State Bank of India (California)

What State Bank of India (California) does

State Bank of India (California) is a California state-chartered bank, founded in 1982 and headquartered in Downtown Los Angeles at 707 Wilshire Boulevard. It is a wholly-owned subsidiary of State Bank of India (SBI) — India's largest bank and a Fortune 500 company — operating under FDIC insurance and California Department of Financial Institutions oversight. The bank runs seven branches across California (Los Angeles, Cerritos, San Diego, Woodland Hills, Fresno, Fremont, Sunnyvale) and employs 100+ staff.

Its product set spans personal and business checking, savings and money market accounts, certificates of deposit (including IRA CDs), credit and debit cards, business lending, international trade finance, treasury management, fraud-prevention tools (Positive Pay, ACH Filter/Block), safe deposit boxes, and bill pay. The bank is differentiated by an NRI/NRA-focused product line — Global Start and Global Student Checking accounts that can be opened from India up to 90 days prior to U.S. arrival — and the SendMoneyEZ remittance service, which offers zero transfer fees, real-time notifications, and same-day processing for transfers to India and Bangladesh up to $25,000 daily.

The business model is a traditional community-bank mix: net interest income from lending and deposits, supplemented by deposit maintenance fees ($7–$15/month, waivable), wire and remittance fees (with revenue on online remittances captured via exchange-rate margins), credit-card interchange and interest, treasury management fees, and NRI attestation service charges. Distribution is hybrid — 7 physical branches, a Virtual Branch platform launched in 2024, nationwide online and mobile banking, and self-service online account opening via apply.sbical.com. Marketing emphasizes community partnerships (e.g., Adobe Services, Bridge Housing, Wakeland Housing, Junior Achievement, VITA) and an 'Outstanding' CRA rating, with a planned rebrand to 'SBIC Bank' in September 2026.

Name

State Bank of India (California)

Legal name

State Bank of India (California)

Website

https://sbical.bank

Company type

Private

Founded year

1982

Operating status

Operating

Headcount range

101–250 employees

Short description

State Bank of India (California) is a 1982-founded California state-chartered bank and wholly-owned subsidiary of State Bank of India, operating 7 branches statewide and serving the Indian diaspora with NRI/NRA banking and zero-fee SendMoneyEZ remittance to India and Bangladesh.

Ownership category

akta.pro rank

Product category

Retail and Commercial Banking

NAICS

Commercial Banking (52211)

SIC

State Commercial Banks (6022)

akta.pro industry

PRIMARYFSABAKAL

Public Sector Retail Banks (State-Owned Commercial Banks)

Financial & Insurance/Banking (Commerical, Retail & Consumer)/Development & Public Sector Banking (DFIs, Postal/Savings Banks)

SECONDARYFSABABAC

SME Deposits & Business Accounts (Operating, Savings, CDs)

Financial & Insurance/Banking (Commerical, Retail & Consumer)/Commercial Banking (SME & Middle Market)

Keywords

• Retail banking services
• Commercial banking solutions
• International remittance services
• NRI banking services
• Certificates of deposit

Headquarters

HQ city

Los Angeles

HQ country

United States

HQ region

North America

Offices8 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Net Interest Income: Interest income earned from lending activities including business loans, mortgages, and credit products minus interest paid on deposits. The bank offers various loan products including business lending and mortgages.
2. Deposit Account Fees: Monthly maintenance fees on certain account types (e.g., $10 for Easy Checking unless balance requirements met, $7 for Senior Checking unless waived), paper statement fees ($5), and various transaction fees
3. Remittance and Wire Transfer Fees: Revenue from international money transfer services. While online remittances have zero transfer fees, the bank earns through currency exchange rate margins. In-branch remittances may have service charges.
4. Credit Card Services: Revenue from personal and business credit cards including interest on revolving balances and transaction fees
5. Treasury Management Services: Business treasury management, receivables, and payables services generating fees
6. Attestation and Document Services: Fees charged for NRI attestation services including life certificate attestation, KYC document attestation, and home loan application attestations

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

State Bank of India (California) is a California State Chartered Bank and wholly owned subsidiary of State Bank of India that provides personal and business banking services through seven physical branches across California and a digital banking platform. Its core offerings include checking accounts, savings and money market accounts, certificates of deposit, credit and debit cards, business lending, international trade finance, treasury management, and SendMoneyEZ remittance services to India and Bangladesh. The bank specializes in serving the Indian diaspora with dedicated Non-Resident Indian (NRI) and Non-Resident Account (NRA) products including Global Start Checking and Global Student Checking.

Product overview

State Bank of India (California) is a subsidiary of India's largest bank, offering a comprehensive suite of banking products through both physical branches and digital channels. The product portfolio centers on personal and business checking/savings accounts, Certificates of Deposit, credit cards, and international services. Key differentiators include specialized NRI (Non-Resident Indian) and NRA (Non-Resident Alien) banking services, a SendMoney EZ remittance service for transfers to India with zero fees, and a Virtual Branch for entirely online banking. The bank operates seven California branches supplemented by online and mobile banking platforms, positioning itself as a bridge between US banking and India-focused financial services.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Checking Accounts
• Business Checking Accounts
• Personal Savings and Money Market Accounts
• Business Savings and Money Market Accounts
• Certificates of Deposit (CDs)
• Personal Credit and Debit Cards
• Business Credit Cards
• SendMoneyEZ Remittance Service
• NRI Banking Services
• NRA Banking Services (Global Start and Global Student Checking)
• Business Lending
• International Trade Finance
• Business Treasury Management

Quantifiable outcome

• Outstanding CRA rating demonstrates continued focus on community impact and responsible banking
• +2 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature6 records

Partnerships

14 partnerships are on record, tiered core and minor.

