SBI Anywhere Saral:

 SBI corporate internet banking customers can use this app to carry out
banking transactions

 They can do a funds transfer, mobile recharge, balance enquiry, check

last 10 transactions, get a mini account statement, etc.

 Retail SBI customers cannot use this app for balance enquiry

MOBILE BANKING:

State Bank of India (SBI) offers mobile banking facility to its users through the
SBI Anywhere Personal Banking App. It enables the customers to enjoy banking
services anytime and anywhere using their smartphone device. It is important to
note that SBI mobile banking services can be used either through the
application, WAP (Wireless Application Protocol), USSD (Unstructured
Supplementary Service Data) or through SMS.

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Services Offered By SBI Mobile Banking:

Account Summary Mini Statement mPassbook

e-Statement
Statement Download Bank Account Details
Subscription

Quick Transfer &

Fund Transfer Send m Cash
Donations

Add/Manage
Schedule Transactions Open Fixed Deposits
Beneficiary

Open Recurring Open Multi-Option

E Deposit Enquiry
Deposits Deposits

State Bank Wallet

Mobile Recharge DTH Recharge
Top up

Bill Payment Manage/Schedule Bills UPI Payment

LPG Subsidy
Get/Cancel MMID TDS Enquiry
Registration

Cheque Book Debit Card Hotlisting Online Nomination

Submit Form State Bank Virtual

Standing Instructions
15G/15H Card

SBI Mobile Banking Apps:

There are a number of apps provided by the State Bank of India. Some of the
apps are mentioned below:

65
1 .SBI Anywhere Personal APP:

Features of SBI Anywhere Personal App

SBI Mobile Banking app for smartphone users

Carry out voice assisted transactions for balance enquiry, mini

statement, recharge, transfer, etc.
2. SBI

Get detailed account information and mPassbook on the go YONO

App:
Fund transfer through various methods – IMPS, NEFT, RTGS, m
Features
Cash andof
QRSBI YONO App
code

All banking
UPI transactions
Transactions throughcan be performed through
VPA, Aadhaar and thenumber
account app and
IFSC
Get all your bank account details on the SBI YONO app
Top up and recharges for postpaid mobile, DTH, SBI
Select from various options and apply for SBI Credit Card online
wallets, prepaid cards, etc.
through the app
Safe and secure app as no data is stored in the smartphone

3.Bhim
SBI Pay App:

Features of BHIM SBI Pay App

Send/receive money using UPI to and from any bank’s account

through the BHIM SBI Pay app

Pay for services such as mobile recharge, food orders, bill payments
and other deals

Any bank’s account can be added to the app for carrying out the UPI
transactions

The only requirement is that your mobile number should be linked

66
with your bank account

The maximum transaction amount is capped at ₹ 1 Lakh

Both merchants and users can use the same app. A merchant can use
the app as a user as well

Fund Transfer Options with SBI Mobile Banking:

Under SBI mobile banking, the different fund transfer modes include:

NEFT:

National Electronic Fund Transfer or NEFT system is available for all SBI users.
This is an electronic fund transfer method that functions on Deferred Net
Settlement (DNS) basis managed at specific intervals during the day. Under this
fund transfer system, the transactions are carried out among banks on half-
hourly batches.

IMPS:

IMPS or Immediate Payment Service is a quick electronic fund transfer scheme

associated with interbank transactions. SBI mobile banking offers this service to
aid the customers with a swift fund transfer facility. IMPS facility can be utilized
by only those customers who are registered with the online SBI services.

RTGS:

Real Time Gross Settlement or RTGS is a fund transfer system under which
money is transferred on real-time basis. It is termed as gross settlement since the
funds are transferred individually based on the instruction and is used for large
fund transfers. The minimum amount for RTGS is ₹ 2 Lakh.

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Benefits of SBI Mobile Banking:

 With the help of State Bank Anywhere app, customers can carry out
transactions anytime during the day.

 All SBI customers holding an operating savings or current account can

use this service.

 This SBI mobile banking facility is absolutely free, except SMS charges.

There is no specification regarding registration with a particular service

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