SBI Canada Bank

Name

SBI Canada Bank

Legal name

SBI Canada Bank

Website

https://ca.statebank

Company type

Private

Operating status

Operating

Headcount range

101–250 employees

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Commercial Banking (52211), Commercial Banking (522110), Depository Credit Intermediation (5221)

SIC

National Commercial Banks (6021), State Commercial Banks (6022), Personal Credit Institutions (6141), Short-Term Business Credit Institutions (6153)

akta.pro industry

PRIMARYFSABAAAE

Branch & In-Person Banking (Teller/ATM Networks)

Financial & Insurance/Banking (Commerical, Retail & Consumer)/Retail Banking

SECONDARYFSABAKAK

Savings Banks (Public/State-Owned)

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

Keywords

• Retail banking services
• Commercial lending products
• India remittance services
• Mortgage lending solutions
• Trade finance services

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices7 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income: Income from lending activities including mortgages, lines of credit, commercial mortgages, and loans against GICs. Interest earned on variable and fixed-rate products.
2. Fee Income: Service charges on accounts, transactions, wire transfers, money transfers to India, and various banking services. Service charges effective March 1st, 2026.
3. Investment Products: Revenue from sale of investment products including GICs (redeemable, cashable, non-redeemable), TFSAs, and RRSPs with various terms and interest rates.
4. Trade Finance: Fees from trade finance services including export/import bills on collection and letter of credit issuance for commercial customers.
5. Foreign Exchange: Revenue from foreign exchange transactions and preferential exchange rates offered on money transfers to India.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

SBI Canada Bank is a full-service Schedule II Canadian bank that provides retail and commercial deposit products, lending products, trade finance, foreign exchange, and India remittance services through seven physical branches and digital channels (YONO mobile app and OnlineSBIGlobal corporate internet banking). The bank caters to individual consumers, businesses, commercial clients, and the Indian diaspora with specialized offerings including Student GIC and NRI services, while operating as a wholly-owned subsidiary of State Bank of India.

Product overview

SBI Canada Bank operates as a full-service direct bank and wholly-owned subsidiary of State Bank of India, offering a comprehensive suite of retail and commercial banking products. The product portfolio spans deposit accounts (Chequing, Saving, Super Saver, Premium Savings, GIC), registered accounts (TFSA, RRSP), and lending products (Mortgages, Lines of Credit, Loans against GIC). Business banking includes commercial mortgages, trade finance, and foreign exchange services. Digital channels comprise the YONO SBI Canada mobile app for 24/7 access and OnlineSBIGlobal for corporate internet banking. Specialized offerings include Student GIC for international students and NRI Services for non-resident Indians. Core differentiator is international remittance to India with preferential exchange rates.

Differentiator

Problem solved

Functional benefit

Brands

• YONO SBI Canada: Mobile banking application for SBI Canada Bank customers providing 24X7 access to accounts, online banking, and financial services

Products and services

• Saving Account Basic savings account for depositing funds and earning interest, available to personal banking customers.
• Super Saver Account High-interest savings account available for both personal and business customers.
• Premium Savings Account Savings account with premium interest rates targeted at personal banking customers.
• Chequing Account Primary checking account for everyday banking transactions, also referred to as the Current Account.
• Guaranteed Investment Certificate (GIC) CDIC-insured term investment available as redeemable, cashable, or non-redeemable options for personal customers.
• TFSA (Tax-Free Savings Account) Tax-advantaged registered account with Power Savings and Power GIC options for tax-free growth.
• RRSP (Registered Retirement Savings Plan) Tax-deferred retirement savings plan with RRSP GICs available as non-redeemable investments.
• Student GIC Specialized GIC program designed for international students studying in Canada, simplifying proof of funds requirements for Canadian study permits.
• Mortgages Residential mortgage products including fixed and variable rate options, with CMHC insurance approval.
• Lines of Credit Revolving credit facilities providing flexible access to funds up to approved limits.
• Loan against GIC Secured loan product using existing GIC holdings as collateral.
• Commercial Mortgages Commercial real estate financing for business properties and investment real estate.
• Trade Finance Import/export financing solutions including Export/Import Bills on Collection services for commercial customers.
• Letter of Credit Services Irrevocable documentary credit issuance for international trade transactions, subject to UCP 500.
• Foreign Exchange Transactions Currency exchange and forex trading services for personal and business customers.
• Send Money to India International money transfer service to India with preferential exchange rates, available through online and branch channels.
• Corporate Internet Banking (OnlineSBIGlobal) Business internet banking platform for corporate account management, transactions, and administration with multiple user access levels.
• NRI Services Banking services tailored for Non-Resident Indians including specialized account options and India connectivity.
• YONO SBI Canada Mobile Banking App Mobile banking application enabling 24/7 access to accounts, fund transfers, bill payments, and transactions via smartphone on iOS and Android.
• Online Account Opening Digital platform for opening Chequing, Saving, and Super Saver accounts online with zero initial fees for 12 months and ID verification via branch visit or Canada Post outlets.

