SBI targets High Net Worth Individuals

Despite the downfall in the card industry, SBI Cards, this is a joint venture between State Bank of India and the GE capital, introduced Signature Cards for high net worth individuals and affluent customer segment.

The annual fee for the availability of the card is Rs.5, 000 on which customers will enjoy gift vouchers of up to Rs. 5, 000 or will be entitled for air ticket at the time of enrolment.

“With the SBI Signature Card, we now have an enhanced offering for the affluent customer segment. SBI Signature Card is another product innovation from our side and comes with a distinct value proposition,” Mr. Narahari, CEO, SBI Cards said.

The company is expecting an increase of at least one million cards by 2014 in addition to current size of 2.2 million cards with asset size – Rs. 2,300 crore.

SBI fixed deposit rates have become an all time high

Fixed deposit rates for each and every bank have reached to a good level and it has become quite difficult for the individuals to go with the right one. The one bank hat has been steady in its pace and in line with other banks is SBI and SBI fixed deposit rates too vary from 6% to 10 % depending on the tenure you have opted for investment. There are options to open an account with a mere of a Rs 1000 for 7 days that goes up to 10 years.

Make use of the calculators that SBI have deployed to their websites nowadays and see how much you can be benefited from a definite amount for a particular period of time.

Summary: SBI Fixed deposit rates have reached to a all time high and are in line with other nationalized and private banks.

SBI fixed deposit scheme offers multiple loan offers as well

SBI fixed deposit is the best option to invest your money in if we compare to other banks. It provides you the maximum returns on the money you invest in. They offer a high flexibility in terms of the tenure for which you want to enrol for this scheme. It varies from a mere 7 days to 10 years. Anyone can open the account for the same with a minimum amount of just Rs 1000. And what’s more makes it attractive is the loan offer that you can avail by opening an account with SBI.

SBI fixed deposit interest is debited in your account very timely and above all it gets compounded after every 3 months. Also they give you a liberty for auto renewal of your deposits when it reaches the maturity time.

Summary: SBI fixed deposits besides just opening a FD account offers you with multiple loan offers as well.

SBI Car loan EMI calculator helps you to set up your loan tenure period

Have you heard about the new SBI Car loan scheme? If not, here is the overview on the same. Firstly, there is no advance EMI and you can repay the loan amount in 7 years. Take the help of SBI Car loan EMI Calculator where it will be easy for you to decide on the tenure which you should be opting for repaying the loan. Above all the new scheme offers the corporate people to have more concessions.

 You can avail up to 90% loan of the road price of the car and the calculator will help you to decide further how you can breakdown your EMI. There will be no prepayment penalty as well.

Summary: SBI Car loan EMI Calculator helps you to decide and set the loan tenure period that makes your job easy to repay the loan.

SBI announces expansion plans

The largest public sector lender in the country State Bank of India has announced major expansion plans for the year 2011-12, according to which it aims to open 800 branches during the time duration. After the addition of these 800 braches the total branch count of the bank would cross the mark of 14,000.

The Managing Director and Chief Financial Officer of SBI, Mr. Diwakar Gupta said “We are planning to open 700-800 branches in the current financial year against 650 set up during the last fiscal.”

Not only in the country but the bank is also looking to expand its overseas network also.

Finally, SBI hikes lending rates

The largest lender in the country, State Bank of India finally had to hike the lending rates. Along with the lending rates it has also hike the deposit rates by a maximum of 225 basis points. It has hiked both BPLR and Base rates by 75 basis points, now they stand at 14 percent and 9.25 percent.

It is most likely that a lot more banks will follow what SBI has done, it is also important t mention that despite hike in the policy rates several times by RBI it kept its lending rates unmoved and due to which the lending rates of the bank were much lower than the other players.

The Chairman of Bank of Baroda Mr. M D Mallya said "Last couple of times SBI had not increased rates, so they are now aligning with other banks."

SBI teams up with Hindustan Unilever

To implement the Financial Inclusion Plan effectively and efficiently the banks are pairing up with the corporate players. In a similar effort the largest lender in the country State Bank of India has formed an association with Hindustan Unilever (HUL).

The lender will levy the huge network created by the company under the ‘Shakti Ammas’ , a group of self help groups that distribute HUL products in the remote villages. The service is launched on pilot basis in Maharashtra. Now the self help groups along with distributing the HUL products will also open bank accounts.

The Executive Director, sales & customer development, HUL Mr. Hemant Bakshi said "The objective is to bring about financial inclusion in rural areas. By doing this, we strengthen the Shakti network and also provide villagers with the opportunity to access capital."

A HUK spokesman said "In most villages where we have started the project, we have achieved 20% penetration-i.e. almost a fifth of the households in the villages are participating in the financial inclusion project. Interestingly, almost 80% of the participants are women who find this a friendly and accessible way of reaching the formal financial system."