Can I buy Crypto with SBI Online Banking?
SBI Bank does not currently offer cryptocurrency trading or custody services through their internet banking portal, or at a bank branch. This means that SBI customers will need to deposit INR from their account into a licensed exchange to trade cryptocurrencies.
How to buy Crypto with SBI Bank Online
The easiest way to buy digital assets with SBI Bank online is through a trusted exchange in India like Binance. Their platforms offer hundreds of cryptos, low fees, and fast verification for residents of India. You can also deposit INR instantly with low deposit fees on their exchange.
You can buy crypto with SBI Bank on Binance with this guide:
- Sign up to the Binance cryptocurrency exchange.
- Select 'Buy Crypto' in the menu bar, then 'P2P Trading'.
- Select what crypto you want to buy, then the total amount in INR and click 'Buy with 0 Fee'.
- You will then be provided with unique deposit details that will allow you to by Crypto from a verified merchant on Binance with INR.
- Your coins will arrive in your wallet within 5 minutes of your transfer, then you can trade any of the 700+ coins available on Binance.
SBI Bank Cryptocurrency Policy
SBI Bank is one of India's most friendly crypto-banks because they freely allow their customers to buy and sell digital assets from regulated exchange. SBI account holders have not reported issues with SBI freezing accounts for depositing INR into cryptocurrency exchanges.
This means you are safe to engage with the digital asset ecosystem from SBI online banking.
About SBI Bank
SBI Bank is one of the most popular banks in India. It offers a wide range of banking products and services to its customers. It has a strong network of branches and ATMs across the country. SBI Bank is known for its customer-friendly policies and excellent customer service. SBI Bank is regulated by the Reserve Bank of India (RBI). RBI is the central bank of India and it is responsible for the regulation of the banking sector in India. SBI Bank follows all the regulations set by RBI.
SBI Bank offers a wide range of products and services to its customers. Some of the main products and services offered by SBI Bank are as follows:
- Savings Accounts: SBI Bank offers different types of savings accounts to its customers. These include Basic Savings Bank Deposit (BSBD) account, Regular Savings Account, Sukanya Samriddhi Account,Senior Citizen Savings Scheme (SCSS), etc. SBI Bank also offers a special Rupay Debit Card for its savings account holders.
- Current Accounts: SBI Bank offers three types of current accounts to its customers- Regular Current Account, Privilege Current Account and Corporate Current Account. SBI Bank also offers a special Rupay Debit Card for its current account holders.
- SBI Credit Cards: SBI Bank offers a wide range of credit cards to its customers. These include SBI Elite Credit Card, SBI Platinum Credit Card, SBI Signature Credit Card, etc.
- Loans: SBI Bank offers different types of loans to its customers. These include home loan, car loan, personal loan, education loan, etc. SBI Bank also offers a special scheme for women borrowers called ‘SBI Her Ghar’ scheme.
- Insurance: SBI Bank offers different types of insurance products to its customers. These include life insurance, health insurance, motor insurance, etc. SBI Bank has tie-ups with different insurance companies such as LIC (Life Insurance Corporation of India), SBI Life Insurance, SBI General Insurance, etc.
- Investment: SBI Bank offers different types of investment products to its customers. These include SBI Mutual Fund, SBI Fixed Deposit, SBI Recurring Deposit, etc. SBI Bank also offers a special scheme for senior citizens called ‘SBI Pension Plan’.
- Demat Account: SBI Bank offers a demat account service to its customers. This service helps investors to hold their shares and securities in an electronic format. SBI Bank has tie-ups with different stock brokerages such as Zerodha, 5Paisa, Upstox, etc. to offer this service to its customers.
SBI Bank Deposit Fees
The fees to trade on Binance P2P to buy cryptocurrency with INR are completely free as demonstrated in the guide above. This means you will pay no fees to buy Bitcoin or crypto from your SBI net banking account.
SBI Bank is one of the most friendly crypto-banks in India because it freely allows its customers to buy and sell digital assets from regulated exchanges. SBI account holders have not reported issues with the bank freezing accounts for depositing INR into cryptocurrency exchanges, which means that you are safe to engage with the digital asset ecosystem from SBI online banking.