What is SBI | SBI full form

There will probably be very few people who do not have a bank account because bank account is one of the essential things. And the biggest reason for this is that today all kinds of transactions are mostly being done through bank accounts only. And one of those banks is also a very popular bank SBI. What is SBI?

What is SBI

The full form of SBI is State Bank of India, SBI is such a bank that is used for all kinds of banking purposes, small and big. Then whether it is normal banking or big purpose or financial purpose etc., SBI is a bank. In which the government has the maximum stake or we can say. That SBI is a government bank, SBI is one of the oldest banks in India. But probably now many questions are arising in your mind about SBI.

First of all, how is SBI the oldest bank. Whereas SBI was started in 1955 and before that many banks were established. Like BOB, HDFC, Axis etc., so I want to tell you. SBI was not established suddenly in 1955, but the foundation of SBI had already been laid in 1806. And from 1806 to 1955 many changes took place in that bank. After changing in many forms, today that bank is providing banking service in India under the name of SBI.

second oldest bank of india

However, as far as the oldest bank of India is concerned, “The Bank of Hindustan” was the oldest bank of India. Which was established in 1770 but this bank was closed in 1832. And India’s second oldest bank was “General Bank of India” which was established in 1786 but it could not grow its business and closed in 1791. Both these banks were the oldest banks in India. But it was closed in a few years which is not present in the present time. And after that now the era of SBI started.

  • SBI is not such a bank, which was established by any individual, but SBI is the result of integration of three different banks.
  • “Bank of Culcutta” was established on 2 June 1806, and this is India’s first bank.
  • Bank of Bombay was established on 15 April 1840
  • And Bank of Madras was established on 1 July 1843.
  • All these banks did individual business for a long time. And on January 28, 1921, the integration of these three banks took place and a new bank was established by their integration. Whose name was “Imperial bank of India”.
  • Although many other banks had been established before the “Imperial Bank of India” bank formed by their integration. And those banks were also doing their business.
  • But we will call “Imperial Bank of India” itself the oldest bank of India. Because this bank was formed by the integration of the oldest bank. And on 1 July 1955, the Indian government started controlling the imperial bank of India with 61.58% share.

This was the time when imperial bank of India had completely become SBI. The imperial bank of India started operating with a new name “SBI”. Which the Indian government was operating and is doing at this time also.

How was SBI established

“Imperial Bank of India” was established by the integration of Bank of Culcutta, Bank of Bombay, Bank of Madras. And in 1955, the Indian government introduced SBI, a new form of imperial bank of India, with a 61.58% stake. That is, SBI was established on 1 July 1955, there were a total of 480 branches during the establishment of SBI. Those which were made by SBI rather belonged to imperial bank of India. But after its conversion to SBI, the entire property of imperial bank was used as SBI.

So you have learned what is the history of SBI. Yes, we will call it history because SBI is formed from the integration of India’s oldest bank. And till the establishment of SBI there were many changes in it. About which you have got complete information above. I hope you must have understood the history of SBI in these simple words.

Is SBI a public sector bank

Yes, SBI is a government bank, it became government at that time, when it was converted from imperial bank of India to SBI. At present SBI has around 24000 branches in India in 2020.

At present how many employees are there in SBI

SBI has more employees as compared to other banks, numbering around 2,50,000. Of which about 23% are female and the rest are male.

international presence

Although SBI is India’s banking service, but SBI is a leader not only in India but also in international business. Not only in India but SBI has 137+ branches in foreign countries and that too in 30+ countries.

SBI rescue mission

SBI is a big bank as well as a government bank, in 2020 yes bank was on the verge of drowning. And at that time a limit was also fixed by yes bank for withdrawal for their customers. Whose limit was 50,000 INR, no matter how many rupees were in your yes bank account, but you could withdraw only 50,000 INR. However, that ban was only for a short time. And at that time SBI took a big decision to save yes bank from drowning, and saved yes bank by taking 48.2% share of yes bank.

SBI mini branches (SBI kiosk banking OR Franchisee)

By the way, SBI has a lot of branches, that is, about 24000, so that usually everyone will get SBI branches around them. But along with this the option of SBI mini branch is also available. Due to which the customers get a lot of convenience. Because SBI branches at many locations are far away from the location of the customers. And go to the bank but also have to face a lot of crowd.

In such a situation, kiosk banking point is beneficial for everyone. For customers and also for bank employees, whether it is SBI or any other bank. If you want, you can also open a franchisee center, for which all banks have different requirements. You will find most of the franchisee centers of bank of baroda, baroda uttar pradesh gramin bank, and SBI in India.

