Information about State Bank of India

State Bank of India:- State Bank of India ( SBI ) is the largest public sector bank in India . Banks have played an important role in the establishment of the organized banking sector in India by offering a wide range of services to individuals as well as businesses . State Bank of India is headquartered in Mumbai , Maharashtra and after the merger with its five associate banks , it operates through a network of over 24,000 branches and 59,000 ATMs across the country . State Bank of India has 20 per cent market share in deposits and loans in the Indian commercial banking sector . State Bank of India Offers a wide range of products and services to its customers . This includes savings account , credit card , fixed deposit , home loan , personal loan , debit card , loan against property , car loan , gold loan and much more.

History of State Bank of India

The emergence of the State Bank of India The emergence of the State Bank of India occurred in the first decade of the nineteenth century with the establishment of the Bank of Calcutta on June 2 , 1806. Three years later the bank received its charter and was reorganized as the Bank of Bengal on 2 January 1809. It was a unique institution and the first joint capital bank in UK – ruled India , sponsored by the Government of Bengal . After Bank of Bengal , Bank of Bombay was established on 15 April 1840 and Bank of Madras was established on 1 July 1843. These three banks remained at the pinnacle of modern banking in India until their amalgamation on 27 January 1921 as the Imperial Bank of India.

Services offered by History of State Bank of India

  • NRI Services
  • Personal Banking
  • International Banking
  • Agriculture / Rural
  • Corporate Banking
  • SME
  • Government Business
  • Domestic Treasury

Eligibility for State Bank of India Account

To be eligible to open a savings account with State Bank of India , customers need to fulfill certain criteria –

  • Must be a citizen of India .
  • Individuals must be 18 years and above to be eligible .
  • In case of minors , the parent or legal guardian of the minor can open the account on his behalf .
  • The applicant is required to have a valid identity and address proof that has been approved by the government .
  • After approval from the bank , the applicant will have to make an initial deposit – based on the minimum balance balance of the particular savings account that he / she has chosen .
  • How to open an account in SBI

To open a savings account in any SBI Bank branch , customers need to follow the steps mentioned below .

  • Visit your nearest SBI branch .
  • Request the bank executive for the account opening form .
  • On the account opening form , applicants have to fill both the parts .
    Form 1 – Name , address , signature , many other details and assets .
    Form 2 – Customers have to fill this part if they do not have a PAN card .
  • Make sure all fields are entered and correct . The details mentioned in the application form must match with the details mentioned in the KYC documents that have been submitted .
  • • The customer will now have to make an initial deposit of Rs.1000 .
  • As soon as the bank completes the verification process , the account holder will be given a free passbook and check book .
  • Also , customers can submit internet banking form .

Documents Required to Open SBI Account

To be eligible for SBI Savings Account , customers need to submit the following documents along with the account opening form –

  • Proof of Identity – Passport , Driving License , Voter ID , etc.
  • Address Proof – Passport, Driving License, Voter ID, etc.
  • PAN card
  • Form 16 Conly if PAN card is not available )
  • 2 latest passport size photographs
  • How to Open a Account in State Bank of India online

Steps to open online savings account in State Bank of India:

  • Go to the State Bank of India homepage .
  • Click on ” Apply Now ” .
  • Select ” Savings Account ” .
  • Fill the application form – name , address , date of birth and various other details – and click on submit .
  • Once the details are submitted , the bank will intimate the applicant to visit the branch , requisite KYC document – proof of identity and address .
  • On submission of the documents , the bank will initiate the verification process .
  • After approval , the account will be activated within 3-5 bank working days .

Banks merged with SBI on 1st April 2017

  • State Bank of Patiala
  • State Bank of Bikaner and Jaipur
  • State Bank of Hyderabad
  • State Bank of Travancore
  • State Bank of Mysore Bharatiy Mahila Bank

Important Facts

  • Established – 1 July 1955
  • Headquarters – Mumbai
  • Chairman – Rajnish Kumar

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