The State Bank of India (SBI) hosts one of the most diverse networks of financial institutions in India. It is one of the foremost banking institutions in India to adopt the digital means of banking via internet banking. SBI has effectively mastered the art of banking with the use of state-of-the-art technology and good customer representation.
Here, we shall talk about the various aspects of the SBI banking structure. We shall discuss the top credit cards, loans, insurances, debit cards, insurance schemes, and savings accounts offered by the bank.
Credit Cards offered by SBI
SBI offers a variety of credit cards to its users. It offers over 40 different types of credit cards with varying benefits to its clients. SBI requires a minimal number of documents and a good credit score to give you a credit card. Here, we shall present 5 of the most popular credit cards by SBI with their features.
Access to a welcome e-gift voucher. This voucher is worth 5000 Rs. and can be availed at any partnered shopping centre.
Access to free movie tickets worth 6000 Rs. every year. You can get the benefits of this feature by booking with bookmyshow.com.
Ability to earn over 50,000 reward points via shopping every year. 50,000 reward points are worth 12,500 Rs. which you can get a cash back to your account.
You can get complimentary membership to the Club Vistara Program and the Trident Privilege program hosted by SBI via the use of this credit card.
Access to a welcome e-gift voucher. This voucher is worth 3000 Rs. and can be availed at any partnered shopping centre.
Access to free gift vouchers worth 11,000 Rs. You can use these gift vouchers at partnered locations.
Ability to earn 10 reward points via shopping for every 100 Rs. You can get these reward points as cash back to your account.
You can get complimentary access to International and Domestic Airport lounges on the use of these cards at partnered airlines.
Access to 2,000 bonus reward points on spending 2,000 Rs. with this credit card within the first 60 days of approval.
Ability to earn 10 reward points via shopping for every 100 Rs. You can get these reward points as cash back to your account.
A small annual fee which is reversed back to your account on spending more than 90,000 Rs. a year with the card.
A small 1% fuel surcharge waiver at all petrol pumps within India.
Access to Amazon.in gift card worth Rs. 500 on the initial approval of the card.
Get up to 5x reward points for all online spends with the card for online shopping.
10x reward points for all online spends with the card for online shopping with exclusive partners.
Access to e-vouchers worth Rs. 2000 on spending 1 lakh Rs. and Rs. 2000 more on spending 2 lakh Rs. with this card.
Access to a welcome e-gift voucher. This voucher is worth 5000 Rs. and can be availed at any partnered shopping centre.
Access to 20 select points on spending 100 Rs. with this card at a Central Store.
Access to 10 select points on spending 100 Rs. with this card for movies or dining.
Access to 2 select points on spending 100 Rs. with this card for retail purposes.
Loans offered by SBI
SBI offers a variety of loans to its valued customers. The application process for a new loan is fairly simple and one can easily apply for it using his/her own account with the bank. The eligibility criteria may vary for the various types of loans.
o Interest rates for a home loan may vary from 8% to 12% depending upon the repayment period and the loaned amount. This interest rate is usually lower in case you provide a collateral against the loan amount.
The education loan provided by SBI is amongst the cheapest loans for a student. This education loan rates may vary for the various applications. The girls get a concession of 0.5% on their education loans via SBI. The SBI education loans are further classified into the following types,
- Education Loan Web Platform for Students
- Student Loan Scheme
- SBI Scholar Loan Scheme
- Loan Scheme for Vocational Education and Training
- Central Scheme for Interest Subsidy
- State Bank Rewardz For Education Loan
The SBI personal loans cater to the day to day needs of an individual. The person is not bound the use the loaned amount in any specific matter. This loan helps an individual out in case of an emergency. This loan is usually associated with a higher rate of interest compared to the other types of loans. The SBI personal loans are further classified into two types, namely,
- Xpress Credit Loan
- SBI Pension Loan
The SBI secured loans are often also known as Loans against securities. You can avail this loan after placing a collateral against the loaned amount for a value higher or equal to the loaned amount. The secured loans usually feature a smaller rate of interest compared to the other forms of loans. The SBI secured loans are further classified into the following types namely,
- Loan against shares
- SBI Loan against Time Deposit
- Loan against mutual fund units
- Loans against property
The car loan, also known as the auto loan allows the recipient of the loan to purchase a new 4-wheeler vehicle with the loaned amount. SBI divides the loaned amount into these categories,
- SBI New Car Loan Scheme
- SBI Combo Loan Scheme
- Certified Pre-Owned Car Loan
- SBI Loyalty Car Loan Scheme (Car Loan for SBI Home Loan Borrowers)
- Super Bike Loan Scheme
Insurances offered by SBI
SBI offers a number of insurance schemes to its most valued customers. The most popular insurance schemes offered by the bank include,
- An individual plan with customized benefits for the policyholders. Since the bank policy has a non-linkage and non-participating clause, a person can easily avail the benefits of a pure plan at affordable rates.
