Convenience banking — Operate your account from the comfort of home or office. Maker — Checker model to ensure security and integrity in the transactions. Save time and costs- No need to go to the bank branch for routine transactions. File upload facility: Facilitates bulk payment of salary, tax, pre-paid card top up, utility bills, remittances etc. Transfer money to other bank and SBI accounts.
Supplier Payment - Make online, instantaneous payments to registered suppliers. The User shall be bound by such limits imposed and shall strictly comply with them. The Bank shall put an appropriate message on the relevant page or the website.
All out of pocket expenses where-ever applicable will be borne by the User. Bank may, at its discretion, levy penal charges for non-maintenance of the minimum balance. The User shall not use or attempt to use Internet Banking Services for funds transfer without sufficient funds in the relative Internet Banking Services account or without a pre-existing arrangement with the Bank for the grant of an overdraft.
The Bank shall not be liable for any omission to make all or any of the payments or for late payments due to circumstances beyond the control of the Bank. The User has to provide correct identification details as registered with the biller. In the event of late payment, the User shall be liable for late payment charges and other consequence as may be enforced by the Biller.
Accepting instructions given by any one of the Users in case of joint accounts. However the Bank will endeavor to notify the User through its website or through any legally recognized medium of communication or otherwise as found suitable by the Bank..
The User agrees that the record of instructions given and transactions with the Bank shall be conclusive proof and binding for all purposes and can be used as evidence in any proceedings. The Bank provides the facility of payment for transactions executed on Internet through different sites.
The Bank shall not be held responsible for failure of such transactions. The User shall be responsible for submitting necessary documents and information as the Bank may require along with any request for any service under Internet Banking. If any request for a service is such that it cannot be given effect to unless it is followed up by requisite documentation, the Bank shall not be required to act on the request until it receives such documentation from the User.
The instructions of the User shall be effected only when such information is in accordance with the prescribed procedure. The Bank shall have no obligation to verify the authenticity of any transaction received from the User through Internet Banking Service or purported to have been sent by the User via Internet Banking Services, other than by means of verification of the User-id and the password. All transactions arising from the use of Internet Banking Services to operate a joint account, shall be binding on all the joint account holders , jointly and severally, notwithstanding that one amongst such joint account holders only operates the accounts through Internet Banking Services.
The Bank may at any time without giving notice or reasons, suspend or terminate all or any of the Internet Banking services or their use by the User. A customer shall provide such information as the Bank may from time to time reasonably request for the purposes of providing the services.
The User is responsible for the correctness of information supplied to the Bank through the use of Internet Banking Services or through any other means such as electronic mail or written communication. The Bank will endeavor to correct the error promptly and adjust any interest or charges arising out of the error. The User agrees to indemnify, hold harmless and defend Bank and its affiliates against any loss and damages that may be caused from or relating to.
The User agrees that the Bank may collect User system related information The User also agrees that the Bank may disclose, in strict confidence, to other institutions, such Personal Information as may be reasonably necessary for reasons inclusive of, but not limited to, the following:. However the Bank will endeavor to notify the changes by posting it on the website or through advertisement or any other means as the Bank may deem fit which will be binding on the User.
The grant of facility of Internet Banking Services to a User is non-transferable under any circumstances and shall be used by the User only. The permission given by the BANK to access Internet Banking Services will not convey any proprietary or ownership rights in the above software. The USER shall not attempt to modify, translate, disassemble, decompile or reverse engineer the software underlying Internet Banking Services or create any derivative product based on the software.
It has spread its presence globally and operates across time zones through offices in 31 foreign countries. Growing with times, SBI continues to redefine banking in India, as it aims to offer responsible and sustainable Banking solutions..
The origin of the State Bank of India goes back to the first decade of the nineteenth century with the establishment of the Bank of Calcutta in Calcutta on 2 June Three years later the bank received its charter and was re-designed as the Bank of Bengal 2 January A unique institution, it was the first joint-stock bank of British India sponsored by the Government of Bengal. These three banks remained at the apex of modern banking in India till their amalgamation as the Imperial Bank of India on 27 January Primarily Anglo-Indian creations, the three presidency banks came into existence either as a result of the compulsions of imperial finance or by the felt needs of local European commerce and were not imposed from outside in an arbitrary manner to modernise India's economy.
Their evolution was, however, shaped by ideas culled from similar developments in Europe and England, and was influenced by changes occurring in the structure of both the local trading environment and those in the relations of the Indian economy to the economy of Europe and the global economic framework.
The establishment of the Bank of Bengal marked the advent of limited liability, joint-stock banking in India. So was the associated innovation in banking, viz. This right of note issue was very valuable not only for the Bank of Bengal but also its two siblings, the Banks of Bombay and Madras. It meant an accretion to the capital of the banks, a capital on which the proprietors did not have to pay any interest. The concept of deposit banking was also an innovation because the practice of accepting money for safekeeping and in some cases, even investment on behalf of the clients by the indigenous bankers had not spread as a general habit in most parts of India.
But, for a long time, and especially upto the time that the three presidency banks had a right of note issue, bank notes and government balances made up the bulk of the investible resources of the banks. The three banks were governed by royal charters, which were revised from time to time. Each charter provided for a share capital, four-fifth of which were privately subscribed and the rest owned by the provincial government. The members of the board of directors, which managed the affairs of each bank, were mostly proprietary directors representing the large European managing agency houses in India.
The rest were government nominees, invariably civil servants, one of whom was elected as the president of the board. The business of the banks was initially confined to discounting of bills of exchange or other negotiable private securities, keeping cash accounts and receiving deposits and issuing and circulating cash notes. Loans were restricted to Rs. The security for such loans was public securities, commonly called Company's Paper, bullion, treasure, plate, jewels, or goods 'not of a perishable nature' and no interest could be charged beyond a rate of twelve per cent.
Loans against goods like opium, indigo, salt woollens, cotton, cotton piece goods, mule twist and silk goods were also granted but such finance by way of cash credits gained momentum only from the third decade of the nineteenth century. All commodities, including tea, sugar and jute, which began to be financed later, were either pledged or hypothecated to the bank.
Demand promissory notes were signed by the borrower in favour of the guarantor, which was in turn endorsed to the bank. Lending against shares of the banks or on the mortgage of houses, land or other real property was, however, forbidden.
Indians were the principal borrowers against deposit of Company's paper, while the business of discounts on private as well as salary bills was almost the exclusive monopoly of individuals Europeans and their partnership firms. But the main function of the three banks, as far as the government was concerned, was to help the latter raise loans from time to time and also provide a degree of stability to the prices of government securities.
A major change in the conditions of operation of the Banks of Bengal, Bombay and Madras occurred after With the passing of the Paper Currency Act of , the right of note issue of the presidency banks was abolished and the Government of India assumed from 1 March the sole power of issuing paper currency within British India.
The task of management and circulation of the new currency notes was conferred on the presidency banks and the Government undertook to transfer the Treasury balances to the banks at places where the banks would open branches.
None of the three banks had till then any branches except the sole attempt and that too a short-lived one by the Bank of Bengal at Mirzapore in although the charters had given them such authority. But as soon as the three presidency bands were assured of the free use of government Treasury balances at places where they would open branches, they embarked on branch expansion at a rapid pace. By , the branches, agencies and sub agencies of the three presidency banks covered most of the major parts and many of the inland trade centres in India.
While the Bank of Bengal had eighteen branches including its head office, seasonal branches and sub agencies, the Banks of Bombay and Madras had fifteen each.
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