Updated: November 30, 2011
State Bank of India (SBI) is the biggest bank among the Big Four Banks in India along with Punjab National Bank, ICICI bank and Canara Bank. SBI has different services and products catered to the needs of its customers in India and all the NRI around the world. It has savings account, checking account, NRI banking, Internet banking, credit cards, investment funds, home loans, car loans and many more.
Overview of SBI Bank
It is also the largest financial services company and state-owned bank in India in terms of profits, assets, revenues and market capitalization. It is a public company listed in Bombay Stock Exchange (BSE) and London Stock Exchange (LSE).
It was established on July 1, 1955 and its main office is located in Mumbai, Maharashtra, India. Currently, its Chairman is Mr. O.P. Bhatt. According to Forbes, SBI is the 29th most reputable company in the world and as of 2010, it has 200,299 employees around the world and with over 16,000 branches making it the largest banking network in India. It has also 131 overseas offices in over 32 countries as of December 31, 2009.
Some of the products offered by SBI bank are investment banking, consumer banking, commercial banking, retail banking, private banking, asset management, pensions, mortgages and credit cards. As of 2010, it has a revenue amounting to US$19.51 billion, its profit to US$2.08 billion, total assets of US$323.04 billion and total equity of US$18.519 billion.
Requirements When Opening an SBI Bank Savings Account
Having a savings account is the best way to save money. If you are planning to apply for a bank savings account in India, I suggests you consider SBI because it is a reputable bank not only in India but in other countries as well.
You can open a bank account if you have the complete requirements which you can get in this article. Usually, the common requirements in opening a bank account in India are two valid IDs, proof of address and initial deposit. You can see the complete list of requirements here: Requirements for Opening a Bank Account in India
Opening a savings account in SBI Bank is easy and simple if you have the complete requirements when you go to the bank. It would be advisable to ready and bring the documents so your application will be fast and hassle-free. You can get the application form online and then fill it up completely before going to the branch nearest your area. If you want more information about on how to open a savings account at SBI bank, you could visit their website by clicking this link. It will direct you to their official page.