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What is SBI Corporate Banking?
SBI offers two banking types to its individuals that are dependent on the type of usage. While the first one is personal banking, the other is SBI corporate banking. As the name suggests, personal banking is designed for an individual or a group of people mainly for savings or transactions.
On the other hand, SBI corporate banking is for managing groups or proprietors who owns or manages a firm or company. Both of these accounts are termed different as their working and transactions are a lot different.
While personal handle and transact a small amount of money, corporate accounts are known for their large sum transactions. Similarly, the service charges, MAB are all different for both of these accounts.
In addition to that, personal banking accounts allow a limited number of transactions while corporate banking permits a higher transaction sum. SBI Corporate Banking allows companies, firms, trusts and partnerships to carry out banking transactions online anytime, anywhere.
Types of SBI Corporate Banking / SBI CINB Accounts
SBI Corporate Banking offers different types of CINB accounts that are designed to handle business transactions with regards to reports, rights and volumes.
The different types of plans include Vyapaar, Saral, Vistaar, Khata Plus, Khata, GINB, and Supply Chain Finance. These banking facilities are designed on the complexity and size of the company. You can choose the plan that meets your business requirements the best.
1. SBI Saral Account
The SBI Corporate Banking Saral account is designed for a single user. This online banking service has an intuitive and simple interface made for business entities. There are several facilities available to you like download the transaction statement, view statement, transaction rights, standing instructions. Also, others include scheduling transactions, defining limits for beneficiaries, along merchant transactions as well.
Saral Transaction Types
– Intra bank payments – Rs. 5,00,000 per day
– Interbank payments – Rs. 5,00,000 per day (NEFT/RTGS/GRPT)
– Bills payments to SBI
– Merchant payments
– Direct and Indirect Tax Payments
– E-auction Participation
– Transactions to registered suppliers like LPG dealers or petrol
– IPO Application through ASBA
Subscribe to the SBI Saral facility which is available across all SBI branches in the country. Download the Saral application form, fill it up and submit the file to your branch.
2. SBI Vyapaar Account
The SBI Vyapaar Account is specially designed for a small user group that has delegated rights along with filtered access. The users or admin have the right to modify/create/control other users from the organization.
These settings may include access rights across various financial transactions. At the same time, this account allows Rs. 50 lakh in a single transaction. Also, there is no predefined limit to the volume of transactions that can be performed in a day.
Vyapaar Transaction Types
– Statutory payments
– Pre-paid card top-up
– Issue Draft
– Transaction-File Mode
– Ability to schedule transactions
– Registered suppliers transactions
Enjoy the benefits and services of the SBI Vyapaar facility which is available across all SBI branches in the country. Download the Vyapaar application form, fill it up and submit the file to your branch.
3. SBI Vistaar Account
The SBI Vistaar Account offers a complete banking solution that allows multiple users from more than one branch. This type of account has along with hierarchical access control that is for Users, Regulators, and Administrators. Corporates can set rules, transaction settings along with others like authorization limits for users.
Vistaar Transaction Types
– Single transaction of Rs. 500 crores. With no limit on the transactions that can be performed in a day, you can transfer as much as required. Corporates set their transaction limits.
– DD issue request – Rs. 1 crore. No transaction limit.
– Fund transfer to own SBI account or other banks
– Registered suppliers payments
– Statutory payments
– Bulk upload facility
– Access to SBI branches
4. SBI Khata Account
The SBI Khata Account is a single user account with no transaction limited to just one branch. This type of account means that you can only view and download the account transactions, statements, and other account information. All of these can be done offline. Since this is a no transaction account, there aren’t any types of transactions that are allowed like in other CINB accounts.
To enjoy the benefits and services of the SBI Khata Account, make sure you download the application form that is available online. Furthermore, read the terms, conditions and other requirements of the specified account before you fill the application form. Once done, submit it to your nearest branch.
5. SBI Khata Plus Account
This type of SBI Corporate Banking account is similar to the Khata Account. This too is a no transaction account which means you cannot do any transactions with this type of account. However, this is a multi-user account that has multiple branches. Here too, you can view and download the transaction statement, account details among other information that you may want to check.
All of these transactions can be easily done offline. Besides, since this is a no-transaction account, you won’t have the financial transactions facility. Only legitimate users can view and download account statements designated to them.
Frequently Asked Questions on SBI corporate banking account
1. Who can avail of the SBI CINB facility?
Any non-individual customer be it a small business enterprise, single man enterprise, trust, firm, government organization, institution, or large enterprise is treated as a corporation. Any of these can avail the SBI Corporate Banking facility in India.
2. How to avail of these plans on The CINB Site?
Visit https://www.onlinesbi.com which is the official banking site of the SBI. Above the ‘Login’ option, you will find the ‘Corporate Banking’ tab.
3. Does all branches of SBI provide CINB facilities?
Yes, all branches of SBI across India offers the CINB facility that you can check out.
4. How to apply for the CINB plans and how to get the requisite forms? level
There are two ways you can avail of the CINB plans across all SBI branches. First, you can either visit your nearest branch and get the forms. Else, you can also get the requisite forms on the official SBI website and download them.
5. How secure is the CINB website?
The official CINB website is a safe and secure certified site designed with the highest level of security on the internet.
Final Words
Corporate banking refers to dealing with corporate clients. This kind of banking is also known as business banking that is typically designed to serve small to medium-sized businesses.
Corporate services are different from personal banking options that we just looked at. We hope that this quick guide on SBI Corporate Banking was helpful to you. If you have any more queries or doubts, please feel free to write to us!
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