State Bank of Saurashtra

State Bank of Saurashtra was established in the year 1950 as a statutory corporation of Bhavnagar Darbar Bank under the Saurashtra State Bank (Amalgamation) Ordinance. In the same year on 1st of July, the four banks were merged to form its branches. They were Rajkot State Bank, Porbandar State Bank, Palitana Darbar Bank and Vadia State Bank. In 1960, the Bank joined the State Bank family.

In 1950, the Bank had deposits of Rs. 7 crores. Now, as on 31.03.2004, the total deposits is Rs. 10674.76 croress. Today it is spread over 13 States and Union Territory of Daman & Diu and has a network of 419 branches. The paid up Capital and Reserves are Rs. 767.41 crores and the Capital Adequacy Ratio of 14.53% as at the end of March 2004.

Deposit Schemes of State Bank of Saurashtra

The following are the different types of Deposit Schemes offered by the Bank:

Anukul Deposit Scheme

It is unitized deposit scheme. Minimum deposit Rs. 10,000/- i.e. 10 units of Rs. 1,000/- each. The following are the salient features of the scheme:

• Period of deposit: One year to Ten years.
  
  
• Withdrawal in units of Rs. 1,000/- permitted up to certain limits.
  
  
• Rate of interest as applicable to term deposit for different maturities.
  
  
• Payment of interest as per special term deposit pattern.
  
  
• Penalty of interest only on amount withdrawn.
  
  
• No TDR but pass books issued.
  
  
• Open to individuals, non-individuals, minors.
  
  
• Usual facilities like loan, overdraft available

Multi Option Deposit Scheme

Individuals including minors, aged above 10 years in Single or Joint names, NRIs are also eligible in this scheme. The salient features of the scheme are as mentioned below:

• TDR/ SPTDR account in conjunction with S.B. /C.D account or both. In case of minors only S.B. Account can be opened. Minimum balances in S.B.Accounts need to be maintained.
  
  
• Amount in multiples of Rs. 1,000/- with a minimum of Rs. 10,000/-. Initially (10 units) and in multiples of Rs.1, 000/- with a minimum of Rs. 5,000/- subsequently. Deposit accepted for 1 year to 5 years
  
  
• When a cheque drawn beyond the balance available in SB/CD account, minimum units required automatically broken in multiplies of Rs. 1000/- and brought into SB/CD account. Remaining units will continue to earn interest at the contracted rated.
  
  
• Scheme is made operational at fully computerized branches only.

SBS 'Suvidha' Deposit Scheme

This scheme comes with regular monthly benefit. The features of the scheme are as mentioned below:

• Regular monthly/bi-monthly commitments like school fees; electricity, telephone and house rent, grocery bills can be met with relative comfort.
  
  
• Ideal for middle income, salaried and fixed income groups. Also suited to retired/senior persons for hassle free life.
  
  
• Individuals including NRIs singly or jointly and minors with guardians also eligible Minimum deposit for 3 years and maximum for 10 years. The quantum of deposit varies with prevalent interest rate and amount of pension (Rs. 800/- or Rs. 1000/-) opted.
  
  
• Bank staff and ex-staff members are also eligible.

Loans from State Bank of Saurashtra

State Bank of Saurashtra offeres a wide variety of loans to both the Indian as well as to NRIs. The different types of loans and their salient features are mentioned below.

Personal Loans

General purpose loans including for purchase of consumer durable like TV, Fridge, Washing machine etc.

• Employees of Govt. PSUs, profit making Public Limited Companies and reputed Institutions with minimum 2 years service and Rs.4,000/- Net Monthly Income, Self-Employed Engineers, Doctors, CAs with minimum 2 years standing and Rs.48,000/- Net Annual Income are eligible.
  
  
• VRS optees upto the age of 60 with a minimum Net Monthly Income of Rs. 4,000/- are also eligible.
  
  
• Loan amount 12 times Net Monthly Income (including spouse income) with a maximum of Rs. 5lacs in Metro and Rs. 2.50 lacs at other centres for salaried and self-employed. Rs.1.50 lacs for VRS optees at all centres.
  
  
• Security NIL, loan is subject to credit rating model.
  
  
• Repayment maximum 48 months ( 36 months for VRS optees)
  
  
• Processing charges 1% of the loan amount.

Housing Loan

For construction, purchase of new/ old house/ flat/ repair and renovation & furnishing of house/flat or purchase of land.

• All individuals above 21 to 65 years are eligible.
  
  
• Loan amount to the extent of 48 to 60 times net monthly income or 4 to 5 times net annual income depending upon the age.
  
  
• No maximum amount fixed. However for purchase of land alone, the loan amount not to exceed Rs.10 lacs.
  
  
• Spouse income can be included for arriving at the quantum of loan.
  
  
• Margin 15% for construction, 20% for renovation and 30% for purchase of land.
  
