Thursday, May 21, 2009

SBI , state bank of india

state bank of india or SBI was where my parents had an account. In the old days there were not many private/foreign banks . So I also got my first bank account at SBI. In those days, there were no computers and records were kept in writing in ledgers, The pass book was smaller and had a plastic jacket and fit nicely into your shirt pocket. There was no ATM . If you wanted to withdraw money, you had to go to the bank during the working hours.
In those days the interest rates were nicer. For example, the PF (provident fund ) interest rate was more than 11%.
Then they introduced computers. The pass book became bigger and would not fit in the shirt pocket. Initially the
computer network seemed to be restricted inside the particular branch and the software ran on something that looked like dos and was pretty fast.

Then after sometime they introduced something like core banking, which was networking across the whole country. In the beginning , this led to a slowdown in the service because of problems in the network.
There were some problems in some other parts of India due to flood in Bombay some years back.

Even now updating the passbook is sometimes a problem during busy periods. Sometimes the printing is way off the mark and prints over previous records rendering them illegible, and the teller has to reprint the whole thing on a new page.

But on the plus side you have atm withdrawls. sbi has many atms in most cities. In kerala , there are other state banks like SBT which also have atms. You also have online access to your account through
If you give a form for online access , they will give you a kit with initial login name and password. But it takes about one day for the access to be activated. For online transaction of money using neft , you also need to register your cell phone ( for getting the transaction password ), You get an online form/receipt when you do it, whose copy (written / printout) has to be taken to your branch before the registration is complete.

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