1 State Bank of India
State Bank of India "THE BANKER TO EVERY INDIAN"
A Project on
Retail Products and Service of State Bank of
India
Guided By: Prof. Amol Charegaonkar
Prepared By: Nishant Singh - B1F 31
Amit Khandelwal - B1F 23
2 State Bank of India
Retail Products and Services of State Bank of India
1.SBI Housing Loan
1.SBI Deposit Scheme
1. eZ-trade@SBI
2.SBI Car Loan
(a) Term Deposit
2.Atm Services
3.Student Education
Loan
(b) Current Deposit
3.Internet Banking
4.Loan Against
Mortgage of Property
(c) Savings Bank
Account
4.Foreign Inward
Remittance
(d)No Frills Account
5.Locker Facility
(e) Premium Saving
Account
6.Cards
(f) Capital Gain Plus
Account
3 State Bank of India
(g) Special Term
Deposit Account
(h)Multi Deposit
Scheme
(i) NRI Deposit
Scheme
2.Recurring Deposits
Account
State Bank of India offers a wide range of products in
“Personal Banking” segment which are as follows:
1. SBI Deposits Scheme:
Open an account with any of SBI branches, all of them are fully computerised, and realise the
advantage of the vast network. Place funds in Multi Option Deposit Scheme, a term deposit
which is not fixed at all and comes with a unique break-up facility which provides them full
liquidity as well as benefits of higher rates of returns, through the savings bank account.
4 State Bank of India
(A) Term Deposits: With this term deposit customer can earn a higher income on their
surplus funds by investing those with bank.Bank provides security, trust and competitive rate of
interest.
Period of time: 7 days to 10 years
Affordable Low Minimum Deposit Amount: Customer can open a term deposit account with SBI
for a nominal amount of Rs.1000/- only.
Interest Rates for Term Deposits:
‘Below Rupees One Crore’ effective from the 7th
September 2012 would be as under:
(All figures in % per annum)
5Tenor
Below Rs.15 Lakhs Rs.15 lakhs to less than Rs. 1 Cr
Existing Rates w.e.f. 07.08.2012
Revised rates w.e.f.
07.09.2012
Existing Rates w.e.f. 07.08.2012
Revised rates
w.e.f. 07.09.2012
7 days to 90 days
7 6.5 8 7.5
91 days to 179 days
7 6.5 8 7.5
180 days 7 6.5 8 7.5
181 days to 240 days
7.25 6.5 8 7.5
241 days to less than 1
year 7.5 6.5 8 7.5
1 year to less than 2 years
9 8.5 9 8.5
2 years to less than 3
years
9 8.5 9 8.5
3 years to less than 5
years
9 8.5 9 8.5
5 years and up to 10 yr.
8.5 8.5 8.5 8.5
5 State Bank of India
Interest Rates of Term deposits For Seniors Citizen:
The interest rates payable on deposits to resident Indian Senior Citizens (60 years and above) for
Domestic Term Deposits ‘Below Rupees One Crore’ effective from the 7th
September 2012
stands revised as under:
(All figures in % per annum)
Tenor
Below Rs.15 Lakhs Rs.15 lakhs to less than Rs. 1 Cr
Existing Rates w.e.f.
07.08.2012
Revised rates w.e.f.
07.09.2012
Existing Rates
w.e.f. 07.08.2012
Revised rates w.e.f.
07.09.2012
7 days to 90
days 7 6.5 8 7.5
91 days to
179 days 7 6.5 8 7.5
180 days 7 6.5 8 7.5
181 days to
240 days 7.25 6.5 8 7.5
241 days to
less than 1
year 7.5 6.5 8 7.5
1 year to
less than 2
years 9.5 9 9.5 9
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2 years to
less than 3
years 9.5 9 9.5 9
3 years to
less than 5
years 9.5 9 9.5 9
5 years and
up to 10
years
9 9 9 9
(B) Current Deposit Scheme
Benefits:
(1) Card Convenience
Customers get a free ATM cum Debit Card and can have access to the widest network of ATMs
across the country to withdraw cash, enquire about their balance, etc. Moreover, their card
enables them to shop at a large number of Merchant Establishments in India.
(2)Easy and Wide Accessibility
Customers can transact at their convenience, saving time and cost through SBI Internet Banking.
They can also withdraw cash from Maestro endorsed ATMs of other banks under Multi-lateral
sharing, at a nominal fee. (Free Upto 5 transactions in a month in SB Account).
7 State Bank of India
(3)Monitoring Customer Account
They can monitor and control their funds through SBI Internet Banking or/ and through
Passbook/ statement of account facility.
(4)Transaction Ease
Unlimited number of payments
Make payments by giving us standing instructions
Remit funds from any part of the country to customer account.
Upcountry Cheque Collection facility.
Other benefits:
Overdraft facility.
Transfer of accounts between our wide networks of branches.
Nomination Facility - Available.
Low minimum balance requirements.
Important Terms & Conditions:
1. Overdraft facility available based on credit history.
2. Free ATM / Debit Card in the 1st year; charge from 2
nd year onward ( i.e. Rs 100)
3. No restrictions on number of Payments / Withdrawals.
4. No interest paid on Deposits.
5. Transfer of account to any branch possible.
6. Account maintenance charge applicable.
7. No Passbook is issued but Statement of account is issued.
8. Nomination facility available.
9. KYC Norms of RBI to be followed for opening of Account.
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(C) Savings Bank Account
The Savings Bank Account helps customers to plan and save for their future financial
requirements. Their savings remain liquid, safe and earn moderate interest.
Key features:
1. No Minimum Balance requirement.
2. Personal Accident Insurance of Rs. 4 lakhs available at an annual Premium of Rs. 100/-*
3. Earn Interest at 4.00% p.a. on customer savings on daily balance.
4. Transfer of accounts between their wide networks of Branches (more than 14000).
5. Multicity cheques available.
6. Internet Banking, Mobile Banking, Kiosk Banking available.
7. Safe Deposit lockers available.
Internet Banking
Customers can transact at their convenience, saving time and cost through SBI Internet Banking
site ‘https: //www.onlinesbi.com’.
They can use Internet Banking for multiple operations like –
i) Opening and closing of Fixed Deposit.
ii) Opening of Recurring Deposit.
iii) Fund transfer.
iv) Utility bill payments.
v) Online shopping including rail tickets booking.
vi) RTGS/NEFT.
vii) Investing in IPOs through Application supported by Blocked Amount.
viii) Western Union Money Transfer.
ix) E Tax deposit.
9 State Bank of India
x) View Account statement and Demat operations.
xi) Set up Standing Instructions.
xii) View Form 26 AS (Income Tax ledger).
xiii) Outward foreign remittance.
xiv) They can use Internet Banking through their mobile phone through
‘https://m.onlinesbi.com’ with mobile friendly features.
Multi-city Cheques: All their Savings Bank account customers of per segment enjoy the
ultimate convenience of multi-city payment and the benefits of the largest network of more than
14000 branches of SBI. All the cheques issued by the customers are paid at par by the paying
branch. 50 Multicity cheque leaves (plus cheques given along with welcome kit) free in the first
instance thereafter Rs. 2/- is charged for each subsequent leaf.
Important Terms & Conditions:
1. Interest is calculated on a daily balance
2. Nomination facility is available
3. Passbook issued free of charge
4. 50 Multicity cheque leaves (plus cheques given along with welcome kit) free in the first
instance.
5. Multiple variants of ATM-cum-Debit Cards available
6. No Minimum balance requirement
7. Inter Core charges NIL
(D) Basic Banking –No Frills Account
This account comes with very low minimum balances as well as low/ nil charges, to cater to the
needs of the individuals from the vast sections of population who are, otherwise, not fulfilling
certain conditions of the existing Savings Bank account requirements.
10 State Bank of India
Details are as under:
Eligibility: Individuals of 18 years and above earning a gross income of Rs.5000/- p.m. or less.
Mode of operation: Single/ joint
Initial deposit amount: Rs.50/- to open the account
Minimum balance: Nil
Maximum balance/ amount: Rs.10, 000/-, being the total value of business connection of
the account holder, including other deposit accounts.
Rate of interest: As applicable to Savings Bank account, i.e. 4.00% p.a. (w.e.f. 03.05.2011)
Cheque facility: Available.
ATM-cum-debit card: Will be issued free of charge.
Internet Banking facility: Not available
Number of accounts: Ordinarily, the customer will not be allowed to open more than one
basic banking 'no-frills' account.
Pass book: Will be issued, updating will be permitted between 11th and 20th of the month.
Charges for availing services other than those covered here: The schedule of charges for
availing services other than those covered in this product is being displayed in the branch
premises/ notice board. These are also available in this web site under "Revised service charges,
w.e.f. 11.02.2008".
Nomination facility: Available
Product available at: All branches, except specialized branches.
Important Terms & Conditions:
1. Individuals 18 years & above with monthly income of Rs.5000/- or less.
11 State Bank of India
2. Maximum balance in the a/c with all other deposits accounts should be Rs. 10,000/-
3. When the balance exceeds Rs. 10,000/-, Normal SB a/c rules and charges will apply.
4. No minimum balance stipulation but at the time of opening a/c Rs. 50/- minimum deposit.
5. Cheque Book facility available.
6. ATM-cum-Debit Card issued free of cost in the 1st year
7. Nomination facility available
8. Interest payable on daily balance basis
(E) Premium Savings Account:
This provides an enriched version of Savings Bank account consisting of various concessions
and add-ons. It is suitable for the High Net worth Individual/ Mass Affluent customers.
Brief features:
Eligibility Residents, above 18 years of age
Mode of Holding Singly/ Jointly/ Jointly with survivorship benefits.
Type of account Savings Bank account. It will be linked to Multi Option Deposit (MOD)
account, for auto sweep, for issue of Term Deposits and unitized break-up
facilities.
Available at At all CBS branches
Minimum balance i) Savings Bank Component: NIL
ii) MOD Component: Each MOD Rs. 10,000/-
Rate of interest i) Savings Bank Component: As applicable to Savings Bank account.
ii) MOD Component: As applicable to the Term Deposits of tenure as opted
by the customer.
Auto-sweep facility i) Auto-sweep facility will be operative at monthly intervals and Term
Deposits (TD)/ Special Term Deposits (STD) would be created under the
MOD scheme, in units of Rs.1,000/-, subject to a minimum amount of Rs.
10,000/-. The facility of unitized break-up will also be available for
withdrawing the deposits conveniently.
12 State Bank of India
Period of deposit MOD Component: 1 year to 5 years, in round months.
