INSTITUE OF CHARTERED ACCOUNTANTS OF INDIA

STATE BANK OF INDIA (SBI)

NAME : ANIKET SANTOSH PATADE

[Link] : 44TH
SUBMISSION DATE : 30TH MAY 2024

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 TABLE OF
CONTENT
[Link] Content Page No
01 Introduction 3
02 History 4-5
03 Administrative Offices & Branches 6-9
04 Listings & Shareholdings 10
05 Product & Services 11-17
06 SBI Net Banking Services 18-26

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 Introduction
State Bank of India (SBI) is an Indian multinational public
sector bank and financial services statutory body headquartered
in Mumbai, Maharashtra. SBI is the 45th largest bank in the world by
total assets and ranked 221st in the Fortune Global 500 list of the
world's biggest corporations of 2020, being the only Indian bank on the
list. It is a public sector bank and the largest bank in India[with a 23%
market share by assets and a 25% share of the total loan and deposits
[Link] is also the tenth largest employer in India with nearly 250,000
employees. In 2023, the company’s seat in Forbes Global 2000 was 77.
On 14 September 2022, State Bank of India became the third lender
(after HDFC Bank and ICICI Bank) and seventh Indian company to cross
the ₹5 lakh crore market capitalisation on the Indian stock exchanges for
the first time. The largest public lender in the country reached a
milestone on April , 2024, when its market capitalisation surpassed ₹7
lakh crore, making it the second public sector undertaking (PSU) to do
so, after Life Insurance Corporation. The Reserve Bank of India (RBI)
has identified the SBI, HDFC Bank, and ICICI Bank as Domestic
Systemically Important Banks (D-SIBs), which are often referred to as
banks that are “too big to fail”.
The bank descends from the Bank of Calcutta, founded in 1806 via
the Imperial Bank of India, making it the oldest commercial bank in
the Indian subcontinent. The Bank of Madras merged into the other two
presidency banks in British India, the Bank of Calcutta and the Bank of
Bombay, to form the Imperial Bank of India, which in turn became the
State Bank of India in 1955. Overall the bank has been formed from
the merger and acquisition of more than twenty banks over the course of
its 200-year [Link] Government of India took control of the Imperial
Bank of India in 1955, with Reserve Bank of India (India's central bank)
taking a 60% stake, renaming it State Bank of India.
On 16 August 2022, in an attempt to facilitate and support India's start-
ups, SBI announced the launch of its first "state-of-the-art" dedicated
branch for start-ups in Bengaluru.

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 history

The roots of the State Bank of India lie in the first decade of the 19th
century when the Bank of Calcutta (later renamed the Bank of Bengal)
was established on 2 June 1806. The Bank of Bengal was one of three
Presidency banks, the other two being the Bank of
Bombay (incorporated on 15 April 1840) and the Bank of
Madras (incorporated on 1 July 1843). All three Presidency banks were
incorporated as joint stock companies and were the result of royal
charters. These three banks received the exclusive right to issue paper
currency till 1861 when, with the Paper Currency Act, the right was taken
over by the Government of India. The Presidency banks amalgamated
on 27 January 1921, and the re-organised banking entity took as its
name Imperial Bank of India. The Imperial Bank of India remained a
joint-stock company but without Government participation.
Under the provisions of the State Bank of India Act of 1955, the Reserve
Bank of India, which is India's central bank, acquired a controlling
interest in the Imperial Bank of India. On 1 July 1955, the Imperial Bank
of India became the State Bank of India. In 2008, the Government of
India acquired the Reserve Bank of India's stake in SBI to remove
any conflict of interest because the RBI is the country's banking
regulatory authority.
In 1959, the government passed the State Bank of India (Subsidiary
Banks) Act. This made eight banks that had belonged to princely
states into subsidiaries of SBI. This was at the time of the First Five-Year
Plan, which prioritised the development of rural India. The government
integrated these banks into the State Bank of India system to expand its
rural outreach. In 1963 SBI merged the State Bank of Jaipur (est. 1943)
and State Bank of Bikaner (est.1944).
SBI has acquired local banks in rescues. The first was the Bank of Bihar
(est. 1911), which SBI acquired in 1969, together with its 28 branches.
The next year SBI acquired the National Bank of Lahore (est. 1942),
which had 24 branches. Five years later, in 1975, SBI acquired
Krishnaram Baldeo Bank, which had been established in 1916 in Gwalior
State, under the patronage of Maharaja Madho Rao Scindia. The bank
had been the Dukan Pichadi, a small moneylender, owned by the
Maharaja. The new bank's first manager was Jall N. Broacha. In 1985,
SBI acquired the Bank of Cochin in Kerala, which had 120 branches.

