Meaning Of SBI Logo, Explained

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It is no doubt that one of the most popular, oldest and trustworthy bank in India is State Bank of India. The bank has maintained the trust among its customers over the past few years and is popular among its users. Although the bank was many times trolled on social media, but all that trolling was a part of the love that everyone has built towards SBI!

History Of SBI

The SBI was incorporated in 1995 on 1st July when the Imperial Bank of India was nationalized, at 60% stake, by the Government of India with the Reserve Bank of India.

The bank turned out to be the largest state-owned banking company which provided financial services in India. The bank works smartly when it comes to the financial services and the ranges they provide through their subsidiaries!

State Bank of India provides services like Life Insurance, Mutual Funds, credit cards, factoring, Pension Fund management, merchant banking, security trading, and dealership in the money market.

meaning of SBI Logo
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About State Bank of India

State Bank of India was formed by the State Bank Group whose foundation was laid for the various corporate social responsibilities majorly focusing on developing the economically backward sectors of the society.

The SBI Foundation has implemented its initiatives for promoting the growth and the relevant needs of the communities where they can operate.

SBI has performed exceptionally well when it comes to balance sheet measures, the number of physical branches they have expanded, their market capitalization, and the benefits, and hence the most seasoned bank is now experiencing various changes and transformations by mixing the public sector legacy as well as helping run the private and the foreign banks for their cash.

The bank has always come forward with creative and innovative account models and has seen spectacular and exceptional growth in their Rural Banking base.

meaning of SBI Logo
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The bank behemoth has now successfully offered one of the biggest money-saving systems when it comes to an Indian client.

SBI is endeavoring towards a change of mind of the state and is dedicated to involving the workers together, as one, for the evolution of the bank.

The bank is gathered together to change their various front and back end procedures to a procedure which is customer-friendly to grow their client encounters.

The SBBJ merging with SBI brought a significant turn for the CSR activities because the bank will now contribute 2% of the annual net profit on CSR activities compared to the previous contribution which included just 1% of the profit.

CSR Activities stands for Customer Social Responsibilities Activities, which are aimed to develop the disadvantaged section of people.

Business Segments Offered

The largest state-owned banking company majorly operates in four business segments:

1. Treasury Segment

This segment largely focuses on the trading involving foreign exchange and derivative contracts. This business segment also includes the investment portfolio.

2. Corporate Or Wholesale Banking

The corporate accounts, mid-corporate accounts, and stressed assets management group’s lending activities are comprised in this wholesale banking segment.

3. Retail Banking

Personal banking activities that are included in the branches of the international banking group are part of the retail banking segment. This segment also includes lending activities where the corporate customers and their relation with branches in the national banking group are looked upon.

4. Other Banking Businesses

Providing a range of Banking products through their immeasurably huge branch network in India as well as overseas, this segment is also aimed at providing products for NRIs.

Major Contributions And Introductions By SBI

The bank has held its pillars strong enough and the trust of the people has made it possible for SBI to come out as one of the most trustworthy banks.

In 2005-06, SBI introduced the “SBI e-tax” which is an online facility for tax payments regarding the direct as well as the indirect tax payment.

The bank made a partnership with Tata Consultancy Services for setting up C-Edge Technologies and Consultancy Services which were largely focused on providing their services to the Banking, financial services, and insurance industry.

During the same year, centralized pension processing was also launched and SBI is now the largest pension paying bank in India!

Import factoring was launched by the company in 2008-09 where their new products were in Association with the SBI factors and Commercial Services Limited. They even escalated the number of branches for the retail sale of gold coins to 518, previously 250.

In 2009, the bank introduced the SBI loan to affluent pensioners. The initiative was to enable the government pensioners to taken advantage of availing personal loans up to ₹3 lakh.

In 2013, the bank successfully inaugurated the second branch in Tianjin, China, and in 2015 the Bank introduced their users to the RuPay Platinum Debit Card. The card was in Association with the national payment Corporation of India.

In 2017, the State Bank of India distributed T-shirts and caps in Bikaner where they spent ₹ 62,999 and donated ₹ 71,000 to the “Apna Ghar Ashram RBO-1” in Bikaner.

SBI was also involved in a contribution regarding the construction of a residential school Building situated in Patna, Bihar in 2018.

SBI Benefits

Opening an account in the State Bank of India has always come in handy because of the various benefits they provide to their customers. The various benefits include:

  • Online payment facility for all the government exams or on any government site.
  • Almost all sorts of banking transactions are possible using SBI Internet banking.
  • Users are also gifted with a 10% discount at E-Commerce sites including Amazon and Flipkart.
  • The number of ATMs provided by the bank is huge.
  • Since SBI is the largest bank of India it is easy to reach any SBI Bank.
  • Better internet banking services.

Types Of Accounts By SBI

When it comes to offering services, SBI is the largest lender in the country offering a vast range of services. The organization provides a large number of savings bank accounts, small accounts to various firms and people.

List Of Accounts One Can Open With SBI Are:

1. SBI Savings Bank Account

This bank account is a basic account that protects your money. The SBI pays an interest rate of 3.5 % per annum on the saving deposits balance up to rupees 1 crore. If the savings deposit bank balance is above rupees 1 crore the bank pays a 4% per annum interest rate.

