Its raining offers from SBI for its retail customers

by Suman Gupta

• Announces interest concession of 75bps on Gold loan across all channels

• YONO users to get special interest concession of 25 bps on Car loan

• Bank waives-off processing fees on Car, Gold, Personal and Pension loans

• Depositors to get additional interest up to 15bps on Term Deposits

Mumbai – August 16, 2021: As the country is celebrating Azadi Ka Amrit Mahotsav – which is a GOI’s initiative to commemorate 75 years of Indian independence – the country’s largest bank State Bank of India (SBI) is also geared up to provide an array of offerings on its retail loans and deposits to its customers.

After announcing processing fee waiver on Home loans, the Bank has announced a 100% waiver on processing fees for its Car loan customers across all channels. The customers can further enjoy the facility of up to 90% on-road financing for their Car loans.

SBI is offering a special interest concession of 25 bps for customers applying for a Car loan via YONO. The users of YONO SBI planning to bring home a new car can avail of the loan at an interest rate of as low as 7.5% per annum.

For its Gold loan customers, the Bank is offering a reduction of 75bps in the interest rates. Customers can now avail of Gold loans from across all channels of the bank at 7.5% per annum. The bank has further waived off the processing fee for all the customers applying for a gold loan via YONO.

For its Personal & Pension loan customers, the Bank has announced a 100% waiver in processing fees across all channels.

The Bank has also announced a special interest concession of 50 bps to covid warriors i.e., ‘frontline healthcare workers’ applying for Personal loans, which soon will be available for application under Car and Gold loans as well.

For retail depositors, the Bank is introducing ‘Platinum Term Deposits’ to mark 75 years of independence. Customers can now get additional interest benefit up to 15 bps on Term Deposits for 75 days, 75 weeks, and 75 months tenors starting 15.08.2021 till 14.09.2021.

Shri C S Setty, MD (Retail & Digital Banking), SBI said, “We are glad to announce multiple offerings for all our retail customers ahead of the festive season. We believe that these offerings will help customers to save more on their loans and at the same time add value to their festive celebrations. It is our constant endeavor at SBI to offer the best financing solutions to all our valued customers and help them fulfill their needs and requirements.”

About State Bank of India:State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also the largest mortgage lender in the country which has so far fulfilled the home buying dreams of 30 lakh Indian families. The home loan portfolio of the bank has crossed the milestone of Rs. 5 lakh crore. As on June 30, 2021, the bank has a deposit base of over Rs. 37 lakh crore with CASA ratio of nearly 46% and advances of more than Rs. 27 lakh crore. SBI commands a market share of 34.77% and about 31.11% in home loans and auto loans segment respectively. SBI has the largest network of 22,224 branches and 63,906 ATM / CDM in India with 71,705 BC outlets. The number of customers using internet banking and mobile banking stand roughly at 91 million and 20 million respectively. The integrated digital and lifestyle platform by SBI – YONO has close to 36 million registered users, which witnesses approximately 11 million logins per day. Accelerating the digital agenda, around 1.5 lakh accounts have been opened through YONO in the quarter ended June 2021. In terms of digital lending, the bank disbursed personal loans of around Rs. 2430 crore through the YONO mobile app in the same quarter. On social media platforms, SBI has the highest number of followers on Facebook and Twitter amongst all banks worldwide.