Facilities available i) Cheque facility: 50 Multicity cheque leaves (plus cheques given along
with welcome kit) free in the first instance thereafter Rs. 2/- is charged for
each subsequent leaf.
iii) Unlimited number of debits per half-year
iv) ATM- cum-Debit card facility: Gold cards (Master/ Visa) will be issued,
free of cost.
v) Internet Banking facility: Provided free.
vi) SMS Alert: Provided, free
vii) Anywhere Banking: Inter-core transactions will be allowed with 25%
concession in the prescribed service charges.
vii) 50% concession in draft issue charges and cheque collection charges
viii) TTs/ Bankers Cheques will be issued free (out of pocket expenses for
TTs will be recovered).
ix) No service charges in respect of outward RTGS/ NEFT transactions.
Penalties Closing the account before completion of 12 months: Rs. 500/-.
Others i) Terms and conditions such as transferability among branches, dormant,
inoperative, nomination, linking to MOD account and standing instructions
as applicable to normal Savings Bank/ MOD account will be applicable.
ii) Conversion of existing SB/ Savings Plus accounts will be permissible.
(F) Cap Gains plus Account (Capital Gain Scheme 1988)
Brief Features:
Eligible Applicants Resident Individuals, Body of individuals
Non- individuals like Hindu Undivided family (HUF), sole
proprietorship firms; partnership firms companies,
Association of persons etc.
Non-resident Indians, Not Ordinarily Resident assesses.
Artificial judicial persons who have capital gains, taxable
13 State Bank of India
(G) Special Term Deposit
This plan helps customers to earn interest on interest, thus giving them a two-fold income. They
deposit their money with SBI for any period between six months to 10 years, and bank pays them
in India.
Minimum Amount Rs. 5,000 in case of Term Deposits and Rs. 1,000 in case of
Saving Banks a/c
Maximum Amount No ceiling
Period of Deposit No Not exceeding 2/3 years from the date of transfer of original asset
as given below-
2 years - if capital gains is U/s 54B, 54 F. 54 G
3 Years - if capital gains is U/s 54, 54 D
Interest Rate As applicable to normal Savings and Term Deposits for respective
maturities. No additional interest rate benefit for Senior
Citizens.
Coverage The Capital Gains Deposit Scheme is operative at all branches
except rural branches.
Premature Payment Premature payment of Term Deposit is permitted only after
production of specific authority letter/ certificate from the Income
Tax Officer having jurisdiction and on the terms mentioned in the
letter of authority
Loan facility No loan facility against this deposit is available
This term deposit can neither be accepted as margin money for
non-fund based nor as collateral to any type of fund-based
facilities.
Accounting
Procedure In case if the customer is not a SBI customer SBI and then submits
the application form for Cap Gains Plus account.
Nomination Nomination facility is available for the deposits
Transfer of Account Account can be transferred from one branch to another branch
14 State Bank of India
interest on their deposited money plus on the interest what they earn. Thus their interest gets
compounded every quarter giving customers higher returns.
Affordable/Very Low Minimum Deposit Amount
Customers can open a Special Term Deposit with SBI for a nominal amount of Rs. 1000/- only.
Features:
Safety - Banks understands the value of customers’ hard earned money and continues to deliver
on their promise of safety and security over 200 years.
Liquidity
Loan /overdraft facility: Depositors can avail a loan/overdraft against their deposit. SBI
provides them loan / overdraft up to 90% of their deposit amount at nominal cost. So they
continue to earn interest in their deposit and still can meet their urgent financial requirements.
Premature Withdrawal
There shall be no penalty for premature withdrawal of deposits of tenors up to 180 days provided
these have remained with the bank for at least 7 days.
In other cases of premature withdrawal, the interest shall be 0.50% below the rate applicable for
the period the deposit has remained with the Bank or 0.50% below the contracted rate, whichever
is lower. However, no interest will be paid if the deposit remains less than 7 days period.
These instructions for premature withdrawals will apply only to fresh deposits and renewed
maturing deposits.
Transferability
Transfer of Special Term Deposits between the wide network of SBIs’ branches without any
charge.
Flexible / Timely Payment of Interest
SBI assure timely delivery of the proceeds of customers’ deposit with interest, on maturity.
Flexibility of payment on maturity through Cash (subject to prevalent Income Tax Act), Banker's
Cheque, Credit in Savings Bank/Current account
15 State Bank of India
Others
Special Term Deposits are available at all SBI Branches
Easy and convenient access of 24X7 information at SBI internet banking
Nomination Facility is also available
Tax Implications
Tax Deductible at Source, as per Income Tax Act
Automatic Renewals
There is no need for depositors’ to keep track of the maturity of their deposits. Their deposits
with the bank is renewed automatically, post maturity. And they continue to earn interest for
same period as that of their matured deposit, at the interest rate prevailing at the time of maturity.
Automatic renewals take place where there are no standing instructions for renewal.
Flexibility to convert customers’ Term Deposit to Special Term Deposit and vice versa
Customer can convert their Term Deposit to a Special Term Deposit, which provides
compounded rate of interest to multiply their money faster.
Customer can also convert Special Term Deposit to a Term Deposit to receive monthly/quarterly
interest payments to match their financial requirements.
Important Terms & Conditions
1. Interest will be paid at the contracted rate irrespective of change in the rate thereafter.
2. Period of deposit 6 months to 10 years.
3. Loans / OD up to 90% of the Principal at 0.75% above the TDR rate.
4. Premature withdrawal facility available at 0.50% less interest than the actual period
deposit has remained with the Bank, however for tenors up to 180 days No Penalty.
5. Quarterly Interest payment and credited to the Principal account.
6. TDS deducted at prevalent rate is deducted at source if Form 60 not submitted.
16 State Bank of India
7. Auto renewal is exercised if maturity instructions are not given.
8. Permission to convert STDR to TDR and vice versa required.
9. Nomination facility available.
(H) Multi Option Deposit Scheme
The Multi Option Deposit (MOD) Account is a combination of Savings Bank or Current
Account with Term/ Special Term Deposit Accounts, so that one can securely write cheques up
to the balance in the MOD account or up to the drawing power available as overdraft in the
Current account. Withdrawals through ATMs can also be conveniently made.
Features:
Complete Liquidity.
Convenience of Overdraft.
Customers can earn a higher rate of interest on their deposit, without the dilemma of
locking it for a long period.
At the time of need for funds, withdrawals can be made in units of Rs.1,000/- from the
Deposits by issuing a cheque from Savings Bank Account or through overdraft facility
from Current account.
Flexibility in period of Term Deposit from 1 year to 5 years.
Customer can open a MOD account with SBI for a minimum amount of Rs. 10,000/-
only.
MOD Scheme is available at all SBI Branches.
Easy and convenient access of 24X7 information at SBI Internet Banking.
Nomination Facility is also available.
Know Your Customer (KYC) Guidelines
17 State Bank of India
Documents required for opening deposit accounts:
The Customer identification will be done on the basis of documents provided by the prospective
customer as under,
a) Passport or Voter ID card or Pension Payment Orders (Govt./PSUs) alone, whereon the
address is the same as mentioned in account opening form.
b) Anyone document for proof of identity and proof of address, from each of the under noted
items:
Proof of identity:
i) Passport, if the address differs from the one mentioned in the account opening form
ii) Voter ID card, if the address differs from the one mentioned in the account opening form
iii) PAN Card
iv) Govt. / Defence ID card
v) ID cards of reputed employers
vi) Driving License
vii) Pension Payment Orders (Govt. /PSUs), if the address differs from the one mentioned in the
account opening form
viii) Photo ID card issued by Post Offices
viii) Photo identity card issued to bonafide students of Universities/ Institutes approved by UGC/
AICTE
Proof of address:
i) Credit card statement
ii) Salary slip
iii) Income tax /wealth tax assessment
iv) Electricity bill
v) Telephone bill
vi) Bank account statement
vii) Letter from a reputed employer
18 State Bank of India
viii) Letter from any recognized public authority
ix) Ration card
x) Copies of Registered leave & license agreement/Sale Deed/Lease Agreement may be accepted
as proof of address.
xi) Certificate issued by hostel and also, proof of residence incorporating local address, as well
as permanent address issued by respective hostel warden of aforesaid University/institute where
the student resides, duly countersigned by the Registrar/Principal/Dean of Student Welfare. Such
accounts should be closed on completion of education/ leaving the University/ Institute.
xii) For students residing with relatives, address proof of relatives along with their identity proof,
can also be accepted provided declaration is given by the relative that the student is related to
him and is staying with him.
2. Recurring Deposit: With this deposit scheme a customer can create a fund for their children's education or marriage
or to buy a car or for a dream holiday. With SBI Recurring Deposit scheme a customer can save
a little every month so that at the time of need they have sufficient funds to achieve their
financial goals.
Period of Time:
in period of deposit with maturity ranging from 12 months to 120 months.
minimum monthly deposit amount.
can start a Recurring Deposit with SBI for a monthly instalment of Rs.100/- only.
Important Terms & Conditions:
1. Monthly Rs. 100/- no maximum. b) Deposit in Multiple of Rs.10/-
2. Minimum period 12 months maximum 120 months
3. Rate of interest as applicable to Bank’s TDR / STDR for the period of the RD
19 State Bank of India
4. Premature withdrawal allowed at 0.5% below the rate applicable for the period the
deposit has remained with the Bank
5. Loan / Overdraft facility available against the balance in RD account
6. Penalty charges for non-Deposit of monthly installments –
7. For a/c of period 5 years and less --Rs. 1.50 per Rs. 100/- per month
8. For a/c of period above 5 years- Rs. 2.00 per Rs. 100/- per month
9. No Cheque Book / ATM Card will be issued
10. Passbooks are issued
11. Nomination facility available
3. SBI Housing Loan
There are 3 types of home loan products offered by SBI:
(1) Home Loan Products Variants
(2) Related Home Loan Products
(3) New Products
(1) Home Loan Products Variants
I) SBI Max Gain
Home Loan as Overdraft: This is an innovative and customer-friendly product enables them to
earn optimal yield on savings and minimize interest burden on Home Loans, with no extra cost.
The loan is granted as an Overdraft facility with the added flexibility to the customers to operate
their Home Loan Account like there SB or Current Account.
20 State Bank of India
Minimum Loan Amount: Rs.5 lacs
Maximum Loan Amount: Rs.1 Crore
II) SBI Realty
Home Loan for the purchase of plot of land for the purpose of construction of dwelling unit:
This is a unique product when a customer is lookout for a loan to purchase a plot of land for
house construction. The loan is available for a maximum amount of Rs.1 crore and with a
comfortable repayment period of up to 15 years.