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature4 records

Partnerships

Two partnerships are on record, tiered core.

• Canada Deposit Insurance Corporation (CDIC)coreOthersCDIC is Canada's federal deposit insurance corporation that protects eligible deposits at member institutions. SBI Canada Bank is a member of CDIC, providing deposit insurance protection for customer deposits up to CDIC limits.
• Canada Mortgage and Housing Corporation (CMHC)coreOthersCMHC is Canada's national housing corporation providing mortgage loan insurance and housing policy. SBI Canada Bank is an Approved Lender with CMHC, enabling the bank to offer insured mortgage products to customers.

Scale indicators2 records

Direct peers

• Canara Bank (Canada): Canara Bank, another major Indian public-sector bank, maintains a Canadian presence serving the Indian diaspora with banking, remittance, and trade-related products. Competes with SBI Canada for the same diaspora customer segment and India-Canada transaction flows.
• ICICI Bank Canada: ICICI Bank Canada is a Schedule II subsidiary of ICICI Bank, one of India's largest private-sector banks, offering retail and commercial banking services targeted at the Indian diaspora in Canada. It directly competes with SBI Canada on NRI services, remittances, student GICs, and branch-led relationship banking.
• Bank of Baroda (Canada): Bank of Baroda's Canadian operations offer retail banking, NRI services, and India remittances serving the Indian diaspora in Toronto and other major centres. Closely comparable to SBI Canada in customer focus, product mix, and parent-bank affiliation.
• Bank of India (Canada): Bank of India's Canadian subsidiary serves the Indian diaspora with deposit accounts, remittances, and trade finance services through branches in major Canadian cities. It is a direct peer competing for the same niche customer base and India-Canada financial flows as SBI Canada.

Emerging players

• Tangerine Bank: Tangerine is a digital-first Canadian bank offering online chequing, savings, and mortgages with no-branch, low-fee positioning. It competes with SBI Canada's digital channels for price-sensitive retail customers who prioritize convenience over relationship banking.

Broad incumbents

• TD Canada Trust: TD is one of Canada's largest banks with a national branch and digital footprint spanning retail deposits, mortgages, and commercial banking. As a broad incumbent, it competes with SBI Canada for mainstream retail and small-business customers in the same Canadian cities.
• BMO Bank of Montreal: BMO is one of Canada's largest banks with national retail and commercial banking operations, including mortgages, deposits, and treasury services. It competes broadly with SBI Canada for retail customers in the GTA and Western Canada.
• Scotiabank: Scotiabank operates one of Canada's largest branch networks and has a particularly strong international banking franchise including India operations. It overlaps with SBI Canada on retail banking, mortgages, and India-linked financial flows.
• RBC Royal Bank: RBC is Canada's largest bank by assets, offering full-service retail, commercial, and wealth management across the country. It competes with SBI Canada on mortgages, deposits, and FX services within the bank's branch geography.
• CIBC: CIBC is one of Canada's largest banks with full-service retail and commercial banking, including deposits, mortgages, and business banking. It is a broad incumbent that competes with SBI Canada for retail and small-business customers in shared geographies.

Market position

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/sbicanadabank

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

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 SBI Canada Bank