  
• Repayment can be upto 20 years for person below 45 years and upto 15 years for persons above 45 years.
  
  
• Processing charges 0.5% of the loan amount

Housing Loan to NRIs

For construction, purchase of new/old house/flat/repair and renovation & furnishing of house/flat or purchase of land.

• NRIs above 21 years holding Indian Passport, having permanent job for the last 2 years in a reputed organization or self-employed with Net Monthly Income (NMI) $ 1,000 or Net Annual Income (NAI) of $ 12,000 are eligible.
  
  
• Loan amount minimum Rs. 3 lacs and maximum 24 months NMI or 2 times NAI. (For purchase of land or renovation maximum Rs. 10 lacs)
  
  
• Income of the spouse can be considered where the property is jointly held with the spouse and spouse is co-borrower or property held in single name and spouse stands as guarantor.
  
  
• Margin 15% for purchase/construction of house/flat and 20% for purchase of land or repair, renovation, extension, or alteration of an existing house.
  
  
• Repayment of loan within a maximum period of 10 years.
  
  
• Repayment of loan including all charges. Interest etc. by remittances from abroad or out of their accounts in India. Processing charges 1% of the loan amount.

Loans to Pensioners

Pensioners upto the age of 70, drawing pension from SBS are eligible for loans to meet personal expenses upto 12 times pension or maximum of Rs. 75,000/- . Repayable in 24 months. No processing charges.For family pensioners loan equivalent to 9 months of pension with a ceiling of Rs.50,000/-

Car Loan Scheme

To purchase new/ old car (not more than 4 years old).

• All permanent employees, professionals and self- employed are eligible.
  
  
• Loan amount not exceeding 24 times Net Monthly Income or 2 times Net Annual Income with a maximum of Rs. 12 lacs for new cars and Rs. 5 lacs for old cars
  
  
• Margin 15 % for loans upto Rs. 4 lacs, 20% for loans above Rs. 4 lacs and 30% for old cars. Repayable in 84/60 months for new/ old car.
  
  
• Comprehensive insurance of the vehicle to be obtained.
  
  
• No processing charges.

Scooter Loan

To purchase new scooter/ motor cycle etc.

• All permanent employees, and other income tax assessee with minimum Net Monthly Income of Rs.5, 000/- eligible.
  
  
• Loan amount 6 times Net Monthly Income.
  
  
• Margin 10 % for loans upto Rs. 50,000/- and 20% for loans above Rs. 50,000/-.
  
  
• Repayable in 36 months. Security : Hypothecation of vehicle with check-off facility or third party guarantee or tangible collateral security. Comprehensive insurance to be obtained.
  
  
• Processing charges 1% of the loan amount.

Gyan Bharati Education Loan

To provide financial assistance for higher education in India and abroad for those secured admission in recognized/ reputed institutions.

• Loans depending upon the course requirements, future prospects. Need based finance considered subject to repayment capacity with a ceiling of Rs. 10 lacs for studies in India and Rs. 20lacs for studies abroad.
  
  
• Expenses considered include fees payable to college/ school/hostel etc. essential for completion of the course.
  
  
• No margin, no security for loans upto Rs.4 lacs. For loans above Rs.4 lacs to Rs.7.50 lacs security only in terms of suitable third party guarantee, for loans above Rs.7.50 lacs suitable collateral security equal to 100% of loan amount and a margin of 15% for studies abroad and 5% for studies in India.
  
  
• No minimum marks criteria. Repayment within 5-7 years after getting the employment or 1 year after completion of course.
  
  
• Interest charged on simple rate basis during the course period (moratorium). 1% interest remission, if the interest is serviced during the moratorium period.
  
  
• No processing charges.

Personal Loans Against Immovable Property

To meet general requirement of finance against Equitable Mortgage of non- encumbered residential house/ flat, non- agricultural urban landed property, commercial or industrial property in the name and possession of the borrower.

• Permanent employees, having Net Monthly Income of Rs.7,000/- and self -employed persons, professionals having Net Annual Income of Rs. 0.75 lacs (subject to credit rating model). Income of spouse may be added if he/she is a co-borrower or consents to stand as a guarantor.
  
  
• Loan amount 24 times Net Monthly Income (including spouse income) or 50% of market value of property whichever is lower.
  
  
• Minimum loan of Rs.1 lac and maximum Rs. 50 lacs. Repayable in maximum 60 months.
  
  
• Maximum age limit 60 years. Comprehensive insurance on the property to be obtained. Processing charges 1% of the loan amount.

Head Office

State Bank of Saurashtra
Nilambaug Chowk
Bhavnagar-364 001(Gujarat)
Phone : +91 0278 2431809, 2510949, 2521280
Telefax : +91 278 2431809

Website of Stae Bank of Saurashtra

www.sbsbank.com