2. SBI Savings Plus Bank Account

This account is related or linked to a multi-option deposit scheme, MODS. In this scheme, the threshold or the verge limit from the user’s saving bank account is automatically transferred to the term deposits which are opened in the multiples of rupees thousand. The requirements for maintaining an SBI Savings Plus account is a monthly average balance, MAB.

3. SBI Current Account

This bank account offers its services to users including companies, public enterprises, businessmen, etc. This account is a form of a demand deposit.

In this account, the number of withdrawals is allowed any number of times but is directly dependent upon the balance or up to a particular agreed amount.

The bank account is suited for day-to-day transactions and the MAB (Monthly Average Balance) required for the personal banking branch is approximately ₹10,000 and for a rural one, it is ₹5000.

4. SBI Small Account

The specialty of opening a small account in SBI is for customers without knowing your customer or KYC document. The account is operational to any individual above 18 years however the account comes with many restrictions for the operation due to relaxed or lack of KYC.

5. SBI Basic Savings Bank Deposit (BSBD) Account

This savings bank account can be considered as a type of zero balance saving account that does not require its user to maintain a MAB. The count is operational to people only on one condition when the individual has provided their valid KYC document.

This account is focused on providing the facilities to the poor sections of the society by encouraging them to live without any burdens and save their money without charges for fee burden.

The SBI’s Logo Mystery!

Many interpretations have suggested different meanings to the logo of SBI. The assumptions made by various people include so many ideas that one may actually believe them all!

Few interpretations included:

  1. The blue circle refers to unity and completeness and the white part reflects the common man who is an important part of the bank and plays a major role in running the two-hundred-year-old company.
  2. People think that the white part in the logo is the keyhole representing safety and security.
  3. People suggested that the logo designer drew inspiration from the Kankaria lake for designing such a simple yet elegant logo.

Meaning Of SBI Logo

So the question arises, which of the following interpretations and assumptions by the people are true?

Let’s rewind for a little knowledge about the logos of the State Bank of India!

The symbol or the geometric figure for the SBI or State Bank of India logo is a circle as the main shape of focus.

The figure is known as a symbol describing the universe, perfection, and eternity. The logo’s circular shape and elements embedded in its logo value a lot since they tell us about the company more than the company can tell you about them!

Maybe the circle also defines the stability that the bank has achieved throughout the years because in-universe everything that is stable acquires the shape of a circle.

Let us focus on the various symbols that represented the organization:

  • During 1955-1970:

The introduction of the original SBI logo took place in 1955 where the logo was a golden coin detailed with a double outline and the words were embedded in Latin and Indian alphabets on the corners of the coin.

The middle section of the coin included a detailed and fascinating image of a tree with a date mark of 1955 under the tree.

This particular symbol was an introduction to the SBI logo where the tree stood for success, wellbeing and the growth of the organisation.

The tree also represented and reflected on the purpose and their approach towards the growing corporate sector.

  • During 1970-2017:

There was a complete change in the look of the SBI logo where the design and the style of the logo changed from the coin with a tree to a circle with a keyhole-like structure at the centre!

The drastic change in the symbol was now bold but still carried huge message. The new logo included the bold blue circle with the Key hole resembling structure at the bottom part of the circle.

The first part of the logo included a circle and the second part  was divided the upper part in bold lettering “State Bank of India” and the lower part of  the logo, separated by a thin black line, carried their tagline “The Banker to Every Indian”.

  • After 2017:

It has been years that State Bank of India has been abbreviated as SBI and the new logo after 2017 was a short and a simplified version of the previous Logo.

In the new logothe tagline was removed and the upper part of the symbol was replaced by SBI in bold blue and purple colour palette. The new logo was now a bold light blue circle with a keyhole like structure at the centre and bold blue and purple colour palette lettering SBI.

What is the actual meaning of the SBI logo?

  1. One of the most symbol related interpretation suggested that the biggest single circle symbolised the Bank and the smaller white circle symbolises the client.
  2. Designers have pointed out that the gap is very similar to a keyhole and is therefore can be interpreted as a lock and the overall design may indicate that a user of an SBI has theirmoney perfectly locked Up in the SBI.
  3. The smaller circle may also imply that it is an SBI office and the small thin line under the smaller circle live present the street leading a customer towards the SBI office.
  4. At last the logon can also so be an inspiration from the Kankaria Lake Ahmedabad because the designer of the logo ShekharKamat studied logo designing from National Institute of Design in Ahmedabad.

ShekharKamat has however cancelled the interpretations over the years.

OnQuora, he nullified all the interpretations by saying that he designed the logo in 1970 when SBI was still the largest bank in India.

The bank has several branches in India and therefore he added that he wanted to design a simple logo for the company.

His idea of designing a simple logo included designing a blue round shape which would signify strength and protecting one’s wealth.

Another idea of designing a simple logo was to put a sign which could have been drawn by any painter on a mud wall in the rural parts of the country and the blue colour was too to match the sunny blue sky, usually visible in India.

He denied the fact that his presentation of designing the logo was inspired from the Kankaria lake and is proud that the company is still using his logo to represent them. He also quoted simplicity has its own charm and keeping things simple looks pretty.