III) SBI Home Equity
This scheme is launched for granting personal loans to the banks home loans customers against
the security of their house property. The loan can be used for any purpose, viz. extension/repair
of house, purchase of car/ consumer durables, education / medical expenses of family members,
personal expenses, etc. There will be no need to obtain documentary evidence for the end-use of
funds. However a certificate from the customer in the application to the effect that the loan will
not be used for speculative purposes would be obtained.
IV) NRI Home Loans
Home loans to nonresidents and persons of Indian Origin (holding a foreign passport)
Eligibility:
Individual(s) over 18years of age with a steady source of income who;
Are Non Resident Indians (NRIs) holding a valid Indian passport.
Are persons of Indian Origin (PIOs) holding a foreign passport.
Minimum employment tenure in India/abroad not less than 2 years.
21 State Bank of India
Loan Amount:
The loan amount is to be determined on the basis of repayment capacity taking into account
income, age, assets and liabilities, qualifications, stability of occupation, and employment
prospects on return. The loan amount is subject to the following:
Minimum: Rs. 3 lacs
Maximum: Maximum permissible loan amount would be determined by EMI/NMI ratio criteria
as applicable to regular Home Loans scheme for Resident Indian customers.
V) SBI Tribal Plus
Special Home loans for Hilly/Tribal Areas
This is a special Scheme designed for Hill/Tribal areas for extending financial assistance to
individuals in such areas to:
a) Purchase or construction of a new house / flat (without mortgage of land)
b) Purchase of an existing (old) house / flat which is not more than 10 years old.
c) Repair /Renovation/extension of an existing house or flat.
d) Loans given against Third Party Guarantee
e) Maximum loan Rs.10 lacs
f) Maximum Loan tenure 15 years
VI) Gram Niwas
Home Loans to farming and poorest of the poor in rural areas
The Scheme covers all rural and Semi-urban centers. “Rural Area” for the purpose of the Scheme
is the area comprised in any village including the area comprised in any town, the population of
which does not exceed 50000 as per 2001 census. The scheme seeks to provide home loans to
farming and poorest of the poor in rural areas for the purpose of purchase or construction of a
22 State Bank of India
house, repairs and renovation, purchase of plot for the purpose of construction of a house/shed
etc.
VII) Sahyog Niwas
Rural Home Loans to self-help groups
This scheme has been instituted to finance the self-help groups with a good track of payment
record for 2 years, for on lending to members for housing in rural areas, covering the following
purposes.
i) For the purchase or construction of a house exclusively or including the housing needs of
activities carried by them. (Dairy shed, tailoring shed/shop, grocery stores etc.)
ii) For the renovation or repair of an existing house / shed
iii) For the purchase of a plot of land for the purpose of house construction
iv) For the extension of existing house / work space to existing house / shed.
(2) Related Home Loans Products:
I) Earnest Money Deposit (EMD) Scheme
This scheme is designed for financing against earnest money for allotment of a house/plot.
Individuals above 21 years of age and with a steady source of income are eligible to avail loans
under this scheme.
Features of the Scheme:
1. No minimum income criteria.
2. Margin waived in all cases.
3. Eligible for 100% of application money, subject to maximum loan amount of Rs.10 Lacs.
4. Waiver of security in all cases irrespective of the loan amount.
Important Terms and Conditions:
Allotment letters/refund orders should be routed through SBI.
Lump sum amount equal to 6 month’s interest to be taken upfront
23 State Bank of India
II) SBI Reverse Mortgage Loan
Loan for welfare of senior citizen in India:
This Reverse Mortgage Loan Enables house-owning Senior Citizens having inadequate income
to meet their financial needs for renovation/repairs to house, medical & other personal purposes.
There is no compulsion for the borrower to repay a RML during his or her lifetime or till such
time he or she continues to stay in the house.
(3) New Products of SBI:
I) SBI Surakshit Home Loan
Home Loans with Life Cover.
Other features like tenure, Loan to Value (LTV), eligibility are as per the standard schemes.
Life Insurance Premium can be added to the Project Cost.
II) SBI Yuva Home Loan
Eligibility: Salaried employees of Companies from the private sector, MNCs, Government
undertakings, PSUs, Government employees.
Age: Between 21 years to 45 years
Minimum Net Monthly Income: Rs.30, 000
Loan Term: Maximum 360 months.
Permissible loan amount: 20% higher
Repayment: First 36 months – Only the interest applied during the month will be recovered,37th
month onwards – Regular EMIs.
Type of Loan: Term Loan Only
24 State Bank of India
III) SBI Home Loan PAL (Pre-Approved Limit)
The Modalities are as under:
1. All the documents prescribed for Home Loan, except property documents will be collected
from the applicant along with the application form.
2. The loan eligibility will be assessed on the basis of income details of the applicant and PLAL
issued.
3. Non-refundable processing fee as applicable to the Home Loan will be collected upfront.
4. PLAL will be valid for a period of 2 months. Property papers will be required to be
submitted by the borrower within the validity of PLAL. Processing fee will not be levied again.
5. Pre-approved loan arrangement letter (PLAL) will carry the eligible loan amount calculated
on the basis of prevailing interest rates. Loan amount calculated on the basis of prevailing
interest rates will be valid for a period of 1 month (If the interest rate is revised downwards
within a period of 1 month, then the borrower will be given the benefit of such downward
revision.). Thereafter the interest rates applicable on the date of sanction of Home Loan will be
applicable.
6. Minimum Loan amount: Rs.10 Lacs.
7. Other features like tenure, Loan to Value (LTV), eligibility are as per the standard schemes.
Features of Home Loans:
Eligibility:
Minimum age: 18 years as on the date of sanction
Maximum age: 70 years .i.e. the age by which the loan should be fully repaid, subject to
availability of sufficient, regular and continuous source of income for servicing the loan
repayment.
25 State Bank of India
Loan Amount:
Actual loan amount will be determined taking into consideration such factors as applicant’s
income and repaying capacity, age, assets and liabilities, cost of the proposed house/flat etc. To
enhance loan eligibility customer have option to add:
1) Income of customer spouse/ customer son/ daughter living with customer,
provided they have a steady income and his/ her salary account is maintained
with SBI.
2) Expected rent accruals (less taxes, cess, etc.) if the house/ flat are being
purchased are proposed to be rented out.
3) Depreciation, subject to some conditions.
4) Regular income from all sources.
Security: Equitable mortgage of the property
Margin/ LTV Ratio:
Loan Amount Margin (Min.) Maximum LTV Ratio
(Max.)
Upto Rs. 20 Lacs 10% 90%
Above Rs. 20 Lacs. 20% 80%
Home Loans - Interest Rates:
All Rate are floating only,
(Base Rate= 9.75% p.a.)
Loan Amount Linkage with Base Rate over the
tenor of the loan
Effective Rate
26 State Bank of India
Upto Rs. 30.00 lacs 0.25% above Base Rate 10.00% p.a.
Above Rs. 30.00 lacs 0.40% above Base Rate 10.15% p.a.
No fixed rate option in any limit bracket.
Repayment of Loan Amount:
Repayment period: Maximum 30 years (or) Up to the age of 70 years (the age by which the
loan should be fully repaid) of the borrower, whichever is early.
Moratorium period (Repayment holiday): The moratorium period is included within the
maximum repayment period.
Documents Required For Home Loans:
List of papers/ documents applicable to all applicants:
Completed loan application
3 Passport size photographs
Proof of identify (photo copies of Voters ID card/ Passport/ Driving
license/ IT PAN card)
Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill/
Property tax receipt/ Passport/ Voters ID card)
Proof of business address for non-salaried individuals
Statement of Bank Account/ Pass Book for last six months
27 State Bank of India
Signature identification from present bankers
Personal Assets and Liabilities statement
For guarantor (wherever applicable):
· Personal Assets and Liabilities Statement
· 2 passport size photographs
· Proof of identification as above
· Proof of residence as above
· Proof of business address as above
· Signature identification from his/her present bankers
Additional documents required for salaried persons:
Original Salary Certificate from employer.
TDS certificate on Form 16 or copy of IT Returns for last two financial years, duly
acknowledged by IT Deptt.
Additional documents required for Professionals/self- employed/ other IT assesses:
Acknowledged copies of three years I.T. returns/ Assessment Orders.
Photocopies of challans evidencing payment of advance Income Tax
(4) SBI Car Loan:
(a) SBI New Car Loan Scheme:
Salient features:
No Advance EMI
Longest repayment tenure (7 years)
Lowest interest rates
Lowest EMI
28 State Bank of India
LTV 85% of 'On Road Price' of car (includes registration, insurance and cost of
accessories worth Rs 25000), 90% in case of Corporate Salary Package accounts
Interest Calculated on Daily Reducing Balance
Flexibility of payment of EMI anytime during the month
No pre-payment penalty
Free Accident insurance
Optional SBI Life cover
Overdraft facility available
Purpose: For purchase of new passenger cars, Multi Utility Vehicles (MUVs) and SUVs.
Loan Amount: There is no upper limit for the amount of a car loan. A maximum loan
amount of 48 times of Net Monthly Income or 4 times of Net Annual Income can be
sanctioned.
Eligibility: To avail an SBI Car Loan, the customer should be:
Individual between the ages of 21-65 years of age.
Regular employee of State / Central Government, Public Sector Undertaking, Private Company
or a reputed establishment.
Professionals, self-employed, a businessman, proprietary/partnership firms who is an income
tax assesses.
Person engaged in Agricultural and allied activities.
Net Annual Income Rs. 2, 50,000/- and above.
Documents Required:
The customer needs to submit the following documents along with the completed
application form:
1. Statement of Bank account of the borrower for last 6 months.
2. 2 passport size photographs of borrower(s).
3. A copy of passport /voters ID card/PAN card.
4. Proof of residence.
29 State Bank of India
5. Latest salary-slip showing all deductions
6. I.T. Returns/Form 16: 2 years for salaried employees and 2 years for professional/self-
employed/businessmen duly accepted by the ITO wherever applicable
7. Proof of official address for non-salaried individuals
Repayment: The customer can enjoy the longest repayment period in the industry with Sbi as
long as 84 months.
(b) Certified Pre-Owned Car Loan:
SBI offers:
• No Advance EMI;
• Longest repayment tenure (7 years);
• Lower interest rates
• Lowest EMI;
• LTV 85% of ‘On Road Price’ of car (includes registration, insurance and cost of
accessories),
• Interest Calculated on Daily Reducing Balance;
• Flexibility of payment of EMI anytime during the month;
• Low pre-payment penalty, only 2%;
• Low processing fee (only 0.51% of loan amount);
• Free Accidental insurance; Optional SBI Life cover;
30 State Bank of India
Purpose: Term Loans for purchase of Certified Pre Owned car, from certified used car dealers,
not more than five years old. The loan should be repaid within 7 years from the date of the
original purchase of the vehicle.