- An individual can either choose this plan for himself/herself or can go for a complete cover for his/her entire family.
- The plan features an additional cover of the Accidental death benefit that takes care of the needs of the family members of the policyholder in case of his/her early demise.
- The SBI Life – Smart money planner is a non-linked participating endowment plan for an individual or a family.
- This plan comes with the additional benefits of money back guarantee.
- It offers a coverage of age up to 75 years. It also assures the basic sum of 1 lakh Rs. to the policy holder at the end of the term.
- It is a life insurance plan that is perfect for an individual to get a money back guarantee in case he/she does survive the entire tenure of the policy.
- The SBI Life – Smart Humsafar plan is crafted for married individuals to protect both the parties involved under a single umbrella of life insurance.
- This is a non-linked endowment type of plan offering benefits of savings as well as life insurance to the involved parties.
- The minimum policy period for this plan is 10 years and it offers an interest rate of 2.5% of the basic sum.
- This plan is the culmination of saving as well as life insurance plan.
- It is the primary choice for people who wish to save for their retirement using an insurance plan.
- The plan offers a small 1.0% rate of interest to the policyholders for the entire period of the policy term
- The plan also offers the benefits of making partial withdrawals from the funds before the end of the tenure.
- Smart Power policy offers the lowest premium amount for the policyholder.
- It features two different types of options namely,
- Level Cover Option
- Increasing Cover Option
- It also offers two different fund options namely,
- Trigger Fund Option
- Smart Fund Option
- The policy can be acquired for a period of 10, 15 or 30 years depending upon the choice of the policyholder.
Savings Accounts offered by SBI
- Interest Rate – 4.00%
- Free passbook issued with every savings account
- Access to safe deposit lockers for a small premium every month
- Ability to nominate another customer on building a good reputation with the bank.
- Interest Rate – 4.00%
- Access to personal accident insurance at a small premium on the creation of a small savings account
- Access to mobile banking facilities with the bank account
- Access to a standard SBI debit card
- No requirement for a minimum balance to start off with this account
- Access to multiple types of debit cards depending upon the needs of the user
- Easy to link with a Multi Operation Deposit (MOD) account
- Open for use as a means of internet banking for NEFT, RTGS transactions
- Easy to open basic savings account with less number of documents
- You are recognized as a valued customer of SBI
- Access to internet banking facilities
- Interest Rate - 4.00%
- Helps familiarize the younger generation with the internet banking facilities
- Ability to join the account with a major account of the parent/guardian
- Personal accident cover for the parent/guardian of the account holder
One or more of these facilities are common for all the different types of bank accounts. You can get access to these facilities on opening any type of savings account from the types available in the list.
Debit Cards offered by SBI
- Access to Bonus FreedomRewardz points on regular purchases
- Easy conversion of the reward points into exciting gifts
- Zero joining fee, a small annual fee of 100 Rs. from second year onwards
- Access to Bonus FreedomRewardz points on regular purchases
- Easy conversion of the reward points into exciting gifts
- Zero joining fee, small annual fee of 150 Rs. from second year onwards
- Small card replacement charges, 204 Rs.
- Access to Bonus FreedomRewardz points on regular purchases. 1 reward point for every 200 Rs. purchase.
- Easy conversion of the reward points into exciting gifts
- Zero joining fee, small annual fee of 150 Rs. from second year onwards
- Small card replacement charges, 204 Rs.
- Access to Bonus FreedomRewardz points on regular purchases. 1 reward point for every 200 Rs. purchase.
- Easy conversion of the reward points into exciting gifts
- Zero joining fee, small annual fee of 150 Rs. from second year onwards
- Small card replacement charges, 200 Rs.
- Easy cash withdrawal at international ATMs
- Complimentary Insurance
- Access to Bonus FreedomRewardz points on regular purchases. 1 reward point for every 200 Rs. purchase.
- Easy conversion of the reward points into exciting gifts
- Zero joining fee, small annual fee of 150 Rs. from second year onwards
- Small card replacement charges, 200 Rs.