What is SBI (State Bank of India)

Perhaps there will be very few people who do not have a bank account because a bank account is one of the essential things, and its biggest reason is that today all types of transactions are being done mostly from the bank account.

Full form of SBI is State Bank of India SBI is a bank that is used for all types of banking purposes, small and big, whether it is normal banking or big purpose or financial purpose, etc.

What is SBI

SBI is a government bank with the highest share, SBI is one of the oldest banks of India, but now you may have many questions about SBI, First of all, how SBI is the oldest bank, while SBI started in 1955 and many banks had already been established, such as BOB, HDFC, Axis, etc.

So I want to tell you that SBI was not founded suddenly in 1955, but the foundation of SBI was established in 1806 and there were many changes in that bank from 1806 to 1955, after various changes now this is providing banking facility with the same of SBI.

oldest bank in India

However, as far as India’s oldest bank, “The Bank of Hindustan” was the oldest bank in India, founded in 1770, the bank closed in 1832, Although, as far as India’s oldest bank is concerned, “The bank of Hindustan” was the oldest bank in India which was established in 1770 but this bank closed in 1832.

Which is the oldest second bank in India

  • And India’s oldest bank was the “General bank of India” in 1786 but it could not expand its business and closed in 1791.
  • Both these banks were the oldest banks in India but they were closed within a few years which do not exist at the present time, and then the SBI phase started after that.
  • SBI is not a bank founded by an individual, but SBI is the result of the integration of three different banks.
  • “Bank of Culcutta” was established on 2 June 1806 and is the first bank in India.
  • Bank of Bombay was established on 15 April 1840
  • And on 1 July 1843, the Bank of Madras was established
  • All these banks traded individually for a long time and on January 28, 1921, these three banks were consolidated, and by their integration, a new bank was established which was named “Imperial Bank of India”.
  • However, before the consolidation of the bank “Imperial Bank of India”, many more banks were established and those banks were also doing their business.

But we would call the “Imperial Bank of India” the oldest bank in India because these banks were formed by the integration of the oldest bank, and in July 1, 1955, the Indian government began to control the Imperial Bank of India with 61.58% share.

This was the time when the imperial bank of India had become completely SBI, imperial bank of India was operated with a new name “SBI” by the government of India.

SBI history

“Imperial Bank of India” was established with the integration of Bank of Calcutta, Bank of Bombay, Bank of Madras.

And in 1955, the Indian government introduced the new form of Imperial bank of India with 61.58% share, which was established on July 1, 1955, During the establishment of SBI, there were a total of 480 branches that were not created by SBI but belonged to the imperial bank of India but after converting it into SBI, the entire property of the imperial bank was used as SBI.

So you have learned  history of SBI, yes we will call it history because SBI is made by integration of India’s oldest bank and till the establishment of SBI, there were many changes in it, about which you got complete information above. I hope you have understood the history of SBI in these simple words.

Is SBI a government bank

Yes SBI is the government bank from when it was converted from the imperial bank of India to SBI

SBI branches

SBI has around 24000 brances in India in 2020.

There are more employees in SBI than other banks which number around 2,50,000, out of which about 23% are female and the rest male.

International Presence

Although SBI is India’s banking service, SBI is a pioneer not only in India but also in international trade, 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 and also a government bank, Yes bank was on the verge of collapse in 2020 and at that time a limit was also set by the RBI for withdrawals for yes bank customers, the limit was 50,000 INR, even if you had much money in your yes bank account, but you could only withdraw INR 50,000, although the restriction was only for a short time.

And at that time SBI took a big decision so that yes bank could be saved from drowning and SBI saved yes bank with the share of 48.2%.

SBI mini branches (SBI kiosk banking OR Franchisee)

However, SBI has a lot of branches, i.e., about 24000, which usually everyone will get SBI branches around them, but SBI mini branch also has available.

This makes the customers very convenient because SBI branches on many locations are far away from the location of customers and after visiting bank also faces a lot of congestion.

In such a situation kiosk banking point is beneficial for everyone, for bank employees even for banks if 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 Bank of Baroda, Baroda Uttar Pradesh Gramin Bank, and SBI’s highest franchisee center in India.

SBI’s negative point

Though SBI is a big bank that is compatible for everyone, but there are some negative points also, many 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 everywhere in every company, every organization, etc there are some people whose behavior is not good and due to this it is not appropriate to call the whole team bad.

So if any employee behaves rudely with you then you can complain to him.

SBI services

SBI account types

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

SBI saving account

SBI saving account is a basic account and usually, people use the savings account, in an SBI saving account you may also have to maintain the minimum balance but you may get a penalty in which you may have to charge.

Similarly, there are more accounts available like

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

And these accounts also find different types of accounts, such as a variety of accounts inside the current account.

SBI Finance

SBI provides various types of loans. You can apply for loans as per your requirement such as business loan, home loan, education loan, vehicle finance, etc.

SBI investment

There are various 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 in SBI which are available in almost all banks such as debit card, credit card, banking facility.

SBI forex

If you do online internet work, it is very easy to get payment through SBI while some banks have to visit the branch repeatedly when there is an international transaction.

SBI debit card for forex purpose

There are many forex services in which all banks do not accept atm cards like PayPal etc. But if you have an SBI account and debit card of SBI, then you can complete all your tasks.

Although debit cards are of many types, the services on debit cards of all banks are different and the large banks you can use for forex transactions like PayPal, etc., you may need it if you do online work.

EMI availing without visiting the bank

Although there are many banks in India, but not all banks can be used for all kinds of purposes as their services, charges, etc. can be different.

And at this time 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 also gives a lot of discounts (according to the ongoing offer on the product).

The option of EMI on shopping sites like Amazon and Flipkart is available, including only a few selected banks and one of them is SBI, using an SBI debit card you can shopping on EMI SBI, shopping at no-cost EMI.

And if you buy a product on EMI from another bank debit card, you may need to pay a processing fee which is 99 – 199 INR. But if you use an SBI debit card, you will not have to pay the processing fee.

Number of SBI ATM machine

SBI has 50,000+ atm machines

SBI ATM types

SBI provides various types of debit cards to its customers according to their requirement, which has different withdrawal limits and services, 20,000 to 1,00,000 INR, their list is given below.

SBI

  • SBI Classic Debit Card Daily withdrawal limit at ATM machine: 20,000, daily limit of online Shopping Or online transaction 50,000 INR
  • SBI Gold International Debit Card, withdrawal limit: 50,000, daily limit of online Shopping Or online transaction 2,00,000 INR
  • SBI INTOUCH Tap & Go Debit Card Daily withdrawal limit: ₹40,000, daily limit of online Shopping Or online transaction 75,000 INR
  • SBI Mumbai Metro Combo Card Daily withdrawal limit: ₹40,000, daily limit of online Shopping Or online transaction 75,000 INR
  • SBI My Card International Debit Card Daily withdrawal limit: ₹40,000, daily limit of online Shopping Or online transaction 75,000 INR
  • SBI Gold International Debit Card Daily withdrawal limit: ₹50,000, daily limit of online Shopping Or online transaction 2,00,000 INR
  • SBI Platinum International Debit Card Daily withdrawal limit: ₹ ₹1,00,000, daily limit of online Shopping Or online transaction 2,00,000 INR

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