Eligibility: To avail an SBI Car Loan, the customer should be:
between the ages of 21-65 years of age.
Permanent employee of State / Central Government, Public Sector Undertaking, Private
company or a reputed establishment or
Professionals or self-employed individual who is an income tax assesses or
Person engaged in agriculture and allied activities.
Annual Income Rs. 100,000/- and above.
Loan Amount: Maximum Loan amount will be 2.5 times of net annual income. Spouse’s
income could also be considered provided the spouse becomes a co-borrower in the loan.
Documents Required:
of Bank account of the borrower for last 6 months.
passport size photographs of borrower(s).
identification from bankers of borrower(s).
copy of passport /voters ID card/PAN card.
of residence.
salary-slip showing all deductions
. Returns/Form 16: 2 years for salaried employees and 3 years for professional/self-
employed/businessmen duly accepted by the ITO wherever applicable to be submitted.
of official address for non-salaried individuals.
31 State Bank of India
(c) Car Loan Scheme for Used Car
SBI offers:
• No Advance EMI;
• Longest repayment tenure (7 years);
• Lower interest rates
• Lower EMI;
• LTV 85% of ‘On Road Price’ of car (includes registration, insurance and cost of
accessories worth Rs 25000),
• Interest Calculated on Daily Reducing Balance;
• Flexibility of payment of EMI anytime during the month;
• Low pre-payment penalty, only 2%;
• Low processing fee (only 0.51% of loan amount);
• Free Accidental insurance;
• Optional SBI Life cover.
Eligibility: To avail an SBI Car Loan, the customer should be:
between the ages of 21-65 years of age.
Permanent employee of State / Central Government, Public Sector Undertaking, Private
company or a reputed establishment or
Professionals or self-employed individual who is an income tax assesses or
Person engaged in agriculture and allied activities.
Annual Income Rs. 100,000/- and above.
32 State Bank of India
(2)-Wheeler Loan
SBI offers:
• No Advance EMI;
• Lower interest rates Lowest EMI;
• LTV 85% of ‘On Road Price’ of vehicle;
• Interest Calculated on Daily Reducing Balance;
• Flexibility of payment of EMI anytime during the month;
• Low processing fee (only 1.22% of loan amount);
• Free Accidental insurance;
• Optional SBI Life cover.
Loan Amount:
• For salaried persons, the maximum loan amount is restricted to 6 time’s Net Monthly Income
(NMI), i.e. net of all deductions including actual monthly tax deductions at source.
• In case of others, the maximum loan amount is restricted to half of Net Annual Income (NAI),
i.e. income as per latest income tax return filed less taxes payable.
• For agriculturists, the net annual income should be arrived based on the nature of their activity
(i.e. farming, dairy poultry, orchards, etc.) land holding, cropping pattern, yield, etc., and average
level of income derived there from in the area.
Documents Required:
of Bank account of the borrower for last 12 months.
passport size photographs of borrower(s).
identification from bankers of borrower(s).
33 State Bank of India
A copy of passport /voters ID card/PAN card.
of residence.
salary-slip showing all deductions and TDS certificate-Form 16 in case of salaried
persons.
of Income Tax Return for last two financial years, duly acknowledged by ITO for
professionals, self-employed and others.
of official address for non-salaried individuals.
Interest Rates for Car Loan:
Interest Rates w.e.f. 20.09.2012 (Base Rate 9.75 % p.a.)
SBI CAR LOAN SCHEME:
Tenure Rate of Interest
For all tenures
For Term Loan and Overdraft:
0.75% above Base Rate, i.e. 10.50%
p.a.
Two - Wheeler Loan:
Tenure Rate of Interest
Up to 3 years 8.25% above Base Rate i.e. 18.00%
p.a.
Used Vehicles:
Tenure Rate of Interest
Up to 3 years 7.25% above Base Rate i.e. 17.00%
p.a.
Above 3 yrs 7.50% above Base Rate i.e. 17.25%
p.a.
34 State Bank of India
Certified Pre-owned Car Loan scheme:
Tenure Rate of Interest
Up to 3 years 6.00% above Base Rate i.e. 15.75%
p.a.
Above 3 yrs 6.50% above Base Rate i.e. 16.25%
(5) Students’ Education Loan A term loan granted to Indian Nationals for pursuing higher education in India or abroad where
admission has been secured.
Eligible Courses:
(a) Studies in India
Loans are mainly for Graduation, Post-graduation including regular technical and professional
Degree/Diploma courses conducted by colleges/universities approved by UGC/
AICTE/IMC/Govt. etc.
They also provide loans for regular Degree/ Diploma Courses conducted by autonomous
institutions like IIT, IIM etc.
Loans are also available for Teacher training/ nursing courses approved by Central
government or the State Government
Regular Degree/Diploma Courses like Aeronautical, pilot training, shipping etc. approved by
Director General of Civil Aviation/Shipping
Also for Vocational Training and Skill Development Study Courses will not be covered under
the regular Education Loan Schemes. A separate scheme for ‘Loans for Vocational Education
and Training’ has been launched which covers financing for such Vocational courses
35 State Bank of India
(b).Studies abroad:
Loans for job oriented professional/ technical Graduation Degree courses/ Post Graduation
Degree and Diploma courses like MCA, MBA, MS, etc. offered by reputed universities are also
provided by them.
Expenses considered for loan:
Fees payable to college/school/hostel
Examination/Library/Laboratory fees
Purchase of Books/Equipment/Instruments/Uniforms, Purchase of computers- essential for
completion of the course (maximum 20% of the total tuition fees payable for completion of the
course)
Caution Deposit/Building Fund/Refundable Deposit (maximum 10% of tuition fees for the entire
course)
Travel Expenses/Passage money for studies abroad
Cost of a Two-wheeler up to Rs. 50,000/-
Amount of Loan:
For studies in India, maximum Rs. 10 lacs
Studies abroad, maximum Rs. 30 lacs
Interest Rates for Educational Loans:
SBI Student Loan Scheme:
Loan Amount Rate of Interest*
For loans up to Rs.4 lacs 3.50% above Base Rate, currently 13.25%
36 State Bank of India
p.a.
Above Rs.4 lacs and up to Rs.7.50 lacs 3.75% above Base Rate, currently 13.50%
p.a.
Above Rs.7.50 lacs 1.75% above Base Rate, currently 11.50%
p.a.
*(0.50% concession in interest for girl student is provided)
*(They also provide 1% concession for full tenure of the loan, if interest is serviced promptly as
and when applied during the moratorium period, including course duration. The interest should
be serviced promptly soon after application but not later than the following month to avail the
concession)
SBI Loan Scheme for Vocational Education and Training:
3.50% above Base Rate, currently 13.25% pa
(Here also 1% concession for full tenure of the loan, if interest is serviced promptly as and when
applied during the moratorium period, including course duration is providing by them.)
SBI Scholar Loan Scheme (w.e.f. 16.11.2012):
1.75% above Base Rate, currently 11.50% p.a
(0.50% concession in interest for girl student)
(1% concession for full tenure of the loan, if interest is serviced promptly as and when applied
during the moratorium period, including course duration)
37 State Bank of India
Processing Fees:
There is no processing fee/ upfront charges They only want a deposit of Rs. 5000/- for education
loan for studies abroad which will be adjusted in the margin money
Repayment Tenure:
Now coming to the repayment, repayment will commence one year after completion of course
or 6 months after securing a job, whichever is earlier.
Place of Study Loan Amount Repayment Period
in Years
Studies in India Rs. 10.0 lacs 5-7
Studies Abroad Rs. 30.0 lacs 5-7
Security:
Amount For loans up to Rs. 10.00 lacs for Studies in India and up to Rs. 20.00 lacs for
studies abroad
Up to Rs. 4 lacs No Security
Above Rs. 4
lacs to Rs. 7.50
lacs
Collateral security in the form of suitable third party guarantee. The bank may,
at its discretion, in exceptional cases, waive third party guarantee if satisfied
with the net-worth/means of parent/s who would be executing the documents as
"joint borrower".
Above Rs. 7.50
lacs.
Tangible collateral security of suitable value, along with the assignment of
future income of the student for payment of installments.
All loans should be secured by parent(s)/guardian of the student borrower. In case of married
person, co-obligator can be spouse or the parent(s)/ parents-in-law
38 State Bank of India
Margin:
For loans up to Rs.4.0 lacs: No Margin
For loans above Rs.4.0 lacs:
o Studies in India: 5%
o Studies Abroad: 15%
Documentation Required:
Completed Education Loan Application Form.
Mark sheets of last qualifying examination.
Proof of admission scholarship, studentship etc.
Schedule of expenses for the specified course.
2 passport size photographs.
PAN Card of the student and the Parent/ Guardian.
Borrower's Bank account statement for the last six months.
Income tax Returns/ IT assessment order, of last 2 yrs.
Brief statement of assets and liabilities, of the Co-borrower.
Proof of Income (i.e. Salary slips/ Form 16)
6. Loan against Mortgage of Property
SBI loans against property scheme allow customers to have cash in liquid form worth amount of
their property without selling their property. They can keep their property as a security with bank
39 State Bank of India
and can easily avail liquid cash for them for their work like marriages or personal needs on
interest.
SBI Advantages on this loan:
· They provide a complete transparency in operations work of branches.
· They also charge interest rates which are levied on a monthly/daily reducing balance method.
· They also have the lowest processing charges.
· SBI provides long repayment period of 60 months, sometimes up to 120 months for salaried
individuals with check-off facility
· There are no hidden costs or administrative charges.
· No prepayment penalties. Customers can have surplus funds at any time thereby conveniently
reducing their loan liability and interest burden.
Property Loan Scheme:
They provide an All-Purpose loan against mortgage of any of customer property. They offer
customers these loans at all their Personal Banking Branches and the branches having Personal
Banking Divisions amongst others.
Purpose:
This is an all-purpose loan, i.e., the loan can be obtained for any purpose whatsoever. If amount
of loan is Rs.25.00 lacs and above then purpose of loan will have to be specified along with an
undertaking that loan will not be used for any speculative purpose whatever including
speculation on real estate and equity shares.
40 State Bank of India
Eligibility:
Customers are eligible if they are:
A. An individual who is;
a. An Employee or
b. A Professional, self-employed or an income tax assesse or
c. Engaged in agricultural and allied activities.
