The roots of the State Bank of Saurashtra can be traced back to the Bhavnagar Darbar Bank, formed in 1902. The Bank was renamed as State Bank of Saurashtra in 1950 with the merger of the Banks of the princely states of Porbandar, Rajkot, Palitana, and Vadia with the Bhavnagar Darbar Bank, and became an associate of State Bank Of India in 1960 under SBI (Subsidiary Banks) Act,1959.
The Bank has a glorious history of excellent customer service in the best ” Kathiawadi” tradition. We are the Lead Bank of the entire Saurashtra Region of Gujarat covering all 7 districts, namely Amreli, Bhavnagar, Junagadh, Jamnagar, Porbandar, Rajkot, and Surendranagar, and also the Union Territory of Diu. With its roots in Saurashtra, the Bank has now spread its wings throughout the length and breadth of the country with over 400 branches.
The Bank has an impeccable track record of steady growth in turnover and profitability. The turnover of the Bank and the Capital Adequacy Ratio for the year ended 31st March 2000 were as under, more than meeting stringent international standards.
The Bank is the pioneer in introducing ATMs to the Saurashtra Region, with an ATM each at Ahmedabad, Bhavnagar, and Rajkot. The Bank has adopted and adhered to the objective of delighting its customers with prompt, efficient, and courteous service and offering virtual Single-stop Banking shops at all its offices to suit every type of clientele. The Bank has embarked upon a massive computerization program in order to offer the best to its valued patrons and has introduced SWIFT, VSAT, and E-mail facilities to be within hand-shaking distance with its customers transcending geographical distances.
The Bank offers the following deposit schemes for Non-Resident Indians.
1. Non-Resident External Rupee deposit scheme. (NRE)
2. Foreign Currency Non Resident deposit scheme. (FCNR)
3. Non-Resident Non-Repatriable Rupee deposit scheme. (NRNR)
Deposit accounts can be opened by all Non-Resident Indians and persons of Indian origin residing abroad by remittance of funds from abroad and/or by debit to NRE/FCNR/NRNR accounts and also by tendering Foreign currency notes/travelers’ cheques.
The Bank also has a very attractive Housing Finance Scheme for Non-Resident individuals under which Housing loans are available for purchase, construction of the residential building in India. These loans are available at most competitive rates and are repayable over a 5 to 15 year period.
1. Non-Resident (External) Rupee Accounts
a) Savings Bank Account
b) Current Account
c) Term Deposit Account- both cumulative and noncumulative options available.
Interest is compounded quarterly under the cumulative option. NRE Accounts
can be operated by resident Power of Attorney holders for local payments.
2. Foreign Currency Non-Resident Accounts
Term deposits of the following currencies US$ and GBP at very attractive rates. These deposits are maintained in Foreign Currency and are thus insulated from any exchange rate fluctuations. Loans are easily available to the depositors against the above deposits at competitive rates. Interest is compounded half-yearly under the reinvestment option. Interest and principal amount are fully repatriable in foreign currency.
3. Non-Resident Non-Repartriable Rupee Deposit Scheme
Non-Repatriable Rupee Deposits
Highest interest rates
Interest Repatriable in Foreign currency
Joint accounts with residents permitted
Interest-free from Income Tax in India
Gift tax and Wealth Tax exemption