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SBI was the acquirer as its affiliate, the State Bank of Travancore,
already had an extensive network in Kerala.
State Bank of India logo was designed by NID in 1971
National Institute of Design, Ahmedabad designed the SBI logo in 1971.
There was, even before it happened, a proposal to merge all the
associate banks into SBI to create a single very large bank and
streamline operations.
The first step towards unification occurred on 13 August 2008
when State Bank of Saurashtra merged with SBI, reducing the number
of associate state banks from seven to six. On 19 June 2009, the SBI
board approved the absorption of State Bank of Indore, in which SBI
held 98.3%. (Individuals who held the shares before their takeover by
the government held the balance of 1.7%.)
The acquisition of State Bank of Indore added 470 branches to SBI's
existing network of branches. Also, following the acquisition, SBI's total
assets approached ₹10 lakh crore. The total assets of SBI and the State
Bank of Indore were ₹9.98 lakh crore as of March 2009. The process of
merging of State Bank of Indore was completed by April 2010, and the
SBIndore branches started functioning as SBI branches on 26 August
2010.
On 7 October 2013, Arundhati Bhattacharya became the first woman to
be appointed chairperson of the bank. Mrs. Bhattacharya received an
extension of two years of service to merge into SBI the five remaining
associate banks.
In February 2024, State Bank of India began a partnership with Flywire
Corporation to make student fees and compliance with the Reserve
Bank of India’s Liberalised Remittance Scheme (LRS) more transparent.

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 Administrative offices and branches

SBI provides a range of banking products through its network of

branches in India and overseas, including products aimed at non-
resident Indians (NRIs). Concerning domestic banking business, SBI has
17 regional hubs known as local head offices (LHOs), under whom are
57 administrative offices (AOs), that are located in important cities
throughout India, under whom are furthermore administrative sub-offices
known as regional business offices (RBOs), with each RBO having,
under its direct administrative control, some 40 to 50 branches.

 Domestic
As per SBI Official website data, SBI has 22,405
branches in India. In the financial year 2012–13, its
revenue was ₹2.005 trillion (US$25 billion), 95.35% of which came from
domestic operations. Similarly, domestic operations contributed to
88.37% of total profits for the same financial year. Under the Pradhan
Mantri Jan Dhan Yojana of financial inclusion launched by Government
in August 2014, SBI held 11,300 camps and opened over 30 lakh (3
million) accounts by September, which included 21 lakh (2.1 million)
accounts in rural areas and 15.7 lakh (1.57 million) accounts in urban
areas.

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

 SBI Australia
 SBI Bangladesh
 SBI Bahrain
 SBI Botswana The SBI Botswana subsidiary was registered on 27
January 2006 and was issued a banking licence by the Bank of
Botswana on 29 July 2013. The subsidiary handed over its banking
licence and closed its operations in the country.

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 SBI Canada Bank was incorporated in 1982 as a subsidiary of the
State Bank of India. SBI Canada Bank is a Schedule II Canadian
Bank listed under the Bank Act and is a member of the Canada
Deposit Insurance Corporation.
 SBI China
 SBI (Mauritius) Ltd SBI established an offshore bank in 1989, State
Bank of India International (Mauritius) Ltd. This then amalgamated
with The Indian Ocean International Bank (which had been doing
retail banking in Mauritius since 1979) to form SBI (Mauritius) Ltd.
Today, SBI (Mauritius) Ltd has 14 branches – 13 retail branches and
1 global business branch at Ebene in Mauritius.
 Nepal SBI Bank Limited
Main article: Nepal SBI Bank Limited
In Nepal, SBI owns 55% of the share. (The state-owned Employees
Provident Fund of Nepal owns 15% and the general public owns the
remaining 30%.) Nepal SBI Bank Limited has branches throughout the
country.

