State Bank of India Strategy to Enhance Deposit Accretion
- SBI has devised a three-pronged strategy to enhance deposit accretion.
- The first is an aspirational product, Har Ghar Lakhpati, which is targeted to make depositors lakhpatis by helping them increase their deposits to ₹ 1 lakh through recurring deposit (RD) schemes.
- The second product allows depositors to save a part of the interest earned on fixed deposits, or FDs, into mutual funds and another part into a pension corpus.
- SBI plans to launch both products this month.
- Deposit growth remained at below 10% YoY, mainly on the back of a significant drop in loan demand.
State Bank of India (SBI)
- Headquartered in Mumbai, Maharashtra.
- Chairman: Challa Sreenivasulu Setty
- 48th largest bank globally by total assets.
- Ranked 178th in Fortune Global 500 2024.
- Largest bank in India with 23% market share by assets and 25% share of total loan and deposits market.
- Tenth largest employer in India with nearly 250,000 employees.
