SBI Saral refers to one of the types of corporate internet banking facility of SBI. You might be aware that there are different types of sbi internet banking meant for different sizes and types of the company. The difference exists because each type of organization would have different banking needs and the number of persons who are authorized to use the net banking facility might also vary in number depending on the size of the corporate.
What type of organization falls under SBI Saral?
The SBI Saral is a product that is suitable for sole proprietorship concerns, micro-enterprises, and all other firms or even individual businessman who wish to do online transactions with their firm’s account. This sbi online banking of this type is almost like a personal banking facility as it is a transactional product meant for a single user. The difference, however, is that the transactions that take place are made on the business accounts.
How to subscribe for SBI Saral?
Since SBI Saral facility is available at all SBI bank branches on submission of an application for the same in case you already have your firm’s account at SBI. You Can download the SBI Saral application for sbi net banking. It includes a list of terms and conditions as well. after this, you will be provided with a user ID and password to your registered address. In this case, it is the firm’s address.
Steps to follow
- Log on to the website. https://corp.onlinesbi.com/corporate/sbi_home .html
- Use the username and password. Note that the username and password are case sensitive and are meant to be used only once. You can change it once you enter the website.
- Start the initialization process
- The initialization process is meant to create a user id, login password and profile password which are essential for transactions.
The SBI Saral corporate banking is almost similar to sbi personal banking except the fact that the individual would be dealing with a company account.
What are the features of the SBI Saral?
As you already know, it is a product that endows transaction rights on a single user on behalf of a firm. The rights bestowed include transaction rights to transfer funds to either own or third party account up to a limit of Rs.5 lakh per day. the other features include
- Facility to download or view account statement by the single authorized user.
- Transaction rights to the extent of 5 lakhs
- Facilities to schedule transactions
- Facility to set p transaction limits for each beneficiary
- Facility to set limits for DD
- Facilities to set transaction limit for tax transactions
- Facilities to request SMS based OTP for fund transfer, beneficiary addition as well as merchant transactions and others
Transactions that are permitted
The transactions that an SBI Saral internet banking facility holder can do with the company account include
- Intra-bank payments to the extent of 5 lakhs/day
- Interbank fund transfer to the extent of 5 lakhs per day
- Request for DD issue to the tune of 5 lakhs per day.
- Pay taxes direct, indirect, and state government taxes
- Pay EPF subscription of the employees
- Engage in Merchant transactions
- Bill payments
- Payment to registered suppliers like petrol dealers etc
- Apply to IPO’s through ASBA
- Participate in e-auction
- Start an e-TDR or e-STDR
However, the transaction limits could be increased to the extent of 25 lakhs in the case of supplier payment. The limit might extend up to 1 crore in case of e-auction for government departments and the limit would be extended to 2 crores in case of payments to government institutions like EPF, ESI etc. as well as OLTAS, ICEGATE etc.
By following the guidelines laid for internet banking, you could ensure safe online banking of your company account. You can go through the tutorial videos before you start your transactions.