 SBI Sri Lanka now has three branches located

in Colombo, Kandy and Jaffna. The Jaffna branch was opened on 9
September 2013. SBI Sri Lanka is the oldest bank in Sri Lanka; it was
founded in 1864.
In Nigeria, SBI operates as INMB Bank. This bank began in 1981 as the
Indo–Nigerian Merchant Bank and received permission in 2002 to
commence retail banking. It now has five branches in Nigeria.
In Moscow, SBI owns 60% of Commercial Bank of India, with Canara
Bank owning the rest. In Indonesia, it owns 76% of PT Bank Indo
Monex. State Bank of India already has a branch in Shanghai and plans
to open one in Tianjin.
In Kenya, State Bank of India owns 76% of Giro Commercial Bank,
which it acquired for US$8 million in October 2005.
SBI South Korea In January 2016, SBI opened its first branch in Seoul,
South Korea.
SBI South Africa
SBI UK Ltd
State Bank of India branch at Southall, United Kingdom
 SBI USA In 1982, the bank established a subsidiary, State Bank of
India, which now has ten branches nine branches in the state of
California and one in Washington, D.C. The 10th branch was

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 opened in Fremont, California on 28 March 2011. The other
eight branches in California are located in Los Angeles, Artesia,
San Jose, Canoga Park, Fresno, San Diego, Tustin and
Bakersfield.

 Former Associate Banks

SBI acquired the control of seven banks in 1960. They were the seven
regional banks of former Indian princely states. They were renamed,
prefixing them with 'State Bank of'. These seven banks were State Bank
of Bikaner and Jaipur (SBBJ), State Bank of Hyderabad (SBH), State
Bank of Indore (SBN), State Bank of Mysore (SBM), State Bank of
Patiala (SBP), State Bank of Saurashtra (SBS) and State Bank of
Travancore (SBT). All these banks were given the same logo as the
parent bank, SBI. State Bank of India and all its associate banks used
the same blue Keyhole logo said to have been inspired
by Ahmedabad's Kankaria Lake. The State Bank of
India wordmark usually had one standard typeface, but also utilised
other typefaces. The wordmark now has the keyhole logo followed by
"SBI".
The plans for making SBI a single very large bank by merging the
associate banks started in 2008, and in September of the same year,
SBS merged with SBI. The very next year, the State Bank of Indore
(SBN) also merged.
Following a merger process, the merger of the 5 remaining associate
banks, (viz. State Bank of Bikaner and Jaipur, State Bank of
Hyderabad, State Bank of Mysore, State Bank of Patiala, State Bank of
Travancore); and the Bharatiya Mahila Bank) with the SBI was given an
in-principle approval by the Union Cabinet on 15 June 2016. This came
a month after the SBI board had, on 17 May 2016, cleared a proposal to
merge its five associate banks and Bharatiya Mahila Bank with itself.
On 15 February 2017, the Union Cabinet approved the merger of five
associate banks with SBI. An analyst foresaw an initial negative impact
as a result of different pension liability provisions and accounting policies
for bad loans. The merger went into effect from 1 April 2017.
State Bank of India Mumbai LHO

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

 SBI Capital Markets Ltd

 SBI Cards & Payments Services Pvt. Ltd. (SBICPSL)
 SBI Life Insurance Company Limited
 SBI Mutual Fund
In March 2001, SBI (with 74% of the total capital), joined with BNP
Paribas (with 26% of the remaining capital), to form a joint venture life
insurance company named SBI Life Insurance Company Ltd.

 Other SBI service points

As of July 2023, the SBI group
had 65,627 ATMs. Since November 2017, SBI also offers an
integrated digital banking platform named YONO.

 Yes Bank Investment

In March 2020, as part of an RBI-
directed rescue deal, the State Bank of India acquired 48.2% of the
shares of Yes Bank. As of February 8, 2024, the shareholding has
decreased to 26.13%.

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 Listings And Shareholding

As on Dec 2023, Government of India held around 57.49% equity shares

in SBI. The Life Insurance Corporation of India, itself state-owned, is the
largest non-promoter shareholder in the company with 9.02%
shareholding.

