State Bank of Patiala shares a celebrated history of almost 100 years now in the Indian Banking sphere. Started as a state owned bank in 1917 by Late Maharaja Bhupinder Singh, it was initially named as the 'Patiala State Bank' .The overt rationale of formation was to promote growth of agriculture, trade and industry in the region. On 1st April, 1960, Patiala state bank became a subsidiary of State Bank of India and hence was renamed as The State Bank of Patiala. Since then state Bank of Patiala has been one of the highest-flying banker for the growth of Indian Economy.
The State Bank of Patiala through a vast network of 1236 branches offers numerous products which are purely designed as per the requirement of mass Indian Customers .The different types of savings account under the umbrella of state bank of Patiala are given below:
It’s a bespoke saving account solution keeping in mind the students and their financial requirements.
Features & Benefits
- No minimum balance requirements.
- Free of cost ATM cum Debit card for first year
- Multiple accesses to operate account. Customer can transact through either bank branch or e- banking. This also includes deposit of any sort drawn by Central /State Government agencies and departments.
- Unlimited deposit allowed in a month.
- Priority clearance of outstation cheque drawn by Central /State Government agencies and departments.
- Free of cost 25 leaves payable at par cheque book.
- Free of cost Demand Draft/ Pay order towards all types of educational fee/ examination fee.
- Nomination facility available.
- Post attainment of 25 years or completion of study, whichever is earlier, the account shall be converted to a normal saving account.
- No charges for inoperative account or activation thereafter.
Students enrolled in different schools or educational institute under the age group of 10 years to 25 years or up to completion of education whichever is earlier
Additional KYC requirement.
Apart from Normal KYC documents students have to submit the copy of photo identity card issued from the School/College/Institution or copy of call letter for admission for newly admitted students.
This SBP Flexi corporate account is a tailor made product for high end C & I customers only. With both current and saving account option SBP flexi corporate account brings the option of investment and liquidity under one umbrella. Customers having surplus fund can opt for smart investment with the feature of liquidity through auto sweep facility. Adding value to it is the rate of interest which is at par with the domestic term deposit rate.
The account has two sub categories which are
- Flexi Corporate Product for C&I Customers (NON BULK CLTD)
Flexi Corporate Product for C&I Customers (BULK CLTD)
Flexi Corporate Product for C&I Customers (NON BULK CLTD)
Features and benefits
- Available for both savings and current account variants.
- Enables customer to opt for sweep and reverse sweep facility.
- Accounts are linked to Corporate Liquid Term Deposit for a tenure of 7 days to 179 days.
- Minimum balance in savings/current account has to be INR 5 lakhs.
- Threshold limit in the account shall be INR 5 lakhs and the entire surplus fund over and above the same limit shall be transferred through sweep facility to the CLTD account as per the instruction provided in saving/current account opening form.
- Maximum amount in CLTD allowed is INR 1 crore. The initial deposit of INR 10,000.00 shall be for first sweep and subsequent deposit in multiples of INR 10,000 /-
- Liquidity option for term deposit in case of any urgent financial requirement by means of reverse auto sweep.
- Last in first out (LIFO) methodology is used for liquidating term deposit so that customer incurs minimum loss on interest rate for premature withdrawal.
- Customers may avail the benefit of this account at the the State bank of Patiala branches in India.
- However no loan / Overdraft facility is offered for this account.
Flexi Corporate Product for C&I Customers (BULK CLTD)
Features and benefits
- All the features of Flexi corporate product for C&I Customers (BULK CLTD) are as same Flexi Corporate Product for C&I Customers (NON BULK CLTD) except the limits in CLTD.
- For Bulk CLTD , the minimum deposit amount in CLTD has to be Rs. 1.00 crore to a Maximum – Rs. 10.00 crores.
- The sweep facility shall be activated only when the balance in saving / current account is over and above INR 1 Crore. Yet the minimum balance requirement in saving/ current shall be the same as INR 5 Lakhs.
