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Home / Companies / News /  State Bank of India announces offers on retail loans, deposits

MUMBAI: State Bank of India (SBI) on Monday announced an array of retail offers, including processing fee waivers on loans as well as a limited period deposit rate hike.

Customers can further enjoy the facility of up to 90% on-road financing for their car loans, the bank said. It is offering a special interest concession of 25 basis points (bps) for customers applying for a car loan through the Yono app. The users of Yono planning to bring home a new car can avail of the loan at an interest rate of 7.5% per annum, it said.

That apart, for its gold loan customers, the bank is offering a reduction of 75 bps in the interest rates and customers can now avail of gold loans at 7.5% per annum. The bank has waived off processing fees for customers applying for a gold loan through Yono. On its personal and pension loan customers, the bank announced a 100% waiver in processing fees across all channels.

The bank has also announced a special interest concession of 50 bps to covid-19 warriors -- 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 said it was introducing platinum term deposits to mark 75 years of independence. Customers, it said, can now get additional interest benefit up to 15 bps on term deposits for 75 days, 75 weeks, and 75 months tenors starting 15 August till 14 September.

C S Setty, managing director (retail and digital banking), SBI said, “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."

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