B. Their Net Monthly Income (salaried) is in excess of Rs.12, 000/- or Net Annual Income
(others) is in excess of Rs.1, 50,000/-.
The income of the spouse may be added if he/she is a co-borrower or a guarantor.
C. Maximum age limit: 60 years.
Salient Features:-
Loan Amount:
Minimum: Rs.25, 000/-
Maximum: Rs.1 crore. The amount is decided by the following calculation:
24 times the net monthly income of salaried persons (Net of all deductions including TDS) or
2 times the net annual income of others (income as per latest IT return less taxes payable)
Margin:
They (Bank) will finance up to 60% of the market value of customers’ property.
41 State Bank of India
Interest for Loan against Mortgage of Immovable Property:
Size of Credit Limit
(Term Loan)
Rate of Interest
Up to Rs. 1,00,00,000/- 5.25% above Base Rate Floating, currently
15.00% p.a.
Above Rs. 1,00,00,000/- 5.50% above Base Rate Floating, currently
15.25% p.a.
*No Overdraft against Mortgage of Property
Repayment:
Maximum of 60 equated monthly installments, up to 120 months for salaried individuals with
check-off facility. They could opt to divert any surplus funds towards prepayment of the loan
without attracting any penalty.
Processing Fees:
The bank charge 2% of the loan amount [inclusive of the service tax]. Max of Rs. 50,000/-
Security: As per banks extant instructions.
42 State Bank of India
State Bank of India offers a wide range of services in
“Personal Banking” segment which are as follows:
eZ-
trade@sbi
Atm Services Internet
Banking
Foreign
Inward
Remittance
Locker Cards
1. eZ-trade@sbi
In case if customer wants an Online Trading Facility, he can have it with SBI Cap Securities
Limited. This service provides him with a 3-in-1 account which is an integrated platform of
Savings Bank A/c, Demat A/c and Online Trading A/c to give them a convenient and paper
free trading experience.
(a) Demat Services:
Overview:
(a) With effect from 01.04.2011, all the new demat accounts and Online Trading accounts will be
opened in the books of SBI Cap Securities Ltd.
(b) The existing demat accounts in the books of the Bank will continue to be maintained by the
Bank.
Features & Benefits of a Demat Account:
A Demat account with SBI provides customer the following benefits:
43 State Bank of India
Customer Care: The customer can now call the banks dedicated Customer Care 24X7
and rest assured that all their queries are taken care of.
Transact Anywhere: Now the customers can operate their Demat account from any of
the 1000 plus Demat enabled branches of SBI.
Statements by e-mail: The customer can receive their account statement and bill by
email.
Demat Services’ Online Facility – This convenient and paper free facility lets the
customers operate from the comfort of their home or office through SBI’s Internet
Banking facility – “www.onlinesbi.com”
Online Demat Statements: Now the customer can now view their Demat account
details, statement of holdings, statement of transactions and statement of billing online.
Order Delivery Instruction Booklet online: No queues at branches anymore as the
customers can now order their Delivery Instructions Booklet online and the same would
be delivered at their doorsteps.
eZ - Instructions: The customer can transfer or pledge/unpledged securities online
anyplace, anytime.
Mobile Alerts: The customers can receive SMS alerts for all debits/credits as well as for
any request which cannot be processed.
Service Charges:
State Bank of India Revised Depository Service Charges for residents retail customers w.e.f
01/04/2008
Sr.
No.
CHARGE HEAD STANDARD CHARGES
1 A/c Opening Nil
2 Annual Maintenance Charges Rs. 400/- (Rs 350/- for customers receiving
statements by e-mail )
3 Agreement Stamp Paper Rs. 100/- (for Agreement between DP and
44 State Bank of India
BO) or Rs. 200/- (if POA for eZ-instructions
is also signed)
4 Buy - Market and Off-Market Nil
5 Sell - Market and Off-Market (% of
transaction value of each ISIN)
For trade done on
www.sbicapsec.com
Nil
For instruction submitted through
Internet (eZ-instructions)
0.03% (Min. Rs. 10/-)
For instruction submitted through
Branches
0.03% (Min. Rs. 30/-)
6 Rejection/fails Rs. 10 /-
7 Extra charges for processing of
instructions submitted on the execution
date late (accepted at Client's risk)
For instruction submitted through
Internet (eZ-instructions)
Nil
For instruction submitted through
Branches
Rs. 10/- per ISIN
8 Dematerialisation
For each request form Rs. 35/-
Extra for each certificate Rs. 2/-
9 Rematerialisation (For each request form) Rs. 25/-
10 Closure of Account Nil
11 Pledge Creation/Closure/Confirmation/
Invocation (% of value for each ISIN in
each request)
If SBI is the counter party 0.02% (Min. Rs. 15/-)
45 State Bank of India
If SBI is not the counter party 0.04% (Min. Rs. 30/-)
12 Additional Account Statements
By Courier Rs. 30/-
By e-mail Nil
Recovery of demat service charges: Customers have to provide a debit authorization to SBI for
recovery of charges.
2. ATM Services
State Bank Networked ATM Services
State Bank offers their customers the convenience of over 26,000 ATMs in India, the largest
network in the country (and the Atm’s includes the ATMs of State Bank of India as well as the
Associate Banks - namely, State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank
of Mysore, State Bank of Patiala, and State Bank of Travancore) and wholly owned subsidiary
viz. SBI Commercial and International Bank Ltd., using the State Bank ATM-cum-Debit (Cash
Plus) card.
Cards Accepted at State Bank of India: Besides all cards of State Bank of India, State Bank
ATM-Cum-Debit Card and State Bank International ATM-Cum-Debit Cards following cards are
also accepted at State Bank ATMs: -
1) State Bank Credit Card
2) Cards issued by other banks displaying Maestro, Master Card, Cirrus, VISA and VISA
Electron logos.
3) All Debit/ Credit Cards issued by any bank outside India displaying Maestro, Master Card,
Cirrus, VISA and VISA Electron logos.
46 State Bank of India
(a) State Bank ATM-cum-Debit (State Bank Cash plus) Card:
With this card, there is no need to carry cash in wallet. The customer can withdraw cash and
make purchases anytime.
Features:
(1) The customers can withdraw cash from over 26,000 ATMs of SBI group for free and about
40000 ATMs of other banks under multi-lateral sharing viz. Andhra Bank, Axis Bank, Bank of
India, The Bank of Rajasthan Ltd. Canara Bank, Corporation Bank, Dena Bank, HDFC Bank,
ICICI Bank, Indian Bank, IndusInd Bank, Punjab National Bank, UCO Bank and Union Bank of
India apart from ATMs displaying Master Card/ Maestro/Cirrus logo for FREE up to first 5
transactions (Financial and Non-Financial) in a calendar month (for SB account holders).
(2) The customers can make payments for purchases by using the debit card at more than 4 lakh
shops, restaurants, shopping malls, hotels, petrol pumps and many other outlets which display
Maestro logo.
(3) The customers can also recharge their mobile Vodafone, IDEA, Reliance and BPL without
any charges at any State Bank ATM.
(4) The customers can pay MTNL, Mumbai bills through State Bank ATMs.
(5) Payment of Electricity Bills & BSNL telephone bills.
(6) Payment of SBI Credit Card bills.
(7) Now customers can also do registration of SBI Mobile Banking and SMS Alerts.
Transaction Limits:
Daily limit of Rs 40,000/- at the ATM
Daily limit of Rs 50,000/- at Point of Sale (POS) terminal for debit transactions
Combined daily limit of Rs 90,000/-
47 State Bank of India
Fees:
There is no fee for State Bank ATM-cum-Debit (Cash Plus) card. But the customers have to pay
Annual maintenance fee of Rs. 100/- p.a.and this will be recovered from the second year of issue.
(b) State Bank Cash plus International Card:
With this cash plus International card the customers can enjoy shopping at over 4 lakh
establishments in India and over 10.5 Million establishments’ worldwide displaying Maestro
logo. They can also withdraw cash from over 26,000 ATMs of our group FREE of other
banks from ATMs displaying Master Card/ Maestro / Cirrus logo in India and more than
8,20,000 ATMs across the globe for a nominal fee.
Withdrawal Limit:
i) Cash Withdrawals (per day):
ii) Transaction at POS (per day):
India Abroad
Maximum Rs. 1,00,000 US$1000 or equivalent
India Abroad
Minimum Rs. 100 Depends on the Bank whose ATM is being used
Maximum Rs. 45000 US$1000 or equivalent
48 State Bank of India
Transaction Costs: -Free
Fees:
The State Bank Cash plus International Card is available for one time joining fee of Rs 200/-.
Annual maintenance fee of Rs. 100/- p.a. will be recovered from the second year of issue.
(c) State Bank International ATM-Cum-Debit Card
Eligibility:
All Saving Bank and Current Account holders having accounts with networked branches and are:
18 years of age & above
Account type: Sole or Joint with "Either or Survivor" / "Anyone or Survivor"
NRE account holders are also eligible but NRO account holders are not.
Benefits:
Convenience to the customers traveling overseas
Can be used as Domestic ATM-cum-Debit Card
Available at a nominal joining fee of Rs. 200/-
Daily limit of US $ 1000 or equivalent at the ATM and US $ 1000 or equivalent at Point of Sale
(POS) terminal for debit transaction
Purchase Protection*up to Rs. 5000/- and Personal Accident cover*up to Rs. 2, 00,000/-
Charges for usage abroad: Rs. 150+ Service Tax per cash withdrawal Rs. 15 + Service Tax per
enquiry.
49 State Bank of India
Acceptability:
Card can be used at:
More than 8, 20,000 ATMs and 7 million POS, worldwide, displaying Cirrus logo
All State Bank Group and tie-up banks' ATMs and ATMs & POS in India displaying Master
Card / Maestro / Cirrus logo.
Charges for using ATM CUM Debit Card:
Annual Maintenance charges for using ATM cum Debit Card by State Bank Cardholders.
Revised Service Charges w.e.f. 01.04.2011
Sr.
No.
Type of Card Existing Charges Revised Charges
1. State Bank Shopping and ATM
Card (Maestro Card)
Rs. 50/- Rs. 100/-
2. State Bank International Debit
Card (Maestro)
Rs. 100/- Rs. 100/-
3. State Bank Gold Card NIL Rs. 100/-
4. State Bank Platinum International
Debit Card
Rs. 300/-.
The same would be waived
for active customers who
do a minimum of 12 POS
transactions in the
preceding year.