SBP Invest Smart Account
The account is exclusively for those customers who have the appetite for investment in share market.
The features and benefits of this account are:
- Average quarterly balance has to be INR 20,000.00
- Zero registration charges for Linked demat account with internet platform and no annual maintenance charges for first year.
- Free State Bank Global Debit Card and AMC waived off for the same.
- Nil Charges for SMS alert facility.
- Free accidental death insurance of Rs. 2.00 lacs for first year and is subject to review for later years.
SBP LI'L Champ Account
A savings account for kids to gratify the financial need of our little ones.
The features of the account are:
- It has a restriction on maximum deposit of INR 5 lakhs in one account and 10 lakhs in multiple accounts under one CIF.
- Personalized ATM-cum-Debit Card issued in the name of minor and guardian, with child’s photo embossed on the same.
- Withdrawal or POS limit on ATM – cum- debit card restricted at Rs. 5,000/.
- Internet banking facility with enquiry rights and restricted transactions bill payment, opening e-TDR/e-STDR/e-RD, inter-bank funds transfer (NEFT only), and Issue Demand Draft subject to maximum limit of INR 5,000.00 in a single day.
- Mobile Banking accesses with viewing rights and limited transaction right like: Bill payment, Top ups subject to maximum limit of Rs. 2,000/- per day.
- Personalized cheque book (with 10 cheque leaves) will be issued to the guardian.
- Free of cost standing instruction for recurring deposits.
- Account can operated either singly by the parent/ guardian or jointly as well.
Saving Bank Super Kid Account
It’s another saving account offered for minors with the same features as of SBP LI’L Champ account , however this account can be operated only singly.
Personal cheques book will be issued to the guardian (i.e. 10 leaves)
• No minimum balance is required. Maximum deposit should not be more than 5 lacs
• Per day online transaction limit should not be more than Rs.2,000 .
Suraksha Plus saving bank account is basically the extended facility of Suraksha saving bank, with the enhanced insurance coverage of INR 5 Lacs.
The features and benefits are:
- 50 leaves Normal cheque book and Multicity cheque book of 25 leaves free in a year.
- Up to 100 withdrawal transactions free for every six months.
- Individual Customers including NRIs can opt for this account.
- Minimum average quarterly balance of Rs. 25,000/- . For Non maintenance of AQB a charge of Rs.300/- per quarter shall be levied. Additionally for cases wherein customer is not maintaining the AQB for more than two quarters i.e. six months, the insurance cover shall be revoked from the next renewal onwards.
- Can be operated singly or jointly, however the insurance coverage shall be applicable only to the first account holder.
- The maximum settlement amount is subject to INR 5 lakhs only for consolidated relationship with bank.
Your asset grows when it is multiplied. With this standpoint, this account offers the facility to consolidate the returns on terms deposit and Surplus balance from savings account. The Funds are converted into Term deposit wherein customer can earn higher rate of interest and whenever requires the fund, same can be liquidated effortlessly. The features and benefits of this account are:
- Minimum average quarterly balance of Rs.5000 /- in the saving bank account
- Can be operated singly or jointly by individuals or minors aged 10 years and above.
- Option to change the threshold limit for sweeps at any point of time , However subject to a minimum of Rs.10000/-
- Any surplus balance above the predefined threshold limit shall be transferred to book the term deposit in multiples of Rs. 1000 /- at the rate as applicable for tenure of term deposit.
- Funds shall be transferred as auto sweeps basis the interval mentioned at the time of setting up the facility i.e. particular day in a week or date in month.
- For any shortfall in saving bank account below the desired AQB of INR 50,000, the term deposits shall be liquidated basis Last-In-First-Out basis and funds shall be transferred into the saving bank account.
- The tenure of term Deposit could be from 1-5 years , however customer may change the same in due course of time as well renew the same post maturity.
- Available to individual or minors aged 10 years and above, in single or joint names.
- Nomination facility is available and has to be mentioned at the time of opening the account.
