How to open a bank account in State Bank of India (SBI)

GSL reference about the bank What is it?

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GSL rating

Beginning of cooperation

July, 2023

Last contact

April, 2024

Last update

October, 2023
  • State Bank of India – the second largest bank, owned by the Government of India;
  • opens accounts only for local companies, it does not work with non-residents;
  • opening an account requires a visit to the bank by the director of the company;
  • cards can be issued;
  • Internet bank in English;
  • account opening period, please check with a consultant
GSL rating
Beginning of cooperation
July, 2023
Last contact
April, 2024
Last update
October, 2023
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General information and rating

48
Global rating
2
Countrywide rating
Countrywide rating of the head bank
Global rating of the head bank
Year of foundation
1806
History
State Bank of India (SBI) is a state-owned commercial bank nationalized by the Indian Government in 1955.

The oldest commercial bank in India originated in 1806 as the Bank of Calcutta. The oldest commercial bank in India, SBI originated in 1806 as Bank of Calcutta. After 3 years, the bank was renamed as Bank of Bengal. Along with Bank of Bombay (founded in 1840) and Bank of Madras (founded in 1843), it was one of the 3 so-called Presidential Banks, which were merged in 1921 to form Imperial Bank of India (IBI), which became the largest commercial enterprise in the country. In 1955, the Government of India and the country's central bank, Reserve Bank of India (founded in 1935), took joint ownership of IBI, which was renamed State Bank of India. In 2007, Reserve Bank of India's stake in SBI was transferred to the Government.

SBI has thousands of branches across India. SBI has thousands of branches across India and offices in dozens of countries
Personnel
Staff speaks English
Bank’s shareholders
The bank is owned by the Government of India
Confidentiality
Judicial Cooperation Agreement with Russia is signed; Double Taxation Agreement with Russia is signed; AML legislation is strictly observed
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    Minimum requirements

    0
    Minimum balance, €
    No restrictions
    Transactions permitted per month
    0
    Initial deposit of funds, €
    0
    Deadline for the initial deposit, month
    Transactions permitted per month
    No restrictions on the number of transfers
    Minimum turnover, €/year
    No turnover restrictions
    How fast payments are executed
    Same day or next day

    Tariffs and services

    75
    Outcoming transfer, €
    0
    Incoming transfer, €
    N/A
    Account maintenance, €/year
    N/A
    Payment limit for credit cards, €/day
    Outcoming transfer, €
    Transfer fee is ~ 0,10% - 0,15%
    Incoming transfer, €
    No commission for enrollment incoming transfer
    Distant access to the account
    Internet banking in English
    Financial products
    SBI offers credit cards, savings accounts, time deposits, personal loans, debit cards, mortgages, secured loans, auto loans, gold loans, Mudra loans and business loans
    Credit/debit cards
    Yes

    Account opening procedure

    Days to open for incoming transfers
    Case by case
    Days to open for outcoming transfers
    Case by case
    References
    Not necessary
    Purpose of the account
    Savings & current
    Visit to the bank
    Opening an account requires a personal visit of the director of the company to the bank
    Required
    Completed bank forms, client passport / ID, standard set of corporate documents, etc.
    Types of accounts
    Savings; Current
    Chances to open an account
    Predictable
    Business description
    Requirements to the description of the activity are standard: a story about the current state of the business and its formation, disclosure of the source of origin of funds, biography of the account beneficiary and contact information

    Banks of India

    Bank
    The cost of opening an account, $
    Global rating
    Countrywide rating
    GSL rating
    2 500
    N/A
    N/A
    2 500
    N/A
    1
    2 500
    N/A
    5
    2 500
    N/A
    N/A
    2 500
    N/A
    N/A
    2 500
    N/A
    3
    2 500
    7
    1
    2 500
    N/A
    N/A
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