The country’s largest bank, State Bank of India (SBI), is gearing up to offer a completely new and unique investment product to attract investors. This new investment product will combine the benefits of RD and SIP. SBI Chairman CS Shetty has hinted at a new product. It has said that the bank is considering bringing in innovative products, including a combined recurring deposit (RD) and SIP product to attract depositors. He said that with the advancement of the economy, clients are becoming more financially aware and demanding, and have begun to look for innovative investment instruments. Shetty said that today clients are paying attention to the value proposition, as financial literacy increases and the concept of asset allocation gains more importance. He said: “Obviously, no one wants to put everything into a risk asset.
Preparation to make the DR more attractive
Shetty said banking products will always be a part of this. Therefore, they are trying to bring products that attract depositors. The SBI chairman said that we are trying to innovate on some traditional products like recurring deposit, which is actually a traditional SIP. Maybe we can offer a combo product combining fixed deposit/recurring deposit and SIP that can be accessed digitally. He said the bank is considering these innovations to popularize deposit products among the new generation. Apart from this, he said the bank has started a massive outreach program to attract deposits.
Our network is extended throughout the country.
Shetty said, “As I said, deposit mobilization is a franchise job for us. We have the largest number of physical branches across the country. We are leveraging our huge physical reach by starting outreach programmes, where customers are contacted. Today, SBI is making an effort to reach out to all consumers, whether they are existing or new customers.”
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.