State Bank of India unveils two new schemes to boost deposit mobilisation

State Bank of India (SBI) – the country’s largest lender – has unveiled two new schemes to boost deposit mobilisation at a time when most banks are facing challenges in raising resources.

 

The first is ‘Har Ghar Lakhpati,’ a pre-calculated recurring deposit (RD) scheme designed to help customers accumulate Rs 1,00,000 or multiples thereof and develop a savings habit.

 

“This product simplifies the process of achieving financial goals, allowing customers to plan and save effectively. This product is also available to minors, encouraging early financial planning and a savings habit,” SBI said in a statement.

 

The other is ‘SBI Patrons,’ a specialised term deposit scheme tailored for senior citizens aged 80 years and above. This product offers enhanced interest rates, recognising the long-standing relationship many senior customers have with the bank. ‘SBI Patrons’ is available to both existing and new term deposit customers.

   

“We aim to create goal-oriented deposit products that not only enhance financial returns but also align with our customers' aspirations,” CS Setty, Chairman, State Bank of India, said while announcing these new products.

 

“We are redefining traditional banking to make it more inclusive and impactful. We are committed to fostering financial inclusion and empowerment to contribute to India’s growth journey towards becoming a developed nation by 2047,” Setty said.

 

The sluggish deposit growth in recent years prompted the banking regulator to nudge lenders to focus on resource mobilisation with innovative products.

 

As on September 30, SBI’s deposit growth was at single digits, 9.13 per cent, while loan growth was 14.93 per cent, in line with industry trends. In the last few months, deposit and loan growth has converged, with both growing at 11.5 per cent, latest RBI data showed.

 

SBI has a deposit book of Rs 51.17 trillion as on September 30, with a market share of about 23 per cent.