Shareholders Shareholding

Promoters: Government of 57.49%

India

FIIs/GDRs/OCBs/NRIs 10.36%

Banks & Insurance Companies 9.02%

Mutual Funds & UTI 11.75%

Others 11.38%

Total 100.0%

The equity shares of SBI are listed on the Bombay Stock

Exchange, where it is a constituent of the BSE SENSEX index, and
the National Stock Exchange of India, where it is a constituent of
the CNX Nifty. Its Global Depository Receipts (GDRs) are listed on
the London Stock Exchange.

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 Product And Services

State Bank of India (SBI) is the largest public sector banks in India. It
was the first bank established in India as Bank of Calcutta in 1806.
Headquartered in Mumbai, the bank has over 24,000 branches, 59,000+
ATMs and 195 foreign offices across 36 countries after the merger of its
5 associate banks and Bhartiaya Mahila Bank (as on 1st April, 2017). SBI
offers a plethora of products and services such as savings account,
credit cards, fixed deposits, personal loan, home loan, business loan,
debit card, loan against property, car loan, gold loan, mudra loan and
more.

Deposit Account

[Link] Account
SBI offers 5 types of savings account with which account holders can
earn upto 4% p.a. interest on their account balance. Account can also
link it to MOD account to earn higher interest.

[Link] Account

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SBI offers 8 types of current accounts with low maintenance charges to
satisfy customer’s needs and expectations. SBI current account can be
opened with a minimum balance of Rs. 10,000.

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  Loan

[Link] Loan
SBI home loans have catered to the need of owning a home of over 30
lakh families in India. SBI loans come with low processing charges, low-
interest rates, and no hidden costs.

[Link] Loan
SBI offers 4 types of personal loans for tenure ranging from 1 to 5 years.
SBI Personal Loans cater to the financial needs of any account holder at
low-interest rates.

[Link] against Property

SBI offers 2 types of loans against property, namely, Mortgage of
Immovable Property and Rent Plus. Customers can avail loan against
property at low EMIs and flexible tenures.

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 [Link] Loan
SBI account holders can avail Gold Loan (from Rs. 20000 to Rs. 20 lakh)
by a pledge of gold ornaments including gold coins. It comes with less
paperwork and affordable interest rates.

[Link] Loan
SBI offers 5 types of education loans. Using SBI Education Loan,
customers can opt for leading institutions in India. Customers can avail a
loan amount of up to Rs. 1.5 crore. It also provides concession for girl
students.

[Link]-Wheeler Loan
SBI offers 2 types of two-wheeler loans with no advance EMI and low-
interest rates. The interest of two-wheeler loans is calculated on daily
reducing balance. SBI also offers the flexibility of payment of EMI
anytime during the month.

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 [Link] Loan

SBI offers secured and unsecured business loan options to its

customers. To fulfill the business requirements easily, SBI provides
hassle free documentation, attractive interest rates and flexible tenure
options.

[Link] Loan
SBI offers 4 types of car loans. It helps its customers in financing a car
for its customers at low-interest rates, low EMIs, less paperwork, and
quick disbursement. SBI car loan offers the longest tenure of 7 years.

 Investment

[Link] Deposit
SBI offers a wide array of fixed deposit schemes to regular individuals
and senior citizens. SBI FD rates vary from 5.00% to 6.80% for regular
individuals and 5.50% to 7.30% for senior citizens.

[Link] Deposit

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SBI offers a recurring deposit with tenure ranging from 12 months to 120
months. Customers can avail loan/overdraft up to 90% against SBI
recurring deposit.

 Cards

[Link] Card
SBI offers a wide range of credit cards to its customers to provide
various benefits in the form
of cashback, reward points, welcome bonus across categories such as
lifestyle, traveling,
shopping, etc.

[Link] Card

SBI offers various types of debit cards

specially designed to cater to the needs of its customers.

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  Banking

[Link] Enquiry

SBI account holders can use SBI net banking, toll-free number, mobile
banking, passbook, missed call service, SMS banking (SBI Quick),
USSD, ATM to check their SBI account balance instantly.

[Link] Banking

SBI offers mobile banking facility to its users through the SBI Anywhere
Personal Banking App. Customers can check their account balance,
transfer funds, pay bills & much more via SBI mobile banking.

