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State Bank of India Review

State Bank of India is one of the largest premium banks in the country. The bank is providing its services since the past 200 years. SBI has emerged as an example to all other banks that are coming into existence because of its long term banking and financial services. SBI provides personal banking, corporate banking, agricultural/rural baking, and NRI services. SBI provides services to Agriculture sector by giving loans against warehouse receipts for tractors, crop production, plantation crops, godowns, digging of wells etc. The bank provides 24/7 service to access your account through it online services. Any time you can login into your account and check your balance, statement of your transactions etc. Just sitting at home one can manage his/her account very easily. We can get general information, account deposit services, loans, credit cards, active additional services and help desk services which involves system requirements, common errors, security, reporting errors and contact information.

State Bank of India was awarded ‘The Most Preferred Brand for Home Loan’ and ‘The Most Preferred Bank’ in the year 2007 in CNBC Awaaz Consumer Awards. SBI was declared as top 70th bank out of the thousand banks as surveyed by Banker Magazine in July 2007. SBI is the only bank from India to find the place in Fortune Global 500 list.
SBI has jumped from 50th to 6th position as declared by Economic Times Market. CNN IBN has declared shri. O.P Bhatt, Chairman of SBI as ‘Indian of the Year 2007’ in Business category.

SBI also provides mobile banking services which include
1. Account Balance Enquiry
2. Cheque Status Enquiry
3. Account Statement Enquiries.
4. Cheque Book Requests.
5. Minimum Balance Alerts
6. Fund Transfer between Accounts.
7. Credit/Debit Alerts.
8. Bill Payment Alerts.
9. Bill Payment.
10. Recent Transaction History Requests.
11. Information Requests like Interest Rates/Exchange Rates

News release

The Benchmark lending rate has been revised from 12.75% to 13.75% per annum which was effective since 12th August, 2008. Macquarie and IFC has signed up an agreement with SBI to manage and setup an infrastructure private equity. Though there is a financial crisis in the global market SBI has come out with excellent numbers by announcing their Q2 results.Net profit of the bank has raised over 40% against September 2007.The total operating income has also raised about 34%. The company is pretty confident that they will come out with much more good numbers in the coming quarter.