The account is designed for high end customers, who can maintain greater AQB and desire to avail the state of the art facility for their financial needs.
The features of the account are:
- Minimum Average quarterly balance of INR 50,000.00. For non maintenance of AQB, a charge of Rs. 500/- per quarter shall be levied and the facilities being offered are subject to revocation by the bank
- Free of cost ATM-cum-Debit Card.
- Free Internet banking access
- Free of cost multicity Cheque Book facilities.
- Passbook/Duplicate passbook and statements without any additional charge.
- Nil charges for more than 30 withdrawals in six calendar months.
- Nil charges for stopping payment on issued cheques as well as setting up any standing instruction.
- Option for existing saving bank account holder to upgrade their account into SB Star account and avail the startling benefits.
While Old age is a persuaded fact of life, it can still be agreeable in every aspect. SB Sanjeevan account is deliberated wholly to the pensioners and cater their day to day financial needs. The features of this account are:
Nil Average quarterly balance requirement
- Free of cost ATM-Cum-Debit card and Multicity cheque book
- Pre-approved pension Loan from pension paying Branch as per SBP – Loan to Pensioners scheme.
- Free of cost cheque collection facility.
- Access to mobile and internet banking free of cost.
- Deposit of cash at any Branch from home/non home centre up to Rs. 50000/-
- Free SMS alert facility to keep them updated with all the transaction in the account.
- Money Multiplier (Auto Sweep Facility) is also available.
Basic Saving Bank Deposit Account
Features & Benefits
- No minimum balance requirements.
- Free of cost ATM cum Debit card for one year.
- Unlimited deposit allowed within a month.
- Maximum 4 withdrawals allowed including ATM withdrawals. Rs.5/- per withdrawal will be charged from 5th transaction onwards.
- Restriction of only one saving account. Customer of Basic Savings Bank Deposit Account is restricted to open any other saving bank account. For such customer who already has a saving bank account in their name, have to close the same within 30 days post opening Basic Savings Bank Deposit Account.
- Free Payable at Par cheque book (10 Leaves)
- Multiple accesses to operate account. Customer can transact through either bank branch or e- banking.
- Any payment from Central or state government allowed. Priority clearing for outstation cheque received towards any payment from Central or State government.
Any resident individual can open an account in their own name or in joint names including minors.
All the above features shall be revoked in case the Liberal KYC Norms in done for opening Basic Savings Bank Deposit Account. The account hence shall be termed as Small Account and would carry below mentioned features.
- The sum total of the amount credited in a financial year should not exceed Rs 1 lakh.
- The sum total of all withdrawals and transfers in a month does not exceed Rs 10,000.
- The balance at any point of time does not exceed Rs 50,000Number of withdrawals in a month will be restricted to four including ATM withdrawal. Service Charge of Rs.5/- per withdrawal will be levied from 5th transaction onwards.
The State Bank of Patiala not only takes care of the basic financial requirement of its customer through copious products, but it also makes banking hassle free in the age of e-banking.
(a) SBP Internet Banking : The Net banking facility offered by State bank of Patiala is exclusively intended to make banking hassle free and at go for its customer. Customers can register online for net banking as well.
(b) Mobile Banking – It is another cutting age technology based banking service offered by State bank of Patiala .Customers have to download the application either for iOS based or android based smart phones and can always view and transact from their account on the go.
(c) Income Tax filing -Income Tax filing service redirect customer directly to the government of India portal wherein customer can file their income tax online instantly and hassle free.
(d) IRCTC service -Through IRCTC service, customer can book/cancel their railway reservations.
(e) SBP Quick - SBP Quick is a SMS based service through which customer may access information of account, request for mini statements as well as block lost card.
Documents Required for Opening Saving Account
Customers may visit the nearest bank branch along with recently taken passport size photographs and any one of the below mentioned documents. Illiterate people should provide two copies of the documents.
2) Driving Licence.