SBI के negative point

Although SBI is a big bank which is compatible for everyone. But at the same time some of its negative points are also seen. Many such SBI customers complain that the behavior of SBI employees is not good.

Yes, the behavior of some employees may not be good, but it does not mean that the behavior of the entire SBI team will not be good.

Because there are some such people everywhere in every company, every organization etc. Whose behavior is not good, and because of this it is not fair to call the whole team bad.

So if somewhere an employee behaves rudely with you, you can complain about it.

SBI’s services

Types of Accounts in SBI

There are mainly 5 types of accounts in SBI which are as follows

SBI saving account

SBI savings account is a basic account. And usually people use only savings account, you may have to maintain minimum balance in SBI saving account. You can get penalty for not maintaining balance. In which you may have to pay a charge, similarly their other accounts are available like

  • Saving plus account
  • Current account
  • Small account
  • Basic saving bank deposit account

And different types of accounts are also found in these accounts. Like many types of accounts will be found inside the current account.

SBI Finance

SBI provides different types of loans, you can apply for the loan according to your requirement. Such as business loan, home loan, education loan, vehicle finance etc.

SBI investment

There are different types of deposit options available in SBI, such as Fixed deposit, Recurring deposit, but before making any investment, get information about the plans of different banks, and compare the plans.

There are many more common facilities available to you in SBI. Which is available in almost all banks. Like debit card, credit card, banking facility.

SBI forex

If you do online internet work then it is very easy to take payment through SBI. While some banks have to visit the branch again and again due to international transactions.
SBI debit card for forex purpose, there are many such forex services. In which atm cards of all banks are not accepted. Like paypal etc., but if you have SBI account. And if you have debit card of SBI then you can complete all your tasks. Although there are many types of debit cards, but the services on debit cards of all banks are different. And SBI is also included in those big banks which you can use for paypal etc. Like you can do for forex transaction. If you do any online work then you may need it.

EMI availing without visiting bank

Although there are many banks in India, but not all banks can be used for all purposes. Because their services, charges etc can be different. And at present EMI is such a thing, through which a lot of shopping is done. And the reason for this is that it gives a lot of convenience to the customers. And to a large extent discounts are also available (according to the offer running on the product).

EMI option is available on shopping sites like amazon and flipkart. In which only some selected banks are included. And one of them is SBI, through SBI you can shop on emi. You can shop on no-cost emi, and if you buy products on emi from other bank’s debit card. So you may have to pay processing fee. Which is 99 – 199 INR. But if you use SBI’s debit card, then you will not have to pay the processing fee.

Number of SBI atm machines

SBI has 50,000+ atm machines

SBI ATM Card Types

SBI provides different types of debit cards to its customers as per their requirement. Whose withdrawal limit and services vary, from 20,000 to 1,00,000 INR, their list is given below.

  • SBI Classic Debit Card Daily withdrawal limit is: 20,000 INR, online shopping or online transaction daily limit 50,000 INR.
  • SBI Gold International Debit Card, how much is the withdrawal limit, 50,000 INR, online shopping or online transaction daily limit 2,00,000 INR.
  • What is the SBI INTOUCH Tap & Go Debit Card Daily withdrawal limit? 40,000 INR, daily limit for online shopping or online transaction 75,000 INR.
  • What is the limit of daily withdrawal of SBI Mumbai Metro Combo Card? 40,000 INR, daily limit for online shopping or online transaction 75,000 INR.
  • What is the SBI My Card International Debit Card Daily withdrawal limit? 40,000 INR, daily limit for online shopping or online transaction 75,000 INR.
  • What is the SBI Gold International Debit Card Daily withdrawal limit? 50,000 INR, daily limit of online shopping or online transaction 2,00,000 INR.
  • What is the SBI Platinum International Debit Card Daily withdrawal limit? 1,00,000 INR, online shopping or online transaction daily limit 2,00,000 INR.

So you have got complete information about SBI. Means SBI kya hai SBI ka full form kya hai, is SBI a government bank. When was SBI established, History of SBI, How many employees are there in SBI. How many branches are there in SBI, how many atm machines are there in SBI.

How many withdrawals can be made from SBI ATM in a day, which banks were merged to form SBI, how many types of ATMs are there in SBI. How many types of accounts are there in SBI, we hope you liked the article.

In this article you learned what is SBI and SBI full form. We hope this information will prove useful for you.

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