Want to know about SBI ONLINE and all activities which are related to SBI Net Banking? Then you are at the right place, we will help you with all the issues you are facing related to SBI ONLINE.
The State Bank of India holds the claim to being the oldest Commercial Bank in India and dates back to the first decade of the 19th Century, specifically in the year 1806 when the Bank of Calcutta laid its foundation which later came to be known as the Bank of Bengal. In British India, the three premier Banks at Calcutta, Madras and Bombay merged to form the Imperial Bank of India.
Post-Independence, the year 1955 was a landmark year in the Indian sub-continental Banking sector, as the RBI which is India’s Central Bank took over the controlling interest of the Imperial Bank of India, now known as State Bank of India on 1st June, 1955 and staked its 60% claim. In 2008, The Government of India took over the RBI’s share in SBI, so as to avoid any conflict of interest arising in future from the fact that RBI also acted as the Banking Regulatory Authority.
In the post liberalisation era, SBI is one of the largest and most reliable and popular Banking service providers in India with 23% market share in assets and handling a total of a quarter of the loan and deposit market.
SBI Online Account Opening
SBI Online Banking Facility
SBI Online Banking is the internet based service provider facility available to all its users by State Bank of India. The customers can log into their Account or avail the details of transaction on their Credit Card / Debit Card using this virtual platform.
- It is one of the most convenient and hassle free way to access banking operations at any point of time in the comfort of one’s own personal zone.
- One need not have a computer or Personal computer, all one does need is access to malware free internet connection on any public computer or mobile.
- The obvious benefit of availing internet banking is the economy of time and effort involving in negotiating long queues and commutation time to get to one’s nearest branch.
- All the major banking transactions that can be handled at the counter can effectively be dealt with at a personal level with little or no intervention.
- Online Banking Transaction is available 24 X 7. Hence, the concept of Bank Holidays and Weekends do not make any difference to one’s schedule in such a scenario.
Features of SBI Online Retail Net Banking
- Seamless Fund Transfer from one account to another.
- Third Party Money Transfer for any account with SBI.
- Group Transfers between accounts maintained at SBI.
- Internet bank Transfers to Accounts with other Banks.
- Set up standing Instructions for scheduled / periodical money transfers
- Money transfers to PPF Accounts across branches.
- Provision for initiating request for Demand Draft.
- Provision for initiating request for opening new Accounts.
- Provision for request to close Loan Accounts
- Provision for request for issuance of Cheque Books.
- Redeemable Bonus Reward Points per transaction.
- Utility Bill payment getaways.
- Online Ticket Window for travel by air, road or rail or Hotel Bookings.
- Insurance payments to SBI, LIC and others.
- Western Union Services
- Allow instant recharges.
- Mutual Fund Transactions.
- SBI and other Credit Card payments.
- Tax payment provision via e-tax provision.
- Customs Duty Payment Window.
- Online Share Trading made possible.
- Online Application for IPO and DEMAT services.
- Fee payment to premier Nationalised STEM institutions.
- Other VAS.
Features of SBI Online Corporate Internet Banking
The SBI also offers it Online Banking facility for its corporate customers through its web portal to perform banking service operations, as per their own convenience in their own comfort zone.
- Fully safe and secure transactions via a checker model, 24 X 7.
- Saves on time and cost
- E-Payment of Bills and Taxes.
- Provision of File Upload Facility.
- Transfer Money to SBI or other bank Accounts.
- Online Payment to Registered Suppliers.
- Collect and Remit Fees
- Provision for e-reconciliation.
- Online application for IPO.
Steps to avail Net Banking Facility.
- Request to SBI to facilitate online banking on specified Account Number. Alternatively one may download the Registration available online on SBI Hosting website, fill them up and submit it at the Home branch
- Once the identity of the customer is verified, the Bank issues a Welcome Kit to be delivered at the customer’s home address.
- Login into SBI Internet Banking (www.onlinesbi.com)using the User Id and Password mentioned in the Welcome Kit.
- Follow the steps to authenticate your identity the first time around else enlist the assistance of SBI’s Net Banking Assistant.
- Mandatorily, customise the system generated password after the initial registration process is formalised, for security reasons. Subsequently it is advisable to keep shuffling the password at regular intervals to ensure secure access to your account. Experts recommend this change once every fortnight.
Guidelines to ensure a Safe and Secure SBI Online Banking Service
- As mentioned earlier, the password issued by the Bank on the Welcome Kit needs to be compulsorily customised after the very first usage.
- Subsequently the password needs to be constantly changed at frequent intervals, preferably after every 15 days. There is also the provision for inputting a onetime user password for a single transaction. Strong Passwords are recommended to be inputted for better safety.
- The Account gets locked if wrong password attempt is made more than 3 times.
- The Account gets logged out if left idle for more than 5 minutes.
- There must never be any sharing of password even with Bank officials.
- Any suspicious online activity or an unwarranted phone call seeking Online Banking details must immediately be reported to firstname.lastname@example.org.
- One must avoid accessing the Online Banking facility from public portals like cyber cafes.
- The usage of Virtual keyword helps to safeguard the privacy of the User Id and Password.
- Sensitive information must not be entered in Pop-Ups.
- Keep a regular tab on all online transactions and usage history records.
- Use sophisticated software and updated anti-virus on the system to secure the settings.
- SBI online platform allows its users to perform transactions using an SSl encrypted medium to offer maximum protection from malicious attacks and threats and encrypts each and every session.
- SBI enlists the services of VeriSign which is the world’s leading internet certification authority.
SBI Online Banking Charges
SBI Online Money Transfer
The Instant Money Transfer facility is an automated service extended by SBI which allows the users to remit transfers by providing just the basic bank details of the beneficiary. In this era of digitalisation, this is a fast track and hassle-free means of transferring money to anyone, anywhere by inputting the beneficiary’s Name, Address and Mobile Number.
- Beneficiaries can either be registered for frequent transaction or can be a onetime beneficiary and can receive the money, once the beneficiary Account is approved by the Bank.
- The Minimum amount to be transferred is Rs.100/- and maximum is Rs.10,000/- at one go. The Monthly Upper Limit for each beneficiary is Rs.25,000/-.
- One User can add up to 10 Beneficiaries and the maximum Amount Cap to be transferred in the course of 1 month is Rs.50,000/- from one Account.
- A service charge of Rs. 52/- is levied for each transaction which is much lower than the NEFT / RTGS rates set up by the Bank.
- Beneficiaries have to withdraw the entire amount at single swipe at SBI ATM without the use of any Debit Card. Money not withdrawn within 48 hours of initiation of transaction is reverted to the original Account. Service Charge, once deducted is not refundable.
Check out: SBI Credit Card Customer Care Number