State Bank of Indore - Services and Facilities

State Bank of Indore is a nationalized bank owned by government, and it is the largest of all the state banks operating throughout India.

In the year 2009, government of India gave a principal approval to merge State Bank of Indore and State Bank of India and on Aug 26th 2010, State Bank of Indore formally merged with SBI. Its head office is currently located at Yeshwant Niwas Road, Indore.

State Bank of Indore cross-sells SBI products, offers NRI services, loans in different segments, and serves the small industry services too.

SBI, of course, plays an important role as a financial institution for developing Indian economy by demanding professionalism standards. After being merged with SBI, State Bank of Indore has definitely lost its identity to an extent, but it’s still very resourceful in promoting the core products and services of SBI.

Operations and Services

State Bank of Indore contributes in all departments of SBI, including but not limited to traditional, innovative and development programs. It wants to secure its position as an important part of the State Bank group, and it would be more than fair to say that it has succeeded to a huge extent. Apart from general operations, its banking aspects are multi-faceted too.

The bank corresponds to relations with other important centers like international trading that includes Hong Kong, Frankfurt, Singapore, London, and New York. It also includes other plans like gold schemes for exporters that allow them to draw credit at a concessional term.

State Bank of Indore reaches out to rural sectors and offers special services for agriculture segments. They provide loans and credit to the farmers, which is yet another big source of revenue.

Facilities

You can open fixed deposits with minimum amount of Rs. 1000, with tenures ranging from seven days to ten years. Societies, firms, individuals and companies can also open term deposits. Facilities like premature payment, loan on deposit, and nomination are also available for individuals and companies alike.

Loans

The bank provides various loans and services that help customers to utilize the feature for multiple financial requirements. Loans can be availed for education, vacation, marriage, medical and other emergencies.

This bank offers a maximum of 10 lakh rupees for studies in India and 20 lakh rupees for studies abroad. For up to 4 lakhs of loan, interest rates are about 12.25 %, and it goes up to 13.75 percent for loans accounting to more than 12 lakhs.

The various loans offered by the bank include –

• Housing Loan

• Car Loan

• Two Wheeler Loan

• Education Loan

• Personal Loan

• Festival Loan Scheme

• Loan against Mortgage of Immovable Property

• Loan against Pledge of Gold Ornaments

• Medical Loan

• Loan to Pensioners

• Loan for Earnest Money

Cards

Currently, State Bank of Indore only offers SBI cards in collaboration with the State Bank of India, which are available with Gold & International options. What’s more; there’s a special card for Doctors too, called the “Doctor Plus” credit card.

Similarly, they offer Kissan Credit Cards to the farmers, and Swarojgar credit cards to the self-employed professionals.

They offer the Indore Bank Shoppe card to all their customers holding a savings account with them.

Cross Selling Products

The goal of State Bank of Indore was to become the premier Bank of Madhya Pradesh, and to offer constantly improving customer service, but now after the acquisition of SBI, it aims at becoming the most important subsidiary of State Bank of India.

The cross-sold products include -

• SBI Life,

• SBI Credit Cards,

• Edu Shield,

• SBI Shakti,

• Money Back Policy, and

• Mutual Funds,

Official Website

Earlier their official website was http://www.indorebank.org/, but after their merger with SBI, it had started redirecting to www.sbi.co.in, which is the official website of State Bank of India.

However, indorebank.org has now been revamped, and it gives all the information about State Bank of Indore, as well as its cross-selling products today. However, still some of the web pages on the site throw up ugly error message of being “currently unavailable”. Keep holding, and you will surely witness a new State Bank of Indore that will compete with the other major banks in India.