• Adobe ServicescoreStrategic or Co-development PartnerSBIC supports Adobe Services, a leader in developing and implementing innovative programs to combat homelessness using the Housing First model. Adobe Services prioritizes providing stable housing as the initial step toward addressing homelessness, and has helped thousands transition from homelessness to permanent housing.
• Asian Pacific Community FundcoreStrategic or Co-development PartnerSBIC collaborates with Asian Pacific Community Fund to help economically disadvantaged high school seniors pursue higher education through scholarships of up to $1,000, focusing on first-generation college students from low-income families.
• BankWork$minorStrategic or Co-development PartnerSBIC supports BankWork$, a free eight-week program that equips young adults from low-income communities with skills and confidence needed to secure careers in banking, including career training, placement support, and ongoing coaching.
• Bridge Housing CorporationcoreStrategic or Co-development PartnerSBIC partners with Bridge Housing Corporation to fund high-quality affordable residential projects that integrate on-site programs to enhance residents' lives including health services, job training, and educational programs.
• Building Skills Partnership (BSP)minorStrategic or Co-development PartnerSBIC partners with BSP, an organization dedicated to improving lives of workers in low-wage industries and their families through workforce training, career development, immigrant integration, and education programs serving over 5,500 participants annually.
• CalibrateminorStrategic or Co-development PartnerSBIC supports Calibrate, which focuses on empowering descendants of American slavery by providing resources for personal and professional development through leadership development, mentorship, and community-building initiatives.
• California Council on Economic Education (CCEE)minorStrategic or Co-development PartnerSBIC partners with CCEE to ensure students, teachers, and families across California gain critical economic skills through teacher training and workshops on budgeting, saving, and investing.
• Community Housing Works (CHW)coreStrategic or Co-development PartnerSBIC supports CHW in developing and preserving affordable apartment communities in San Diego and beyond, offering tools and programs to improve financial stability, health, and education for residents.
• Junior AchievementminorStrategic or Co-development PartnerSBIC proudly supports Junior Achievement by volunteering at Finance Park teaching students real-world financial management and in classrooms on entrepreneurship, career readiness, and economic principles. More than 100 SBIC employees have contributed time and expertise.
• Korean Youth Community Center (KYCC)minorStrategic or Co-development PartnerSBIC supports KYCC which serves Korean-American families in Los Angeles with focus on socioeconomic empowerment through youth programs for education and leadership, family counseling, and community outreach.
• Network for Teaching Entrepreneurship (NFTE)minorStrategic or Co-development PartnerSBIC partners with NFTE to train young people from low-income communities in business creation through business strategy workshops, pitch competitions judged by community leaders, and mentorship from SBIC staff.
• Sahara (South Asian Helpline and Referral Agency)minorStrategic or Co-development PartnerSBIC supports Sahara which provides essential services to survivors of abuse with culturally specific programs tailored to address unique challenges faced by South Asian women, including counseling, legal assistance, and pathways to independence.
• Volunteer Income Tax Assistance (VITA)minorStrategic or Co-development PartnerSBIC collaborates with VITA to offer low- and moderate-income individuals free tax preparation services through IRS-certified volunteers assisting with federal and state tax filings.
• Wakeland Housing and Development CorporationcoreStrategic or Co-development PartnerSBIC supports Wakeland Housing which has developed over 7,500 affordable homes across California since 1998, focusing on cost-efficient housing paired with on-site services for residents.

Scale indicators10 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• East West Bank: California-headquartered commercial bank with deep roots serving Asian-American communities, including substantial Indian-American and Chinese-American segments. Closest analog in terms of ethnic-focused community banking model in California.
• Cathay Bank: California-based commercial bank specializing in serving Chinese-American and broader Asian-American communities with cross-border banking services to Asia. Comparable ethnic-niche community banking franchise with international remittance focus.
• Bank of Hope: California and US-headquartered bank focused on the Korean-American community with strong SBA lending, deposit products, and cross-border services. Similar model of ethnic-focused community banking with international remittance capabilities.
• Hanmi Bank: California-based Korean-American focused community bank offering personal, business, and SBA lending services. Comparable small-to-mid-cap ethnic-niche California bank with remittance and trade finance focus.
• Pacific City Bank: California-based commercial bank with strong Korean-American community focus and growing Asian-American segment. Similar mid-sized ethnic-focused community bank competing for California deposit and lending market share.
• Bank of Baroda (US Operations): Indian public-sector bank with US branch operations serving the Indian diaspora with NRI services and remittances. Most direct Indian-state-owned bank peer competing in the same diaspora and remittance segment.

Broad incumbents

• Wells Fargo: One of the largest US commercial banks with extensive California retail and business banking presence, including international wire and remittance services. Represents the dominant incumbent SBIC competes against for mainstream deposits.
• Bank of America: Major US retail and commercial bank with significant California branch presence, full suite of personal/business banking products, and Zelle-based P2P payments. Competes head-on in core checking, savings, and credit card segments.

Emerging players

• Remitly: US-headquartered digital remittance fintech specializing in transfers from the US to India, Philippines, Mexico, and other corridors. Represents the leading digital-native competitive threat to SBIC's SendMoneyEZ service.
• Wise (formerly TransferWise): Global digital money transfer platform with transparent mid-market FX rates and low fees across US-India and other corridors. Competes directly on remittance economics and increasingly on multi-currency account features.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/sbical

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about State Bank of India (California)