[Link] Banking
SBI offers net banking services to its customers to provide great
customer experience through which they can easily check their account
balance, transfer funds within & outside the bank, & more.

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 [Link] Care
SBI account holders can avail the facility of customer care for any
queries, complaints, feedback, etc. Customers can contact via SMS, e-
mail, toll-free number which is available 24 x 7.

 IFSC Code

SBI Indian Financial System Code (IFSC) is an 11 digit alphanumeric

code which is used to identify the bank branches and facilitate NEFT or
RTGS transactions
SBIN0050240 is the IFSC code of Sector 22 chandigarh branch

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 SBI Netbanking Services
To,
keep
up with the time and to ensure that customers continue to receive quality
services, SBI launched its internet banking facility. Customers having
an SBI savings account can make financial transactions easily at the
comfort of their home or offices provided they need to apply for SBI net
banking facility.

An account holder can perform the following facilities through SBI net
banking:

Account Details Account Statements Last 10 Transactions

Nomination & PAN Checking CIBIL Score Change Login Password
Details
Update Profile Details Update Aadhar in the NPS Payment
Bank Account
Fund Transfer within SBI Fund Transfer outside of Donations
SBI
Demand Draft Request SBI Collect SBI mCash
Western Union Money View/Add Biller Mobile Recharges
Transfers
SBI Life Premium SBI General Premium SBI MF SIP Registration
Payment Payment
Fixed Deposit Issue of Interest Recurring Deposit
Investment Certificate
Pay Taxes View Form 26AS e-Filing/e-Verify Income
Tax
ATM Card Services Sovereign Gold Bond Online Locker

How to Activate SBI Net Banking?

Once you open a bank account with SBI, you can proceed for self-
registration of net banking facility in case of single account holders
with SBI ATM Card. In case of joint accounts, you will have to contact
your bank to complete the formalities.

1. Go to the SBI net banking portal.

2. Click on the “New User Registration/Activation” link.

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Please note if you have already obtained Pre-printed Kit from the branch
for activating INB facility, you should not proceed with this link. You can
input the user id and password given in PPK on the normal login screen.

3. For new registration, select “New User Registration” from the

drop-down menu and click “Next”
4. You will now be taken to a user-driven registration form as shown
on the screen.
5. Enter your details such as the account number as mentioned in
your passbook, CIF number, branch code, country, registered
mobile number, etc.
6. Select the Internet Banking facility you require: Full or Limited
Transaction Rights/View Rights.
7. Enter the captcha code and click Submit.
8. Now enter the OTP received in your mobile number and click
Confirm.

If you have an ATM card, you can complete the registration and
activate Internet Banking services for your account.

 Select the ATM Card option and click Submit

Note: If you do not have an ATM card, Internet Banking services
will be activated by the branch.
 Now you will be redirected to Debit Card Validation page and
requested to validate the ATM credentials. Enter the ATM card
details and click proceed.
 You are requested to generate a permanent username.
 Create a login password having a special character. The password
must have upper and lower case alphabets, one number, and one
special character.
 Re-enter the password to confirm and click [Link] registration
is successful and you can now login to Internet Banking services
with the permanent username and password.

Do’s and Don’ts while Activating Net Banking in SBI

 Keep your ATM card with you while you register for net banking.
 Enter the same mobile number in the registration form that you
have previously mentioned in the account opening form.
 Keep your passbook and chequebook with you. You will get most
information like account number, CIF number, and branch details
from Passbook.
 Never share your account details with anyone.

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  Never share OTP (One Time Password) with anyone. You may
lose your money from the account if you share OTP with unknown
people.
 Select your password and hint answer that is easy to remember for
you, but to guess for anyone else.
 In case of any doubt, directly approach SBI’s branch when you
have opened the account.
 Never reply to anyone about bank details or net banking user id,
password, or OTP over phone or email.

How to Reset SBI Net Banking Password?

An account holder can reset SBI net banking password as many times
as he wants to. It is a free service and the bank charges no fee for this
service. One can reset his SBI net banking password by following the
steps mentioned below:

Step 1: Visit the netbanking portal to log in to the account.

