SBI's Innovation Drive: New Deposit Products on the Horizon

The State Bank of India (SBI) is planning to introduce innovative deposit products, including a combo of recurring deposit and SIP. As financial literacy improves, customers are seeking better financial instruments. SBI aims to leverage its extensive reach to mobilize deposits while focusing on customer service and digital channels.

The State Bank of India (SBI) is planning to introduce innovative deposit products to attract more depositors. These products may include a combination of recurring deposit and SIP, according to the bank's chairman, C.S. Setty.

As the economy progresses and financial literacy improves, Setty noted that customers are becoming more financially aware and demanding. They are now seeking investment instruments that offer better value and diversification. 'Nobody wants to put everything in a risky asset or a speculative asset. Banking products will always be part of the basket,’ he told PTI.

Setty highlighted that SBI is leveraging its extensive network of physical outlets and initiating massive outreach programs to attract new deposits. He also emphasized the bank's focus on balancing competitive interest rates with exceptional customer service. SBI aims to become the first Indian financial firm to net Rs. 1 lakh crore in profit within the next 3-5 years, building on its Rs. 61,077 crore net profit from FY24.

(With inputs from agencies.)