Articles tagged under: SBI

AMC seals Meghaninagar branch of SBI

July 09, 2020
AMC seals Meghaninagar branch of SBI

Ahmedaabd: Amdavad Municipal Corporation (AMC) today sealed a branch of State Bank of India in Meghaninagar area of city for breach of social distancing guidelines. DeshGujaratRead More

SBI waives off Average Monthly Balance on all Savings Bank Accounts

March 11, 2020
SBI waives off Average Monthly Balance on all Savings Bank Accounts

Mumbai: Country’s largest lender, State Bank of India has decided to waive maintenance of Average Monthly Balance (AMB) for all Savings Bank Accounts in attempt to further boost the efforts to promote Financial Inclusion in the country. The charges on maintaining AMB are now waived off on all 44.51 crore SBI savings bank accounts. Currently SBI Savings Bank customers’ needs to maintain AMB of Rs 3000, Rs 2000 and Rs 1000 in Metro, Semi Urban and Rural areas respectively. Bank used to levy ...Read More

SBI signs MoU with Gujarat govt for for working capital availability to MSME entrepreneurs

February 18, 2020
SBI signs MoU with Gujarat govt for for working capital availability to MSME entrepreneurs

Gandhinagar: Gujarat Government’s Industry Department today signed a MoU with the State Bank of India (SBI) in presence of Chief Minister. Ensuing this, the new entrepreneurs, who want to setup MSME in Gujarat, would easily get assistance for availing working capital and project cost in specific time-limit, said a statement issued by the government. As per the MoU, to avail the financial assistance for their new MSME projects the entrepreneurs would get permission in principle within just ...Read More

State Bank of India empanels as a Clearing Bank with India International Clearing Corporation (IFSC) Ltd in GIFT City Gujarat

November 13, 2019
State Bank of India empanels as a Clearing Bank with India International Clearing Corporation (IFSC) Ltd in GIFT City Gujarat

    Mumbai, November 13, 2019: India’s premier public sector bank, State Bank of India (SBI) – International Banking Unit (IBU), will now start offering Clearing Bank services to capital market participants at the IFSC, GIFT City.  The Bank empaneled as a Clearing Bank with India International Clearing Corporation (IFSC) Limited (India ICC) on 8th November, 2019 and intends to offer the entire suite of permitted services to cater to the fast-evolving capital markets ecosystem at...Read More

SBI reduces its MCLR and home loan rates w.e.f 10th April 2019

April 09, 2019

Mumbai: Country’s largest lender State Bank of India (SBI) has reduced its MCLR by 5 bps across all tenors with 1 Year MCLR coming down from 8.55% p.a. to 8.50% p.a. As a result, Interest rates on all loans linked to MCLR stand reduced by 5 bps with effect from 10th April 2019. Also SBI makes its housing loans more affordable by reducing the interest rate by 10 bps on loans up to Rs. 30 lacs. Now the applicable interest rate for such Housing loans below Rs.30 lacs will range from 8.60%...Read More

SBI to organize Kisan Mela in Gujarat on 18th July

July 16, 2018
SBI to organize Kisan Mela in Gujarat on 18th July

Gandhinagar: State Bank of India, the country’s largest lender will organize Kisan Mela at nearly 750 rural and semi-urban branches across Gujarat on 18th July, 2018. Kisan Mela is one of its kind initiative by SBI to develop connect with farmer customers, resolve their grievances and educate them about various their rights and banks initiatives. The Bank which has close to 1.50 cr. farmer customers, plans to connect with atleast 10 lakh farmers through this mega Kisan Mela. SBI had recentl...Read More

SBI Life Insurance launches ‘SBI Life –Poorna Suraksha’ plan in Gujarat

January 25, 2018
SBI Life Insurance launches ‘SBI Life –Poorna Suraksha’ plan in Gujarat

Ahmedabad: SBI Life Insurance, today announced the launch of SBI Life - Poorna Suraksha, a non-linked non-participating, term assurance plan, with an inbuilt Critical Illness cover. The policy offers coverage for a range of 36 critical illnesses, which auto re-balances with the evolving needs as the age progresses. Speaking at the launch of the product, Mr. Ravi Krishnamurthy, President – Zone 1, SBI Life, said, “In the initial years of a person’s life, the liabilities like home loans, ...Read More

SBI reduces Base Rate, BPLR by 30 bps

January 01, 2018
SBI reduces Base Rate, BPLR by 30 bps

Mumbai: State Bank of India (SBI) has reduced Base rate and Benchmark Prime Lending Rate (BPLR) by 30 basis points (bps) with effect from January 01, 2018. The revised base rate is reduced from 8.95% to 8.65% for existing customers and BPLR is reduced from 13.70% to 13.40%. Additionally, bank has decided to extend on-going waiver on home loan processing fees till March 31, 2018 for new customers keen on buying their dream house and other customers looking to switch their existing loans to SBI. ...Read More

Achche din for home, auto loan borrowers: SBI cuts interest rates on loans by 0.9%

January 01, 2017
Achche din for home, auto loan borrowers: SBI cuts interest rates on loans by 0.9%

File photo: Arundhati Bhattacharya who heads SBI Mumbai:  State Bank of India, the country's biggest lender by assets, today announced cut in its lending rates by 90 basis points for maturities ranging from overnight to three-year tenures, after experiencing a surge in deposits. With this SBI's so-called overnight marginal cost of funds-based lending rate (MCLR) fell to 7.75 per cent from 8.65 per cent, while three-year loan rates will now be 8.15 per cent from 9.05 per cent previously. Lend...Read More

Rs 2.5 lakh crore won’t come back into banking system: SBI

December 02, 2016
Rs 2.5 lakh crore won’t come back into banking system: SBI

Mumbai: State Bank of India has estimated that money worth Rs 2.5 lakh crore may not come back into the banking system post demonetisation of high-value notes. On November 8, the government banned banknotes of Rs 500 and Rs 1,000 worth over Rs 14 lakh crore from the economy. In a report, the Economic Research Department of State Bank of India (SBI) said "around Rs 2.5 lakh crore on a conservative basis will not be coming back into the system". As per the SBI analysis, the market estimat...Read More