3) Permanent Account Number Card.
4) Voters Identity Card issued by Election commission of India.
5) Job Card issued by NREGA duly signed by an officer of the state govt.
6) Letter issued by the Unique Identification Authority of India containing details of Name, Address and Aadhaar number.
- Customer has to provide either PAN number in the account opening form declaration in Form 60/61.
- For MINOR ACCOUNTS the date of birth of minor has to be mentioned in the form along with appropriate proof.
- For ILLITERATES identification marks such as thumb prints on the account opening form must be provided.
- For CLUBS / ASSOCIATIONS Bye-laws, rules regulations and resolutions are required apart from the above mentioned KYC documents.
- For PENSION ACCOUNT, account can be opened either against a single name of the pensioner or jointly with the spouse in whose favor an authorization in PPO is made
Saving account in SBP can be opened by
An Individual in his own name or jointly with the mode of operation as
- Either or Survivor,
- Both jointly,
- Both or Survivor,
- Former or Survivor and
- Later or Survivor
More than 2 Individuals with mode of operations as
- All of them or survivors or the last survivor,
- Any one or more of them or survivors or to the last survivor,
- A particular person during his/her life time or survivors jointly or to the last survivor.
- SBP Allows saving bank account in the name of any Blind/handicapped or illiterate or Old/ Sick individuals. Further Details on the same be confirmed by visit any of the nearest bank branches.
- Account can be opened in the name of minor either singly or jointly with his / her guardian or by guardian alone on behalf of his/her minor. Additionally minors who can hold fast to homogeneous signature and are above 10 years old can open accounts in their single name and maintain therein a maximum balance of Rs. 2,00,000/-
- Associations, Clubs, Regimental Funds of Military Units or other similar non-trading institutions for purposes of depositing their savings are allowed to open saving bank account. However this is always case to case basis and their bye laws, rules etc. are as per Banks internal and RBI guidelines. Their entire income should also be exempt from payment of income tax.
State Bank of Patiala Doesn’t Allow Saving Bank account to be opened in cases as below
- Any commercial concern with an objective of business or trading (whether proprietary, partnership, or corporate body) are allowed to open a Savings Bank Account. State Bank of Patiala may exercise its rights to close any such account at a later stage if found to be drawn in any kind purpose for which the account is not intended.
- The primary objective of saving accounts is to put up the saving income of individual and hence account holders should keep the account for this sole purpose only, not as a current account.
- As duly guided in RBI directives Govt. Departments or Bodies who, for performance of their functions, depend on 'Budgetary Allocations’ cannot open Savings Bank Accounts. Some of such examples are :
- Municipal Corporations or Committees
- Panchayat Samitee
- State Housing Boards, Water & Sewerage Boards
- State Text Book Publishing Corporations or Societies
- Metropolitan Development Authorities
- State/District Level Coop. Housing Societies
- Political parties etc.
This however has few exceptions such as
- Primary Coop. Credit society financed by the Bank. (PACS).
- Small Farmers Development Agency (SFDA).
- Marginal Farmers and Agricultural Labourers Agency (MFAL).
- Drought Prone Area Programmes (DPAP).
- District Development Authority (DDA).
- District Rural Development Authority / Society (DRDA/ DRDS).
- Integrated Rural Development Programme (IRDP)
- Integrated Tribal Development Agency (ITDA).
- Agricultural Produce Market Committees (APMC).
- Khadi and Village Industries Board.
- Self-Help Groups (SHGs) & Farmer's Clubs-Vikas Volunteer Vahini (VVV).
- Societies registered under the Societies Registration Act, 1860 or any other corresponding law in force in State or Union Territory except Societies registered under the State Coop Societies Act and specific State enactment creating Land Mortgage Banks.
- Companies licensed by the Central Govt. under Section 25 of the Companies Act, 1956 or under corresponding provisions of the Indian Companies Act 1913 and who are permitted not to add to their names the word 'Limited' or the words 'Private Limited'.