The country's largest bank, State Bank of India (SBI) is preparing to launch a completely new and unique investment product to attract investors. In this new investment product, the benefits of RD and SIP will be available together. SBI Chairman CS Shetty has given this information. He has said that to attract depositors, the bank is considering introducing innovative products including combined product of Recurring Deposit (RD) and SIP. He said that with the progress of the economy, customers are becoming more financially aware and demanding, and have started looking for innovative investment vehicles. Shetty said customers today are focusing on the value proposition, as financial literacy is increasing and the concept of asset allocation will gain more importance. “Obviously, no one wants to put everything they have into a risk asset,” he said.
Preparation to make RD more attractive
Banking products will always be a part of it. So, we are trying to bring products that attract them. The SBI chairman said, we are trying to bring innovation in some traditional products like recurring deposit, which is actually a traditional SIP. Maybe, we can combine both fixed deposits/recurring deposits and SIPs and offer a combined product that can be digitally accessible. He said the bank is considering these innovations to popularize deposit products among the new generation. Furthermore, he said the bank has launched a massive outreach program to mobilize deposits.
Our network is spread across the country
Shetty said, as I said, for us, collecting deposits is a franchisee's job. We have the largest number of physical branches across the country. We are leveraging our huge physical reach by launching outreach programs where customers are contacted. Today, efforts are being made by SBI to reach every customer, whether they are existing customers or new customers.
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