SBI offers higher rate on term deposits, waiver of processing fee

For retail depositors, the Bank is introducing ‘Platinum Term Deposits' to mark 75 years of independence.

Mumbai:  As the country is celebrating Azadi Ka Amrit Mahotsav – an initiative to commemorate 75 years of Indian independence – the countrys largest bank State Bank of India (SBI) had also geared up to provide an array of offerings on its retail loans and deposits to its customers.

After announcing processing fee waiver on Home loans, the Bank has now announced a 100 per cent waiver on processing fees for its Car loan customers across all channels. The customers can further enjoy the facility of up to 90 per cent on-road financing for their Car loans.

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SBI is offering a special interest concession of 25 bps for customers applying for a Car loan via YONO. The users of YONO SBI planning to bring home a new car can avail of the loan at an interest rate of as low as 7.5 per cent per annum.

For its Gold loan customers, the Bank is offering a reduction of 75bps in the interest rates. Customers can now avail of Gold loans from across all channels of the bank at 7.5 per cent per annum. The bank has further waived off the processing fee for all the customers applying for a gold loan via YONO.

For its Personal and Pension loan customers, the Bank has announced a 100 per cent waiver in processing fees across all channels.

The Bank has also announced a special interest concession of 50 bps to Covid warriors i.e., ‘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 is introducing ‘Platinum Term Deposits’ to mark 75 years of independence. Customers can now get additional interest benefit up to 15 bps on Term Deposits for 75 days, 75 weeks, and 75 months tenors starting August 15 till September 14, 2021.

C.S. Setty, MD (Retail & Digital Banking), SBI said, “We are glad to announce multiple offerings for all our retail customers ahead of the festive season. 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 endeavour at SBI to offer the best financing solutions to all our valued customers and help them fulfil their needs and requirements.”