Rs. 100/-
Charges for Replacement of Debit Cards w.e.f. 01.09.2011 are placed below:
Sr. No. Case description Charges to be recovered from the
customer
1. Replacement of Debit Card if
magnetic stripe/Chip of the card is not
working/card is damaged
NIL for first replacement
Rs. 100/- from second replacement
onwards
50 State Bank of India
2. Replacement of Debit Card if card is
lost
Rs. 200/- per replacement
3. Maestro Debit Card holders are given
MasterCard as replacement card
NIL
4. Replacement of card if validity of
Debit Card has expired
NIL
3. INTERNET BANKING
www.onlinesbi.com, the Internet banking portal of the bank, enables its retail banking customers
to operate their accounts from anywhere anytime, removing the restrictions imposed by
geography and time.
Using Internet banking services, the customers can do the following normal banking
transactions online:
Funds transfer between own accounts.
Third party transfers to accounts maintained at any branch of SBI
Group Transfers to accounts in State Bank Group
Inter Bank Transfers to accounts with other Banks
Online standing instructions for periodical transfer for the above
Request for Issue of Demand Draft
Request for opening of new accounts
Request for closure of Loan Accounts
Request for Issue of Cheque Book
51 State Bank of India
Apart from these, the other salient value-added features available are:
Utility bill payments
Online Ticket Booking for travel by Road, Rail and Air
SBILIFE, LIC and other insurance premium payments
SBI and other Mutual funds’ Investments
SBI and other Credit Card dues payments
Tax Payment – Income, Service, State Govt
Customs Duty Payment
Online Share Trading (eZ-trade@SBI)
Online Application for IPO
4. FOREIGN INWARD REMITTANCE:
Sending remittances to India for credit to customer account with bank or for their family is very
simple and convenient with SBI wide foreign offices network and correspondent banking
arrangement with about 600 banks worldwide. Wherever in the world they may be, there is bank
office or a bank having corresponding banking arrangement with SBI bank to provide facilities
of remittances.
The customer can use any of the following ways to send the remittances.
SBI Express Remit Facility
Demand Drafts in Rupees
Personal Cheques/ travelers Cheques (in person only)/ DDs in foreign currency
52 State Bank of India
5. SAFE DEPOSIT LOCKER
For the safety of customer valuables the bank offers safe deposit locker facility at a large number
of their branches. There is a nominal annual rent, which depends on the size of the locker and the
Centre at which the branch is located.
Important Terms & Conditions:
1. Annual rental is payable in advance.
2. Rental depends on the size of the lockers and location of the branch via metro/urban or semi-
urban/rural.
3. One time registration charges for all centre is also levied.
4. KYC norms are applicable for locker hirers.
5. Lockers cannot be allotted to minors either singly or jointly with others.
6. Nomination facility is available. Bank is guided by the provisions of Sections 45 ZC to 45 ZF
of the Banking Regulation Act, 1949 and the Banking Companies (Nomination) Rules, 1985
and the relevant provisions of Indian Contract Act and Indian Succession Act.
7. In case of locker remains un-operated for more than one year, the branch has the right to
cancel the allotment of the locker and open the locker even if the rent is paid regularly.
6. Cards Offered by SBI
(1) Debit Cards:
(a) State Bank Classic Debit & Shopping Card
Customers can enjoy the convenience of cashless shopping with State Bank Classic Debit &
Shopping Card and earn Freedom Reward points on their purchases. With their State Bank
Classic Debit & Shopping Card they get access to their account whenever and wherever they
want. They can use it to purchase goods merchant establishments and withdraw cash in India.
Use of State Bank Classic Debit & Shopping Card:
For shopping at over 5 lakh merchant outlets in India.
53 State Bank of India
For booking movie tickets, bill payments, travel and other online purchases and payments over
the internet using secure ‘Master Secure Code’/‘Verified by Visa’.
For withdrawing cash from State Bank Group ATMs or other ATMs in India.
Rewards Points: Freedom Reward State Bank Debit Card Loyalty Program
State Bank Classic Debit Card earns 2.5 Freedom Points (Reward points) for every Rs. 100
customers shop, dine out, fill fuel, book travel or spend online. These Freedom Points earned can
be accumulated and redeemed for exciting gifts.
Daily Cash Withdrawal & Transaction Limit:-
State Bank Classic Debit & Shopping Card Domestic
Daily Cash Limit at ATMs Minimum Rs. 500/-
Maximum Rs. 40,000/-
Daily Point of Sales/e-Commerce
Limit
Minimum No such limit
Maximum Rs. 50,000/-
SMS Alert for Better Tracking:-
Customers get instant SMS alerts for all Cash withdrawal/Purchase transactions/Online
transactions made on their State Bank Classic Debit & Shopping Card.
Issuance and Annual Maintenance Charges:-
Particulars Charges
Issuance Charges Nil
54 State Bank of India
Annual Maintenance
Charges
Rs. 100.00 per annum from the second year of
issue.
Card Replacement
Charges
Rs. 200
* (The above charges are inclusive of Service Tax and are subject to revision)
(b) State Bank Silver International Debit & Shopping Card
Customer can enjoy the convenience of cashless shopping with State Bank Silver International
Debit Card and earn FreedomRewardz points on their purchases. With their State Bank Silver
international Debit Card they get access to their account whenever and wherever they want. They
can use it to purchase goods merchant establishments and withdraw cash in India as well as
across the globe.
Use of State Bank Silver International Debit & Shopping Card:
For shopping at over 5 lakh merchant outlets in India, and over 30 million worldwide.
For booking movie tickets, bill payments, travel and other online purchases and payments over
the internet using secure ‘Master Secure Code’/‘Verified by Visa’.
For withdrawing cash from State Bank Group ATMs or other ATMs in India and worldwide
(ATMs with MasterCard/Maestro/Visa logo).
Rewards Points: Freedom Reward State Bank Debit Card Loyalty Program
State Bank Silver International Debit Card earns 2.5 Freedom Points (Reward points) for every
Rs. 100 customer shop, dine out, fill fuel, book travel or spend online. These Freedom Points
earned can be accumulated and redeemed for exciting gifts.
Daily Cash Withdrawal & Transaction Limit:
55 State Bank of India
State Bank Silver International
Debit & Shopping Card
Domestic International
Daily Cash
Limit at
ATMs
Minimum Rs. 500/- Varies from
ATM to ATM
Maximum Rs.
40,000/-
Varies from
country to
country,
subject to a
maximum of
USD 1,000 or
equivalent
thereof
Daily Point
of Sales/
Online
Transaction
Limit
Minimum No such
limit
No such limit
but subject to
local
regulations
Maximum Rs.
75,000/-
Varies from
country to
country,
subject to a
maximum of
USD 1,500 or
equivalent
thereof
SMS tracking facility is also provided as same as classic debit card.
Issuance and Annual Maintenance Charges:-
Particulars Charges
56 State Bank of India
Issuance Charges Nil
Annual Maintenance Charges Rs. 100.00 per annum from the second year of
issue.
* (The above charges are inclusive of Service Tax and are subject to revision)
(c) State Bank Gold International Debit Card
Customers can enjoy the convenience of cashless shopping with State Bank Gold International
Debit Card and earn higher FreedomRewardz points on their purchases. With their State Bank
Gold international Debit Card they get access to their account whenever and wherever they want.
They can use it to purchase goods merchant establishments and withdraw cash in India as well as
across the globe.
Use of SBI Gold International Debit
For shopping at over 5 Lakh merchant outlets in India, and over 30 million worldwide.
For booking movie tickets, bill payments, travel and other online purchases and payments over
the internet using secure ‘Master Secure Code’/‘Verified by Visa’.
For withdrawing cash from State Bank Group ATMs or other ATMs in India and worldwide
(ATMs with MasterCard/Maestro/Visa logo)
Rewards Points: FreedomRewardz State Bank Debit Card Loyalty Program
SBI Gold International Debit Card earns 4 Freedom Points (Reward points) for every Rs. 100
customers shop, dine out, fill fuel, book travel or spend online! These Freedom Points earned can
be accumulated and redeemed for exciting gifts.
Daily Cash Withdrawal & Transaction Limit
57 State Bank of India
SBI Gold International
Debit Card
Domestic International
Daily Cash Limit at
ATMs
Minimum Rs. 500/- Varies from ATM to
ATM
Maximum Rs. 50,000/-
Varies from country to
country, subject to a
maximum of USD
1,000 or equivalent
thereof.
Daily Point of
Sales/ Online
Transaction Limit
Minimum No such limit
No such limit but
subject to local
regulations.
Maximum Rs. 2,00,000/-
Varies from country to
country, subject to a
maximum of USD
4,000 or equivalent
thereof.
Complimentary Insurance
The SBI Gold International Debit Cardholder are provided with free insurance (accidental death
only) of Rs. 2 Lakh. The card also carries a purchase protection for theft / damage upto 90 days
from the date of purchase up to Rs. 5000/- in respect of transactions carried out at the Points of
Sale / Merchant Establishments.
SMS Alert for Better Tracking
Customers get instant SMS alerts all Cash withdrawal/Purchase transactions/Online transactions
made on State Bank Gold International Debit Card.
58 State Bank of India
Issuance and Annual Maintenance Charges
Particulars Charges
Issuance Charges Nil
Annual Maintenance Charges Rs. 100.00 per annum from the second year of issue.
(d) SBI Yuva International Debit Card
SBI Yuva Card is an International Debit Card on VISA platform, exclusively designed for
vibrant youth of India between 18-30 years of age. Customers can enjoy the convenience of
cashless shopping with SBI Yuva International Debit Card and earn FreedomRewardz points on
their purchases. With their SBI Yuva International Debit Card they get access to their account
whenever and wherever they want. They can use it to purchase goods merchant establishments
and withdraw cash in India as well as across the globe.
Eligibility criteria of SBI Yuva International Debit Card:-
All Saving Bank and Current Account holders having account at CBS branches, in the age group
of 18-30 years and holding account either in their sole name or jointly with their parents/ spouse
with mode of operation " Either or Survivor"/ Anyone or Survivor will be eligible to apply for
this card.
Use of SBI Yuva International Debit Card:-
For shopping at over 5 lacs merchant outlets in India, and over 30 million worldwide.
For booking movie tickets, bill payments, travel and other online purchases and payments over
the internet using secure ‘Verified by Visa’.
For withdrawing cash from State Bank Group ATMs or other ATMs in India and worldwide.
59 State Bank of India
Rewards Points: FreedomRewardz State Bank Debit Card Loyalty Program:
SBI Yuva International Debit Card earns 2.5 Freedom Points (Reward points) for every Rs. 100
they shop, dine out, fill fuel, book travel or spend online. These Freedom Points earned can be
accumulated and redeemed for exciting gifts.
