SBI e-auction: Bids invited for over 1,000 residential, commercial properties

  • SBI will hold an mega e-auction on February 27
  • Here's a step-by-step guide on how to participate in the e-auction

State Bank of India (SBI) has announced an mega e-auction of more than 1000 residential and commercial properties to recover dues, the bank said in a statement. Participants in the February 27 auction have to register. Know Your Customer (KYC) documents are mandatory for participation. Bidders must submit them at the nearest SBI branch.

Five things to know for participating in SBI's e-auction

1. Earnest money deposit (EMD) for the particular property as mentioned is essential, said the bank. Earnest money deposit is the token amount that the buyer pays to show genuine interest in a property.

2. KYC (Know Your Customer) documents must be submitted to the branch concerned before participating in the e-auction.

3. A valid digital signature is also mandatory. Bidders may approach the e-auctioneers or any other authorised agency to obtain digital signature, SBI said.

4. Login ID and password will be sent to the email id of the bidders after the successful submission of Earnest money deposit and KYC documents in the branch, said SBI.

5. The full list of properties available for the auction is mentioned in SBI's website. Bidders are required to bid during the auction hours on the date set by SBI.  

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