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How to Buy Crypto with State Bank of India

Last updated on January 21, 2024

Quick Summary: While State Bank of India does not offer cryptocurrency trading through its own platform, you can make use of your account to purchase crypto through a third-party exchange.

There are a lot of India cryptocurrency exchanges to pick from, but we suggest using the Binance.

They offer the majority of most well-known cryptocurrencies and are simple to use. They have lots of advanced features but are also great for beginners.

State Bank of India Homepage

As mentioned in my quick summary, like most India banks, State Bank of India doesn’t allow users to trade cryptocurrency directly on their platform, due to the complexities with setting up a cryptocurrency exchange and comes with regulations and extra work for the banks.

There are a large number of crypto exchanges that you can use to buy Bitcoin and other cryptocurrencies.

Once you’ve signed up to a crypto exchange (in our example I’ll be using Binance as it’s a highly trusted and global exchange), you can easily move money from your bank account to the trading platform., and exchange it for a variety of cryptocurrencies.

How to buy crypto or bitcoin with SBI Online

Let’s get started! Just follow our 4 quick steps.

1. Pick a cryptocurrency trading platform

As mentioned above, I’ll be using Binance for this guide as they are a widely used exchange and have a huge range of cryptocurrencies to choose from. It’s also one of the best exchanges for beginners and allows more advanced features when you get more comfortable with trading.

The steps in this guide should be similar for most trusted crypto exchanges, so feel free to use whichever you end up going with.

Let’s get started!

2. Create account with the trading platform

You’ll first need to create an account if you haven’t already, you can do using this quick link below.

Sign Up With Binance

Once you’ve filled out the basic information you’ll be asked for KYC (Know Your Customer) information, this is normal for crypto exchanges to stop any bad activity. This will often be called the “verification” process.

3. Fund your account

Next, you’ll need to add funds to your account using any of their deposit methods. For Binance there are many options such as bank transfer, PayPal, credit/debit card, and many more.

4. Buy cryptocurrency

Lastly, you’ll need to go to the “trade” section, this will differ for each exchange but it will usually have some variation of this.

It’s that easy! You’ve now got the tools to buy your first cryptocurrency with State Bank of India.

Buy Crypto With Binance

About State Bank of India

State Bank of India (SBI) is an Indian international public sector bank and a statutory body for financial services located at Mumbai, Maharashtra. SBI is the largest of the banks in the world according to total assets. It is also placed 221st on the Fortune Global 500 list of the biggest companies in the world as of 2020. SBI is one of the few Indian bank to be listed on the list.

It is a public-sector bank and is the biggest institution in India with 23% market share in assets and 25% of the total deposit and loan market. The bank is the 5th biggest company in India with over 250,000 employees. On September 14, 2022 State Bank of India was the third lender (after HDFC Bank and ICICI Bank) and the seventh Indian company to surpass the market capitalisation of Rs 5 trillion in the Indian stock exchanges for the very first time.

The bank was derived from it’s predecessor, the Bank of Calcutta, founded in 1806 through the Imperial Bank of India, which makes it the oldest commercial institution in the Indian subcontinent. It was founded in 1806 when the Bank of Madras merged into the two other presidency banks of British India, the Bank of Calcutta and the Bank of Bombay, to create the Imperial Bank of India, which later became The State Bank of India in 1955.

The bank was created from the acquisition and merger of over twenty banks in the time of its 200-year time. In 1955, the Government of India took control of the Imperial Bank of India in 1955, with the Reserve Bank of India (India’s central bank) having 60 percent of the stake and renaming it State Bank of India.