State Bank of Patiala

Just as prestigious and esteemed as the State Bank of India, is State Bank of Patiala. It is an associate of SBI. Still wondering how the two are correlated? Let us elucidate about it and throw some light upon the bank’s origin and functions.

The original name of State Bank of Patiala was Patiala State Bank. It was founded on Nov 17, 1917 by Bhupinder Singh, a Maharaja of Patiala state. The functions of the bank include regular functioning of commercial banks and also to ensure that similar functions of central bank for the state of Patiala are carried on smoothly. After the nation’s independence, the bank was completely under the control of the Punjab government. Currently, State Bank of Patiala has 1010 branches and 1035 service outlets in all small and big cities of India.

Services: ATMs and Branches

Looking at the statistics, State Bank of Patiala has almost 830 service outlets spread across the country, and tons of ATMs spread over 16 states in India. It also offers a wide range of financial products, and personal banking services, including but not limited to current, savings account, loans, credit cards, insurances, and mortgages to meet the needs of the masses.

In simple terms, you’re likely to find an SBP ATM in most of the states; even if you don’t find one, there’s simply nothing for you to worry about as you can withdraw money from any State Bank of India ATM, without being charged for more than five transactions!

Facilities and Online Banking

State Bank of Patiala allows premature renewal on fixed deposits at appropriate rates on the date of renewal. It also offers overdraft/loan facility against deposit terms. According to the recent interest rates, the depositor can choose a term from 7 to 3650 days. Interest rates vary according to the term, starting from 7.00 % per annum and going up to 9.75 % per annum.

Auto Loans

State Bank of Patiala offers car loans for purchasing all kinds of vehicles. The maximum loan amount that the bank offers is 30 times the monthly income. Interest rates are around 12.5 percent per annum, and it takes about seven days to process the loan.

Home Loans

The home loan scheme is available for an amount up to 50,00,000 for tenures ranging from as low as 1 year to as high as 25 years.

The good thing is that unlike most private banks, interest type can be fixed for up to 10 years or you can opt for floating interest from Day 1. The rate of interest is around 11.25 percent at the moment, which, of course, keeps changing according to variations in the market.

Personal Loans

SBP offers personal loans starting from Rs 25,000/-, for tenures up to 18 months. The bank charges one percent of loan amount and service taxes as processing fees, and the rate of interests start from 15% onwards.

Savings Accounts

With an initial deposit of Rs. 500, savings account can be opened. The good thing is that the customers are not obliged to maintain any minimum balance, thereafter. Account holders get an account statement on quarterly basis, and ATM debit cards are issued free of cost to the customers.

Educational Loans

SBP offers education loans to aspiring students for pursuing higher studies in India as well as abroad. The bank provides student loans for post graduation, graduation, technical courses and professional courses. It also provides education loans for studies in reputed private institutes and other National institutes.

The bank also has life insurance plans for student, guardian and parents which are optionally available at an added cost.

Availability of Cards

State Bank of Patiala offers tons of added benefits. One of them is the ATM cards that it provides to its customers. ATM-cum-Debit card is issued for savings account customers, totally free of cost, and there are no annual charges either; but the bank does not provide any credit cards or travel cards without charges.

What you can avail free of cost: There are additional facilities that customers can avail from the bank. With an account, customers get free pass book/quarterly account statements and internet banking facility without being charged a penny for them.