Daily Cash Withdrawal & Transaction Limit:
SBI Yuva International Debit Card Domestic International
Daily Cash Limit at
ATMs
Minimum Rs. 100/- Varies from ATM to
ATM
Maximum Rs. 40,000/- Varies from country to
country, subject to a
maximum of USD
1,000 or equivalent
thereof
Daily Point of Sales/
Online Transaction
Limit
Minimum No such limit No such limit but
subject to local
regulations
Maximum Rs. 2,00,000/- Varies from country to
country, subject to a
maximum of USD
1,500 or equivalent
thereof
60 State Bank of India
Complimentary Insurance:
SBI Yuva International Debit Card Cardholder are provided with free insurance (accidental death
only) of Rs. 2 Lac. The card also carries a purchase protection for theft / damage upto 90 days
from the date of purchase up to Rs. 5,000/- in respect of transactions carried out at the Points of
Sale / Merchant Establishments.
SMS Alert for Better Tracking:
Customer get instant SMS alerts all cash withdrawal/purchase transactions/online transactions
made on SBI Yuva International Debit Card.
Issuance and Annual Maintenance Charges:
Particulars Charges
Issuance Charges Nil
Annual Maintenance Charges Nil
(2) Business Debit Card
(a) State Bank Pride
Transaction Limits:-
State Bank Pride Domestic (in
Rs)
International
(USD or Equivalent)
Daily Cash Limit
at ATMs Maximum 1,00,000
Varies from country to country,
subject to a maximum of the
foreign currency equivalent of
the Domestic limit.
61 State Bank of India
Daily PoS/e-
Commerce Limit Maximum 2,00,000
Varies from country to country,
subject to a maximum of the
foreign currency equivalent of
the Domestic limit.
Daily Cash
Deposit limit Maximum 49,900 Not applicable
Complimentary Insurance:-
The card holder will have free insurance (accidental death only) up to Rs. 2 lakh.
Purchase Protection:-
This card carries a purchase protection for theft / damage up to 90 days from the date of purchase
up to Rs. 5,000/- in respect of transactions carried out at the Points of Sale / Merchant
Establishments.
Reward Points:-
This card earns 4 FreedomRewardz points for Rs. 100/- spend over Point of Sale/e-Commerce
SMS Alert for Better Tracking:-
The customer gets instant SMS alerts for all Cash withdrawal/Purchase transactions/Online
transactions made by them on State Bank Pride.
Charges:-
Particulars Charges
Issuance Charges NIL
Annual Maintenance Charges Rs. 200/-* per annum from the second year of
62 State Bank of India
issue.
These charges will be waived if State Bank
Pride is used for spends on Point of Sale/e-
Commerce amounting to Rs. 5, 00,000/-# or more
during the year for which the Annual Maintenance
Charges are charged.
Card Replacement Charges Rs. 200/-
* The above charges are inclusive of Service Tax and are subject to change.
(b) State Bank Premium
Transaction Limits:-
State Bank Premiums Domestic
(in Rs)
International
(USD or Equivalent)
Daily Cash Limit
at ATMs
Maximum 2,00,000 Varies from country to country,
subject to a maximum of the
foreign currency equivalent of
the Domestic limit.
Daily PoS/
e-Commerce
Limit
Maximum 5,00,000 Varies from country to country,
subject to a maximum of the
foreign currency equivalent of
the Domestic limit.
Daily Cash
Deposit limit
Maximum 49,900 Not applicable
63 State Bank of India
Complimentary Insurance:-
The card holder will have free insurance (accidental death only) up to Rs.5 lakh
Purchase Protection:-
This card carries a purchase protection for theft / damage up to 90 days from the date of purchase
up to Rs. 50,000/- in respect of transactions carried out at the Points of Sale / Merchant
Establishments.
Reward Points: - This card earns 5 FreedomRewardz points for Rs. 100/- spend over Point of
Sale/e-Commerce
SMS Alert for Better Tracking:- The customer gets instant SMS alerts for all Cash
withdrawal/Purchase transactions/Online transactions made by them on State Bank Premium.
Charges:-
Particulars Charges
Issuance Charges NIL
Annual Maintenance
Charges
· Rs. 200/-* per annum from the second year of issue.
· These charges will be waived if State Bank Pride is used
for spends on Point of Sale/e-Commerce amounting to
Rs. 10, 00,000/-# or more during the year for which the
Annual Maintenance Charges are charged.
Card Replacement Charges Rs. 200/-
64 State Bank of India
(3) Prepaid Card
(a) State Bank Gift Card
State Bank Gift Card is a Pre-paid Plastic Card supported by Magnetic-strip based technology. It
is usable at all VISA enabled Merchant Establishments at Point of Sale by signature and over
Internet for e-Commerce transactions by using secure ‘Verified by Visa’.
Features:-
Currency of Issue Indian Rupee only
Availability
All State Bank of India Branches and also available
online through SBI Internet Banking website
www.onlinesbi.com for all SBI customers availing
Internet Banking facility.
Re-load State Bank Gift Card is not re-loadable
Minimum Amount of Issue Rs. 500 and thereafter in multiples of Re. 1/-
Maximum Amount of Issue Rs. 50,000/-
Usage
State Bank Gift Cards can only be used at VISA
enabled Merchant Establishments at Point of sale
and over Internet for e-Commerce transactions by
using secure “Verified by Visa”. Facility of cash
withdrawal is not available on this Card.
Balance enquiry
Cardholder can view the balance in the State Bank
Gift Card and also obtain a transaction receipt
indicating the balance from any State Bank Group
ATM in India free of cost and also online at
https://prepaid.onlinesbi.com
Validity of Card The validity of the card is for 1 year from the date
of issue.
Daily Transaction Limit No Limit; up to the available balance in the Card.
Personalized Cards The Card can also be personalized, upon request by
the Corporates for Bulk Issue.
65 State Bank of India
(b) State Bank eZ Pay Card
The State Bank eZ-Pay Card, a prepaid plastic Card issued in Indian Rupees in association with
VISA International, is an ideal product for making periodical payments. It is suitable for:
Disbursement of wages to blue collar workers,
Bonus to employees/ reimbursement of expenses to staff,
Periodical payment of incentives to agents/ commission to distributors.
Customer need not be SBI account holder for purchasing State Bank eZ-Pay Card. Any person,
in individual capacity also, can obtain eZ-Pay Card.
Features:
Currency of Issue Indian Rupee only
Availability All State Bank of India Branches
Re-load State Bank eZ-Pay Card is reloadable
Minimum Amount of
Issue
Rs. 500 and thereafter in multiples of Re. 1/-, however the
balance in the Card should not exceed Rs. 50,000/- at any
point of time.
Maximum Amount of
Issue
Rs. 50,000/-
Usage
State Bank eZ-Pay Card is usable at all State Bank ATMs
through PIN, at VISA enabled Merchant Establishments at
Point of Sale and over Internet for e-Commerce
transactions by using secure “Verified by Visa”.
Balance enquiry
Cardholder can view the balance in the State Bank eZ-Pay
Card and also obtain a transaction receipt indicating the
balance from any State Bank Group ATM in India free of
cost and also online at https://prepaid.onlinesbi.com
Validity of Card The validity of the card is for 10 year from the date of
issue.
66 State Bank of India
Daily Transaction Limit Ø Cash withdrawal limit from State Bank ATMs:
Rs.100/- – Rs.40,000/- per day.
Ø PoS Transaction limit: Rs. 50,000 per day.
Personalized Cards The Card can also be personalized, upon request by the
Corporates for Bulk Issue.
Eligibility
Individuals
Can be issued to individuals after taking full KYC
documents. These individual Cards can be loaded/
reloaded by debit to third party accounts of
Corporates/customers.
Corporates
Corporate Cards (cards both personalized & non-
personalized, which can be issued in bulk to corporate
clients for onward issuance to their employees at their end)
can be issued to employees/beneficiaries of listed company
only. Corporates have to submit KYC documents of
beneficiaries before loading/activating the Cards for use.
(c) State Bank Foreign Travel Card
State Bank Foreign Travel Card is a prepaid Foreign Currency card that makes customer foreign
trip trouble-free and convenient. It is a Chip based Card which stores encrypted and confidential
information.
The Card:-
Issued in association with VISA International.
Accepted at 1.80 Million VISA ATMs and at over 28 Million Merchant Establishments (MEs)
approximately, all over the world except in India, Nepal and Bhutan.
Available at over 1,100+ Branches.
67 State Bank of India
Available for retail (students, tourists, pilgrims, medical needs, etc) and corporate customers
(Companies, Government Departments, Public Sector Undertakings, etc.)
Eligibility:-
Any bonafide citizen of India who plans to travel abroad except Nepal and Bhutan.
Parents / sponsors of the students going abroad for higher studies, in the student’s name and can
be subsequently reloaded up to the statutory ceiling, prescribed from time to time.
Foreign Nationals residing in India, subject to completion of KYC norms.
Features:-
Minimum amount of load/Re-load: USD 200 / GBP 120 / Euros 150 / CAD 200 / AUD 200 /
YEN 15,800 / SAR 750 / SGD 250.
Maximum amount of issue: As prescribed by RBI/FEMA 1999 depending on the purpose of
overseas visit. Presently, equivalent to USD 100,000 per annum for Education/
Employment/Medical; USD 25,000 per Business Trip and USD 10,000 per annum for
tourism/pilgrimage.
Competitive exchange rates.
Free balance enquiry at State Bank Group ATMs and VISA ATMs (at a charge).
Balance information after each transaction through SMS (service presently available only on
Indian SIM Cards).
A 24 x 7 call Centre to provide information and hot-listing (block) the card in case of loss /
misplacement.
Now the card can be used for online e-commerce payments, while overseas e.g. payment of
college fee, booking of air-tickets, online purchase of books etc.
Documents:-
68 State Bank of India
Copy of first and last pages of Passport.
PAN or Form 60 in lieu thereof, if the amount tendered is Rs. 50,000/- or more.
Proof of residence in case the address is different from that appearing on passport.
(4) State Bank Virtual Card
State Bank Virtual card, also known as Electronic Card or e-Card, is a limit Debit Card created
for ecommerce transactions. It provides an easy and secure way of transacting online without
providing the Primary Card/ Account information to the merchant.
Security:-
It reduces the risk of exposing the underlying Credit/Debit limit as the Primary Card / Account
details are not communicated to the Merchant.
Card is valid up to a maximum of 48 hours or till the transaction is complete, whichever is
earlier.
Card creation and online transaction are authorised only after successful validation of One Time
Password (OTP) sent to customer Mobile during the process.
Easy to Use:-
No separate setup/ installation or registration is required, any customer having internet banking
facility with transaction rights can create Virtual Card.
