SBM Bank of India: SBM is a subsidiary under SBI since SBI is one of the leading banks of India. It offers a multitude of financial services and is also active in public sector banking. Founded in 1806, it is one of the oldest banks and is ranked the 43rd largest bank in the world.
After being joint with SBI, SBM is part of the largest bank in India, having 23% equity shares and 25% shares of total loans and deposits. There are over 24,000 branches in India, generating a revenue of $28 billion. Along with domestic branches, SBM also has 191 overseas branches, spread over 36 countries.
The most prominent overseas branches are situated in Bangladesh, Australia, Canada, and the UK. Most of the equity shares of SBM are owned by the Government of India and have their shares listed on both, the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). Various banks including the State Bank of Mysore (SBM) have merged with SBI to provide better facilities to the customers.
Facilities offered by SBM
Opening a savings account: SBM offers 5 different types of savings accounts, depending on the needs of the customer. The bank further offers an interest of up to 4% per annum on the money deposited by the customer.
Opening a current account: SBM offers 8 different types of current accounts, depending on the needs of the customer. It has low maintenance charges to make things easier for customers. The minimum account balance required to open a current account is 10,000 rupees.
Credit card and Debit card facilities: SBM offers a wide range of credit cards and debit cards with various benefits for shopping, bill payment, traveling, and also has a reward point system.
Loans: The bank offers various loans, including housing loans, gold loans, education loans, car loans, and many more on a low interest rate, making it convenient for the customer.
Net Banking: SBM bank offers the facility of net banking to its customers which has various features like transferring funds, checking account balance, and many more. Read further to understand SBM net banking services in depth.
SBM Bank Net Banking for Customers
With the introduction of this new online facility, customers need not visit the bank physically for most of their banking transactions. They can do all this at their own convenience, wherever they want. Net banking allows its customers to perform almost all financial activities online including depositing money, transfer of money, and the payment of bills as well. Every banking institute has its own form of net banking, available both on the desktop version and as a mobile application.
Advantages of SBM Net banking
Convenience: SBM net banking helps the customers in avoiding the hassle of standing in queues and allows them to complete transactions from wherever they are.
Availability: The banking services can be accessed round the clock throughout the year. Account balance can be checked at any time without waiting for the bank to open as well.
Time-efficient: Any transaction can be completed online within a matter of few seconds.
Easy to operate: Using the services offered by online banking is simple and easy.
Activity tracking: Whenever a transaction is made at the bank branch, the customer immediately receives the acknowledgment via the net banking facility.
Card application: Instead of visiting the bank for credit and debit card applications, customers can directly apply using the net banking facility.
Payments: The SBM net banking facility allows users to directly pay bills like electricity bills, mobile recharge, DTH recharge, and many more.
Fund transfer: Transferring funds to accounts of different banks is made a lot simpler by SBM net banking. The bank also enables its users to pay their credit card bills.
Tax payment: Being a government-authorized bank, SBM net banking allows users to pay tax regarding any department conveniently.
Investment: The bank enables its users to invest in various government schemes, stock markets, mutual funds, etc.
How to register to avail of SBM Net Banking Services?
Just like how users have to log in for any other website, the user requires a user id and password similarly for logging into SBM net banking portal. You will need to have a registered user id and a password.
Steps to follow:
- Open the official SBM Online website. As SBM is merged with SBM bank, it utilizes net banking facilities offered by SBM. Click on this link to be redirected to SBM’s official website.
- Depending on your need, choose Personal or Corporate banking. Personal banking is for a single user whereas Corporate banking is for an organization.
- If the user has a temporary user ID, choose the ‘username activation’ option, and if it’s an entirely new account creation, then choose the ‘new registration’ option.
- After this, a window will open where various account details will be asked like account number, date of birth, etc. If the user has a temporary user ID, then the bank will ask for details like temporary username, CIF number, and registered mobile number.
- If the user does not have a temporary user id, the bank will ask for more details like country, branch code, etc.
- After this, the ‘password creation’ window will open. Here, the user has to set a complex and secure password.
This completes the net banking registration process. Now with a registered user ID and password, users can access SBM’s Online features.
Net banking has made people’s life a lot easier by allowing them to access various banking facilities without any kind of inconvenience like waiting in queues for their turn. From checking your account balance to investing in government bonds, SBM Online offers a variety of facilities.
What is SBM’s Online transfer limit?
SBM offers 3 types of limits for transfers: The limit per transaction is ₹10000, the per day limit is ₹25000 and the overall daily limit is ₹200000.
What does the SBM net banking profile password offer?
Profile password in SBM Online offers an additional layer of security to the user’s account. Setting a profile password is mandatory. Your profile password must be different from the login password.
Is there any app for SBM Online?
Yes, SBM Online utilizes the SBM retail banking app, making it suitable for mobile users. This app is available for both Android and iOS users.
Is SBM Online safe?
SBM Online allows users to transact over a completely secure medium. This is protected by the most stringent security systems. All your transactions travel via an SSL encrypted medium (minimum of 128-bit to a maximum of 256-bit SSL tunnel), the highest level of security on the internet.