Is the State Bank of India in Canada a good financial institution to go with? Maybe… maybe not. That just depends on what you want to use it for.
Here is a review of the good, the bad and the ugly about this company.
Their savings account has GREAT interest rates… it’s actually the 2nd highest in the country of Canada. It’s currently at 2.6%–you can probably do slightly better but you’d pretty much have to go outside the country.
The service of the State Bank of India USED to be known for being slow and unresponsive… and overall quite bad. However, recently they have made a conscious effort to improve, and they have improved from bad to decent.
They still aren’t the best around, but they are much quicker t to respond than they used to be. While it is a “branch by branch” thing, as a general rule of thumb you can expect the service to be good.
Overall they are in decent financial condition. Fitch reports that they are BY FAR the most stable Indian bank today.
They have plenty of equity to handle any financial difficulties… and overall you can be confident of your money with this company.
Their online system has more problems than you’d expect from a financial institution of this size. It’s not the best online system out there, but generally it gets the job done.
The State Bank of India in Canada is a quality company. They are FAR from perfect, but they have great interest rates, adequate customer service and good financial health-also of which outweigh their mediocre internet system.