Zero Loss:-
No loss of interest as the Card is generated by marking a lien on the underlying account and the
amount is debited only when actual transaction using the Virtual Card is completed, successfully.
69 State Bank of India
Detailed Product Features:-
Description Feature
Eligibility All INB customers with Transaction Rights can avail this
facility.
Card Type Visa (May be extended to MasterCard Platform)
Currency of Issue Indian Rupee only.
Minimum amount of Issue Rs. 100/-
Maximum amount of Issue Rs. 50,000/-
Frequency of usage
(Single / Multi)
Single-transaction Card
Card Acceptability At any merchant outlet that has facility for Online
purchase.
Domestic / International Domestic use only.
(Valid for payment in INR in India, Nepal & Bhutan)
Card Validity As soon as the transaction is completed.
Or If the card is cancelled.
Or Card is not used for 48 hours after creation.
(Whichever is earlier)
No of cards per customer per
day
No limit
Issuance / Maintenance Fee NIL
Refund / Cancellation. Once card is cancelled or expired, the lien marked shall
be lifted and the unspent / unutilised amount will
automatically be available to the customer for use.
70 State Bank of India
Retail Products and Services of State Bank of India
To Non Resident Indian (NRI)
Opening of an Account for an NRI:-
To open an NRE account he/she has to fill an application form and mail it to the branch of their
choice along with;
Passport copy
Visa/residence permit
2 photographs
Initial money remittance
Their signature may be verified by anyone of the following:-
Indian Embassy/consulate
Any person known to the Bank
Notary public
Any of banks’ offices abroad
They can open:-
NRE Saving Bank a/c / Current Accounts
71 State Bank of India
Fixed Deposits in Indian Rupees
Fixed Deposits in Foreign Currency
NRO accounts (Rupee accounts for crediting income in India)
NRIs can authorize a resident to operate their account through a Power of Attorney or
Letter of authority.
Nomination Facility available (Nominee can be a resident Indian also)
NRI Deposit Schemes
(A) Nonresident external (NRE) account:
Overview of NRE Accounts:-
Account Type: Savings Bank / Current Account / Term Deposit / Special Term Deposit /
Recurring Deposit.
Credits will be the form of:-
Remittances from abroad.
Transfer from other NRE / FCNR accounts.
Foreign exchange brought to India.
Account can be opened jointly with other NRIs.
Bank deposits are free from wealth tax in India.
Interest earned on NRE accounts is exempt from Indian income tax.
72 State Bank of India
NRE Savings Bank A/C
Only for non-resident Indians (NRIs).
Can be a joint account with another NRI (In case the joint account holder is their spouse, she / he
should also be an NRI).
Minimum balance Rs.1000/- (Rs. 5000/- in case of Personal Banking Branches)
Permissible Credits:-
Remittances from abroad through banking channel.
Personal cheque drawn on foreign account(s).
Proceeds of Foreign Currency Notes / Travelers cheque tendered by NRI, while visiting India.
Drafts issued by bank / exchange companies abroad.
Transfer from another NRE account.
Interest / dividend / maturity proceeds of investments made in India on repairable basis.
Note: Amounts in excess of $ 5000 (or equivalent) in currency or $ 10,000/- (or equivalent) in
Travelers cheque should be accompanied by a Currency Declaration Form.
Multi-City Cheque (MCC) facility for NRI’s
A Multi-City Cheque (MCC) is one that can be written by the customer in favor of his client and
is payable at par at all branches in India of the Bank. MCC can be issued in cheque operated
accounts (SB and Current), in addition to normal cheque books. The MCC facility is to be used
only for genuine transactions / bonafide remittances. No cash payments will be made to third
parties at other branches.
73 State Bank of India
The upper limit for issue of MCCs is Rs.5 lacs. The issue charges for MCC are Rs. 3 per cheque
leaf and will be debited from the account at the time of issue of the cheque book. There are no
transaction charges.
NRE Term Deposits
Rupee deposits of fixed tenure.
Minimum period of 1 year.
Maximum period of 10 years.
Interest paid quarterly on Term Deposit Receipts (TDRs).
Principal & interest amount are fully repairable.
Premature withdrawals permitted (conditional):-
On pre-mature withdrawal of the Deposit (after completion of 1 year), interest will be calculated
at applicable rate for the period the Deposit has actually remained with the Bank less applicable
penalty as under:-
NRE term deposits opened Penalty
Before 01st January, 2012 1%
From 01st January, 2012 0.50%*
* The interest paid shall be 0.50% below the rate applicable for the period deposit has remained
with the Bank or 0.50% below the contracted rate, whichever is lower.
No interest is payable if the deposit is withdrawn before one year.
74 State Bank of India
Recurring Deposits:
Through SBIs’ Recurring Deposit Scheme, NRIs can save a little every month so that at the time
of need they have sufficient funds to achieve their financial goals. So, NRIs can set aside a small
amount every month and earn at compounded rates of interest.
Flexibility in period of deposit with maturity ranging from 12 months to 120 months
Attractive interest rates.
Interest income is tax free in India
they can avail a loan/overdraft against their deposit
Premature withdrawal allowed
Minimum monthly installment of Rs.1000/-
Special Term Deposits
Deposit their money for a period of 1 year and up to 10 years.
Get a two-fold income, with interest both on customer deposit and on the interest accrued
on it.
Invest in an affordable/very low Minimum Deposit Amount of Rs. 1000/- only.
Enjoy higher returns with compounded interest every quarter.
You can open a Special Term Deposit at any branch of SBI.
NRI can access their accounts 24X7 from anywhere in the world, with our Internet
Banking facility.
Avail nomination facility for their deposits.
Tax Implications:-
As per the current regulations, interest income is exempt from income tax in India.
Automatic Renewals:-
75 State Bank of India
NRI have no need to track maturity of their deposits.
Automatic renewal on maturity, if there are no instructions for renewal.
They can earn interest for same period as that of their matured deposit, at the interest rate
prevailing on the date of maturity.
Flexibility:-
They can convert their term Deposit to a Special Term Deposit, and enjoy compounded
rate of interest to multiply customer money faster.
They can also convert their Special Term Deposit to a Term Deposit to receive monthly /
quarterly interest payments to handle their financial requirements.
Foreign Currency Non Resident (Bank) Account
Overview of FCNR (B) Accounts:
SEK.
1 year and a maximum of 5 years.
1000 or equivalent.
on principal and interest.
withdrawal is subject to a penal interest of 1%.
76 State Bank of India
o By the depositor(s)
o By third parties
an be availed at select SBI branches abroad against the security of
FCNR (B) deposits.
Resident Foreign Currency Account
Overview of RFC Accounts:
3 years.
Rupees only.
77 State Bank of India
nts in case the person becomes an NRI
again.
Permissible Credits:
Balances in NRE/FCNR accounts on arrival in India.
Fixed deposits can be closed prematurely without penalty or held till maturity and then
credited to RFC account.
travelers cheque brought to India.
Interest Rates for Resident Foreign Currency Account
RESIDENT FOREIGN CURRENCY A/C. (RFC) (%P.A.)
w.e.f 01/01/2013
PERIOD USD GBP EURO
1 year and above but less than 2 years 2.84 3.01 2.44
2 years and above but less than 3 years 2.41 2.72 2.39
3 years only 3.49 3.78 3.48
NOTE : - Minimum Amount USD 1000 or equivalent for RFC deposits
All these interest rates are subject to change, without notice .
The revised interest rates are applicable only
on fresh deposits and renewal of maturing deposits.
78 State Bank of India
GLOSSARY
Overdraft facility- An overdraft occurs when money is withdrawn from a bank account and
the available balance goes below zero. In this situation the account is said to be "overdrawn". If
there is a prior agreement with the account provider for an overdraft, and the amount overdrawn
is within the authorized overdraft limit, then interest is normally charged at the agreed rate. If the
negative balance exceeds the agreed terms, then additional fees may be charged and higher
interest rates may apply.
Nomination Facility- Nomination can be made by the account holder or, as the case may be,
by all the joint account holders together, in respect of an account held by them with a bank in
India. The nomination can be made only in respect of a deposit held in the individual capacity as
a holder of an office or otherwise. The nomination has to be made in favor of only one
individual. The nominee may be a minor but in that case the account holder should, while
making the nomination, appoint another individual (who is not a minor) to receive the amount of
deposit on behalf of the nominee during his minority, in case of need.
Kiosk Banking- SBI Kiosk Banking is a facility provided by State Bank Of India wherein
customers need not go to the SBI branch to make different transactions. The branch itself comes
to the customer's village/place where the customer can make the transactions.
Multicity cheques- "Multi City Cheque" or MCC is a facility wherein the customer can issue
cheque drawn at the base branch and payable at any branch at remote center. These cheque will
be treated as local cheque at the remote branch.
79 State Bank of India
Outward foreign remittance- The sending country, where the wage earner is located. The
sender uses a bank or foreign exchange company to send money to foreign country.
Inward foreign remittance -The receiving country, where the beneficiary resides. The
bank receives the money that has been sent from the sending person in the country in which the
money has been earned.
Inter Core charges- Charges that bank charges for inter transaction between two branches is
called inter core charges.
Survivorship benefits - Retirement income benefit of a survivor (or survivors) of an insured
individual, according to a particular formula.
For example, if a retired male worker dies, all or a portion of his monthly pension (perhaps one
half or two-thirds) may continue to go to his wife if he has elected the joint and survivor option.
Auto-sweep facility –Balance in excess of stipulated amount from savings account is
automatically transferred to fixed deposit account for certain period is called as Auto-Sweep
facility or swipe-in.
Premature withdrawal- Withdrawal of the deposit before the maturity date is clled
premature withdrawal.
80 State Bank of India
LTV Ratio- A lending risk assessment ratio that financial institutions and others lenders
examine before approving a mortgage. Typically, assessments with high LTV ratios are
generally seen as higher risk and, therefore, if the mortgage is accepted, the loan will generally
cost the borrower more to borrow or he or she will need to purchase mortgage insurance.
Moratorium period- Moratorium is defined as a legally authorized period of delay in the
performance of a legal obligation or the payment of a debt ... (a) waiting period set by some
authority: a delay officially required or granted ... a suspension of activity: a temporary ban on
the use or production of something...."
Collateral Security- A form of secondary protection sometimes required by a bank and
intended to guarantee a borrower's performance on a debt obligation.
Contact:
The bank now provides customer Account Balance and Transaction details over phone round-
the-clock. Information on deposits & loan schemes and services also available. Call 1800112211
(toll-free from BSNL/MTNL) or 18004253800 (BSNL toll-free no.)