As the country commemorates the 75th anniversary of Indian independence with the Azadi Ka Amrit Mahotsav, the country's largest bank, State Bank of India (SBI), is preparing to provide a variety of retail loans and deposit options to its clients. The country's largest bank, State Bank of India (SBI), launched a slew of deals for its retail clients on Monday. The bank is offering special discounts on retail loans and deposits as part of Azadi ka Mahotsav, the government's campaign to commemorate 75 years of independence. Following its zero-processing-fee policy for house loans, the bank has announced that all processing costs for auto loans would be waived across all channels. Customers may also take advantage of up to 90% on-road financing for automobile loans.
SBI is launching ‘Platinum Term Deposits' for retail customers to commemorate 75 years of independence, with extra interest advantages of up to 15 basis points on term deposits for 75 days, 75 weeks, and 75 months tenors from 15 August to 14 September this year. Customers who apply for a car loan using the YONO app will receive a special interest rate of 25 basis points. The app allows users to acquire a loan with an interest rate as low as 7.5 percent per year, according to a press release from SBI.
The bank is giving a 75 basis point interest rate decrease to its gold loan customers. Customers can get gold loans at a rate of 7.5 percent per year through any of the bank's outlets. Customers who apply for a gold loan using the YONO app will not be charged a processing fee. SBI has recently announced that all processing costs for personal and pension loan clients would be waived completely across all channels. Furthermore, Covid warriors, such as frontline healthcare personnel, who seek personal loans will receive a 50 basis point interest rate reduction. This service will be extended to vehicle and gold loans in the near future. “Ahead of the holiday season, we are pleased to introduce numerous options for all of our retail clients. SBI's MD (Retail & Digital Banking), C.S. Setty, stated, "We think that these services would help clients save more on their loans while also adding value to their seasonal festivities." Last month, the bank had announced a 100 per cent waiver on processing fees on home loans till August 31, 2021. Its home loan interest rate starts at 6.70 per cent.
In terms of assets, deposits, branches, customers, and staff, the State Bank of India is the largest commercial bank in India. It is also the country's largest mortgage provider, having helped 30 lakh Indian families realise their aspirations of owning a home. The bank's house loan portfolio has surpassed the Rs. 5 lakh crore mark. The bank has a deposit base of over Rs. 37 lakh crore, a CASA ratio of over 46 percent, and advances of over Rs. 27 lakh crore as of June 30, 2021. In the house loans and car loans segments, SBI has a market share of 34.77 percent and 31.11 percent, respectively.