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Building and maintaining customer confidence has always been a
priority in State Bank of India (“SBI”). We in SBI recognize and respect
the trust you repose in us when share your personal information with us.
Consistent with federal regulations requiring every financial
institution to provide customers with information about its policy and
practice related to sharing of customer’s personal financial information,
we are setting forth below our Privacy Policy and urge you to review the
information provided in this Notice.
SBI’S
Branches, Agency and Rep.Office in the United
States
In the
United States, SBI currently conducts business through branches located
at
460 Park Avenue, New York (“New York Branch”), 19 South
LaSalle Street, Chicago (“Chicago Branch”) and, its Agency located at 707
Wilshire Boulevard, Los Angeles (“LA Agency”). SBI also maintains a
representative office at 2001 Pennsylvania Avenue, Washington, D.C.
(“Washington Rep Office”). These offices are collectively referred
to as
SBI-US in this Notice.
This Privacy Policy has been adopted by and
applies to SBI-US. It outlines the type of personal information we collect,
why we collect it, how we use it, with whom we share it and what options you
have to restrict the sharing of such information by us. This Privacy Policy applies to
information of existing as well as former customers.
Our Commitment
SBI-US is committed to
maintaining the privacy of your personal information. In order to safeguard the
confidentiality of your personal information, we restrict access to your accounts only to
those employees who need to know these information to provide you with account services or
for SBI-US's internal accounting, review and compliance purposes. We require that all SBI-US
employees maintain the confidentiality of your personal information. We endeavor to maintain
physical, technological and procedural safeguards and security that comply with federal guidelines.
Why
We Collect Information
We
collect and use various types of information from and about you; however,
we limit the information to the minimum required to:
- Accurately identify you when you are conducting financial
transactions with SBI-US to prevent unauthorized persons from gaining
access to your personal and financial information.
- To better understand your financial needs and to offer you
with preferred rates, payments, products and other related services to
help you achieve your financial objectives consistent with our business
norms and practices.
- To properly manage our business.
Information that SBI-US Collects
In order
to understand your financial needs and provide you with products and
services designed to meet your objectives and to better service your
accounts, SBI-US obtains information about you from the following sources:
- Applications, forms and other documentation you complete
and information you provide in person, by phone or other means to open
accounts with SBI-US, in connection with SBI-US’s products and services.
Examples of such information include your name, address, marital status,
family, social security number or tax identification number, income,
assets, debts and liabilities.
- Your account and transaction with SBI-US, SBI-US’s affiliates and
others.
- Your transactions with other companies and persons.
Examples of such information include your employment history, loan
balances, credit card operations, etc.
- Consumer reporting agencies such as credit bureaus.
Information SBI may share with Affiliates
In case
of those customers who maintain deposit or loan accounts with SBI-US, SBI-US may share
share information about their account history and experience within SBI's affiliates
providing banking, financial, merchant banking, investment banking and insurance services
(“SBI family companies”).SBI-US may also share within SBI family companies
other non-public personal information about such customers such as information received from
them in applications, forms, other documentation and information received from credit bureaus.
If you do not want SBI-US to share your information within SBI family
companies (other than information relating to your account history and
experience), please complete the “ opt-out” form attached to this Notice
and mail it to the SBI-US branch or agency where your account is
maintained. Please provide all information required on the opt-out form
in order to expedite your request and to ensure that we accurately
process it.
If you are comfortable with the manner in which SBI-US
handles customer information, you need not take any action at this
time.
If your account(s) are held jointly with other individuals we
will treat an opt-out request by one of the account holders as applying
to all joint account holders. If you have more than one account and you
decide to opt-out of information sharing, your decision will apply to
all of your relationships with SBI-US.
Please note that sharing information
about your relationship among the SBI family companies enables us to
provide additional convenience, products and services to better serve
your financial needs. Opting-out may prevent you from receiving certain
preferred rates and discounts. On the other hand, opting-out may not
prevent unwanted solicitations from other companies that received your
information from other sources.
Information SBI-US may share with Non-affiliated third
parties
SBI-US
does not share or sell non-public personal information about SBI-US
customers or former customers to non-affiliated third parties, except as
permitted by law. Few illustrations are given below:
SBI-US may
share non-public personal information (as described below) with
non-affiliated third parties contracted on behalf of SBI-US to perform
services necessary for the routine operation of your account(s). This
includes services such as check printing, data processing, and loan
servicing and fraud prevention.
SBI-US may also share non-public personal
information with non-affiliated third parties performing marketing
services on our behalf, with other financial institutions with whom SBI-US
has or may have joint marketing agreement. In all such cases, the
non-affiliated third party receiving the non-public personal information
would be required to maintain the confidentiality of the information and
to use such information only for the purpose for which it was disclosed
to such party. SBI-US may also share non-public personal information as
permitted or required by law, judicial or other governmental process (such as under
provisions of the USA PATRIOT Act 2001) or for regulatory and statutory reports
and audits or as may be authorized by you.
Non-public personal information
SBI-US may share with non-affiliated third parties as described in this paragraph
includes:
- Information SBI-US receives from you on application and
other loan or account forms and documentation, such as name, address,
age, assets, income and liabilities.
- Information received from credit bureaus such as your
credit score, creditworthiness and payment history.
- Information obtained to verify representations made by
you such as your credit or deposit accounts with other financial
institutions or your employment history.
- Your name, address, account number and social security number
with the service provider for printing Form 1099 and your name and account number
with the service provider who prints checks.
Security of personal information
SBI-US takes the security of information very seriously. SBI-US has
established physical, technological and procedural systems and
controls for protecting confidentiality of your personal
information, which complies with Federal Regulations. SBI-US
employees will undergo training on an ongoing basis to keep the
protection of consumer information a day-to-day priority.
Other Information
This Privacy Policy applies to SBI-US products and services for
personal, family or household, non-business purposes.
If you have
any questions about our Privacy Policy, or about the security and
confidentiality of your non-public personal information, please call
our Compliance Officer, at the branch where you maintain an account,
who will be happy to assist you.
The contact information is as follows:
Toll Free: 1-800-724-5780
SBI-US reserves the right to change the Privacy Policy at any
time, but if we do so, we will notify you promptly before any
change is implemented. We will also notify you annually as required by
federal law.
For list of branch addresses click here
For
Opt-out form click here
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