State Bank of Patiala

 

 

State Bank of Patiala is a public sector bank in India with its headquarters at Patiala, a city in the state of Punjab. The bank is an associate of the State Bank Group and offers core banking solutions to its customers.[br]

State Bank of Patiala: Company Information

State Bank of Patiala (SBP) was established in 1917 by the king of the then princely state of Patiala. It was then called Patiala State Bank. After independence in 1947, the bank became a subsidiary of the state government of Punjab. In 1960, it became an associate bank of the State Bank Group. With the nationalization of the State Bank Group in 1969, SBP became a public sector bank.

 

State Bank of Patiala has a network of 830 branches and offices. It has presence in all the major Indian cities. However, the bank draws a majority of its business from the following states:

 

• Delhi

• Gujarat

• Haryana

• Himachal Pradesh

• Madhya Pradesh

• Punjab

• Rajasthan

• Jammu & Kashmir

 

State Bank of Patiala shares its ATM network with other State Bank Group members. Thus, an SBP customer has access to 7500+ State Bank Group ATMs. Also, it has ATM sharing agreement with several banks, including Andhra Bank, Axis Bank, Corporation Bank, HDFC Bank, Indian Bank and Punjab National Bank.

 

In the financial year 2006-07, SBP recorded net profits of Rs366.53 crores, with total income of Rs3507.35 crores.[br]

State Bank of Patiala: Products and Services

Products and services available with State Bank of Patiala include:

 

• Personal banking: Banking products and services to retail customers are divided into two segments, deposits and advances. Deposits include savings, fixed deposits, recurring deposit and salary accounts. Advances include home loan, car loan, education loan, pensioner loan and loan products against relief bonds, insurance policy, gold and property.

• Rural banking: SBP offers loans to farmers holding the Kisan Card and Kisan Gold Card. Loan products are also available for purchasing seeds, vegetable cultivation, installing rainwater harvesting system and building warehouse.

• NRI services: SBP banking to non-resident Indians (NRIs) include deposit or savings accounts, mutual funds investment, insurance, remittance, foreign exchange and ATM-cum-Debit card.

 

Also, State Bank of Patiala offers customized financial solutions to small and medium enterprises and corporate clients. The bank helps the government in collecting taxes and pension payments as well.