SBI Personal Banking

The SBI Personal Banking service is controlled and accessible from the entire SBI branches available throughout the country. In fact, it will be unfair to mention only about the branches. The network can be accessible through online banking services available from the SBI.


The Personal Banking services that are offered by the State Bank of India offer certain list of services, and facility related schemes. Some of the most popular ones are availing of personal loans with lowest interest rates, online money transferring facility, opening up of tax saving policies, fixed deposit schemes with higher and effective interest rates, etc. The genuineness in service providing facility have made the State Bank of India a name to be reckoned and respected by millions of users and customers. The services are quick, fast and genuine. The State Bank of India personal banking services and schemes are created keeping in mind the needs and demands of each and every individual customers. The services are available twenty four hours online banking technique. Moreover, the toll free customer care number can be called anytime to clear the doubts and misconceptions regarding any service. The SBI ATM service is available throughout the country with the inclusion of wide range of outlets opened twenty four hours and seven days a week.


While speaking of SBI personal banking services, let us have a look at the detailed service list offered by them.


  • SBI Term Deposits

  • SBI Loan for Pensioners

  • SBI Recurring Deposits

  • Loan against Mortgage Of Property

  • SBI Housing Loan

  • Loan against Shares & Debentures

  • SBI Car Loan

  • Rent-Plus Scheme

  • SBI Educational Loan

  • Medi-Plus Scheme

  • SBI Personal Loan

  • Rates of Interest


Let us have brief glancing at some of the schemes.


SBI Term Deposits


The customer can deposit certain amount of money with the SBI. The term can be for a period of 07 days till 10 years. The minimum amount that needs to be deposited is 1000 INR. The interest rates are provided below in a tabular form for the deposition period.


Days

Interest Rates (%)
below Rupees One Crore

Days

Interest Rates (%) from and
above Rupees One Crore

7-14

4.00

7-14

6.25

15-45

5.00

15-30

6.25

46-90

5.50

31-45

6.50

91-180

6.00

46-90

7.00

181 till less than a single year

7.75

91-180

7.25

A single year till 554 days

8.25

181-270

7.75

555

9.25

271 till less than a year

8.00

556 till less than two years

8.25

One year till less than two years

8.50

Two years till 999 days

8.75

Two years and above

8.00

1000

9.25

1001 till less than three years

8.75

Three years till less than five years

8.25

Five years till less than eight years

8.50

Eight years till ten years

8.75


In case of premature withdrawal of the amount, the interest rates that will be applicable will be one percent below the proposed rate for each tenor. Those who want to undergo term deposit (single domestic in nature) of one lack INR till less than one crore will not be able to achieve any premium in interest rates.


Valid Pan Card is required otherwise Tax deduction of twenty percent on a yearly basis can be faced by the customers.


SBI Loan for Pensioners


This scheme is eligible to all those people who had been employed to government organizations (central or state). They should not be more than 72 years of age. This scheme can also be enjoyed by those pensioners who had been govt. employed and are receiving pensions through any of the SBI branches pension accounts. The maximum loan amount that can be obtainable is twelve months net pension plus additional ceiling of three lacs Indian rupees.


The scheme is also eligible for the spouse who is eligible to receive pension on behalf of his/her deceased husband who was a regular pensioner from the SBI pension account. However, the spouse should not be more than 65 years of age. This sort of pensioner is termed as family pensioner (on behalf of the original one). The maximum loan that can be taken is nine months net pension plus additional ceiling of one lac fifty thousand Indian rupees.


While asking for loan, the security deposit is a crucial factor that needs to be considered. Let us have a look at the security deposit and related factors.


Those who are normal pensioner will need to undergo TPG of that member eligible for the family pension. Those who are family pensioner need to have a satisfactory account with the bank on a previous basis. No past bad conduct records of fraud or any relevant cases should be there.


Finally, every pensioner needs to submit a copy of the PAN card before becoming eligible for the loan under this scheme.
Now, let us have a look at the repayment method of the sanctioned loans.


For customers who are within 70 years of age will need to repay the loan amount within 36 months from the day of sanctioning of the loan.


For customers who are more than 70 years and are within 72 years of age will need to repay the amount within 24 months from the day of sanctioning of the loan.


Let us have a look at the interest rates:


Table 2


Security

Interest Rates (%)

Land property

12.75 (8.25 percent Base rate plus additional 4.50 percent)

STDRS/BANK TDRS

The total rate of interest that needs to be payable during deposits plus 1.00 percent

Govt. based bonds, policies, security deposits, relief funds, etc.

12.50 (8.25 percent base rate plus additional 4.25 percent)


SBI Personal Loan


The scheme is known SBI SARAL – Personal Loan. The facility is available in over three thousand branches situated all over India. Any purposes (legitimate) can be shown in order to avail this facility. The numerous advantages includes low interest rates, easy repayment extended time, no requirement of high end security deposits, low processing fees, and even no prepayment penalties. All those people who are salaried as well self-employed are eligible to avail this scheme.


The minimum loan amount that can be achieved is 24,000 INR in all the metro and high urban centers. The amount is reduced to 10,000 INR in case of rural and under developed areas.


The maximum loan amount that can be achievable is twelve times of the total monthly income by a salaried/self-employed professional. However, the pensioner’s will enjoy a ceiling of 10 lacs at every center of SBI.
The annual interest rate payable is 16.75 percent.


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1. rajnikant r kavathia (rajnikant.kavathia@yahoo.com) posted this comment on Feb 11, 2013 at 04:23
My PF no 1702033.I am retired pensioner.of SBI Pl send pension slip on my given Email ID pensionslip.


Warning: strtotime() [function.strtotime]: It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EDT/-4.0/DST' instead in /home/indiahou/public_html/sbi-bank/personal-banking.html on line 464

Warning: date() [function.date]: It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EDT/-4.0/DST' instead in /home/indiahou/public_html/sbi-bank/personal-banking.html on line 464

Warning: strtotime() [function.strtotime]: It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EDT/-4.0/DST' instead in /home/indiahou/public_html/sbi-bank/personal-banking.html on line 464

Warning: date() [function.date]: It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EDT/-4.0/DST' instead in /home/indiahou/public_html/sbi-bank/personal-banking.html on line 464
2. Prachi (prachi290awas@gmail.com) posted this comment on Apr 30, 2013 at 04:08
With the help of sbi online personal banking I have been able to save a lot of time. Thanks SBI Bank for this wonderful move towards your customers.