Step 2: Click on the “Continue to Login” option.

Step 3: Click on the “Forgot net banking login password ” for SBI
account.

Step 4: Select the “Forgot my login password” and click on “Next”

Step 5: Fill in the required details like username, bank account number,
date of birth, mobile number, country, and captcha code to proceed
further.

Step 6: After submission, the user will receive an OTP (One Time
Password) on the registered mobile number. Enter the OTP to proceed
further.

Step 7: In the new drop-down menu, select “Using Profile Password”

option to change the SBI online net banking password. Alternatively,
account holders can change their SBI net banking password by using
ATM card details or by visiting the SBI branch.

Step 8: Enter the SBI net banking profile password to proceed further.

Step 9: Now enter the new password and submit the request.

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Step 10: SBI net banking password reset process has been completed
and the account holder will now be able to login to SBI net banking using
the new password.

Steps to Reset SBI Netbanking Profile Password :

A profile password provides an additional layer of security to your
account. While accessing your profile in net banking, you need to
authenticate yourself before performing anything in net banking via
profile password for example, when you set your mobile number, adding
a third party, defining limits for DD and third party transactions, and even
when you change login password. With login password you can access
internet banking facility, whereas the profile password is used to make
changes or access details of the net-banking profile.

In case the user forgets the profile password, listed below are the ways
one can reset the SBI Netbanking Profile Password:

Step 1: Visit the personal SBI Online Net Banking portal.

Step 2: Click on “Profile” and enter “Forgot Profile Password” option.

Step 3: In the drop-down menu, select the “Hint Question” set at the
time of profile creation.

Step 4: Enter the answer to the hint question.

Step 5: Click ‘Submit’ and proceed further.

Step 6: Now enter the new profile password and re-enter the same to
confirm it.

Step 7: Click ‘Submit’ and use the registered new profile password to
carry out transactions.

Ways to Transfer Funds through SBI Net Banking -

Accountholders can transfer funds from one bank account to another

online in seconds through SBI net banking. One can do so through any
of the following methods:
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  NEFT
 RTGS
 IMPS

One can carry out fund transfers online from the SBI account to various
other accounts. A list of such accounts is mentioned below:

Within own SBI Accounts To SBI Accounts of Others

To Other Bank Accounts Credit Card (Visa) Bill Payment
International Fund Transfer SBI Collect
Donation Western Union Services
State Bank mCash Demand Draft Issuance

SBI Quick Transfer (without adding Beneficiary)

 SBI Quick Transfer service allows a user to transfer funds to an

account in India without adding a beneficiary
 The account holder is required to provide the beneficiary account
details and select whether the transfer has to be done through
NEFT or IMPS
 One can transfer funds up to a maximum of Rs. 25,000 per day

Fund Transfer through SBI Net Banking to Other Bank Accounts

It is possible to transfer funds from SBI account to other bank accounts.

One has to follow the steps mentioned below to transfer funds to any
bank account other than SBI without any hassles:

 Log in to the net banking account

 In the “Payment/Transfer” section, select the “Other Bank
Account” option
 Select your account and fill in the amount that has to be
transferred
 Select the beneficiary from the list mentioned and click on the
submit button
 The amount will be transferred to the beneficiary’s account on
successful submission

It is worth noting that the beneficiary details should be added beforehand

otherwise the accountholder will not be able to make the transaction
immediately.

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SBI Credit Card Bill Payment using SBI Net Banking

SBI account holders can pay their SBI Card dues using the SBI
netbanking facility. However, this facility is available only for Visa credit
cards.

How to pay Credit Card Bills using Credit Card (Visa) Bill Pay?

Given below are the steps one can follow to pay SBI Visa Card dues via
Credit Card (Visa) Bill Pay:

 Log in to the net banking page with your user ID and password
 Select the ‘Third Party Funds Transfer’ option and click on ‘Visa
Credit Card Pay’
 Enter the sender and recipient details to initiate a fund transfer
 Click on ‘Confirm’ and proceed further

After completion, the amount will be debited from the account and the
payment will be scheduled to the card.

How to Block Lost SBI ATM Card through Net Banking

The account holder can block the ATM card via Net Banking by following
the mentioned steps:

 Login and click on e-services

 Tap on ATM Card Services
 Then, click on Block ATM Card

Note: Follow the options available on the menu to continue blocking

your card.

How to Change SBI ATM PIN via Net Banking

To change your ATM PIN via net banking, you need to login into SBI net
banking portal. After logging in, go to ‘ATM Card Services’ and select
‘ATM PIN Generation’. You will receive an OTP on your registered
mobile number which is used to verify your identity and change the PIN.

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Precautions to take When Changing ATM PIN through SBI Net
Banking

 Keep your mobile number ready with you, as you may receive
OTP to change ATM PIN for security reasons
 Your ATM PIN is confidential to you, make sure you perform
changing ATM PIN by yourself and do not disclose your new PIN
with anyone
 It is recommended to keep ATM PIN that is easy to remember for
you but difficult for others to guess. PIN like 1234, your birth year
is highly discouraged as in case you lose your card; anyone can
try such PIN to steal your money
 It is advisable to change your PIN with a unique number every
time. Never set an old PIN that you might have used earlier

SBI Online Portal

SBI operates its net banking through a highly secured portal called the
SBI Online portal. It provides all the online services through this portal to
both – retail, as well as, corporate clients.

The portal is handled by applications supporting the latest technologies

to ensure the online data safety of the clients. SBI net banking has a
sophisticated and strong software infrastructure ensuring the safety of all
the data from across its branches nationwide.

SBI Retail Net Banking

The retail service is all about one-to-one dealing of the bank with the
clients. In corporate banking, the bank deals with huge corporate
entities. SBI, in its retail net banking service, provides several services to
its customers. These services are listed below:

 Fund Transfer from one account to another online, without much

hassle or the need to visit the bank branch.
 Investment options such as opening deposit accounts of various
nature viz fixed deposits, recurring deposits, or a flexible option.
 Apart from the investment schemes and fund transfers, SBI net
banking also provides its customers with the option to book flight,
train, or bus tickets and pay directly via net banking.
 SBI net banking can also be used for payments for online hotel
bookings.

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  Online shopping can also be done by simply visiting the website,
selecting the things one wants to buy, and choosing SBI net
banking online as the payment option.
 Bill payments and mobile/DTH recharges are also among many of
the services provided by SBI through its net banking.
 One can also transfer instant funds across borders by linking the
SBI account to Western Union Services. The portal permits the
transfer of funds online to the Western Union for money transfer to
an account outside the country.
 Another necessity that consumes the time and energy of an
individual is tax filing. SBI offers the option of filing e-taxes via its
net banking facilities.
 For those clients who are actively involved in the share market and
are on a lookout for a good investment in the field, SBI net banking
offers the DEMAT account and IPO services too.

Apart from the ones categorically mentioned here, there are several
other value-added services that one may avail on the SBI netbanking.

SBI Corporate Net Banking

As mentioned earlier, SBI caters to both retail as well as corporate

clients. Some of the key services provided under SBI corporate net
banking are as under:

 The ease of access to one’s account from just about anywhere is

most important
 SBI net banking facility helps speed up the monetary transactions
which otherwise take far too long
 Since corporate transactions include a large amount of money to
be transferred in one go, it is very important to ensure that these
transactions are executed securely. For this purpose, State Bank
of India makes sure that the transactions thus made are safe and
secure
 SBI provides its corporate customers with 24*7 access to the
portal for transactions
 Utility bills and various taxes that a corporation needs to pay are
ample. SBI net banking ensures a single platform where
customers can easily make both these payments.
 SBI online provides the facility of uploading the files in case it is
required to complete any transaction or payments like tax returns,
etc.

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 here is also the provision of transferring money from one SBI
account to another or the intrabank money transfer facility.
 Inter-bank money transfer is also a facility available to corporate
clients since the merchant or seller doesn’t need to hold an SBI
account, thus, a facility of inter-bank transfers is extremely useful.
 Making payments to registered suppliers online is also a facility
that SBI provides to its corporate clients. This way, they can
ensure the smooth running of the business without worrying about
any outstanding payments.
 SBI online banking enables its corporate clients to not only make
payments but also collect the same via online banking.

 SBI online also provides the corporate with the option of applying
for IPOs online.

...

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