SBI to launch new variant of current, savings accounts

SBI is planning to launch new variants of current account (with balances of Rs. 50,000 and Rs. 50 lakh) and “Parivar” (family) savings account in FY24 to minimise the gap between deposit growth and credit growth.

The new plans come in the wake of deposit growth lagging credit growth over the last few quarters.

Domestic deposits of India’s largest bank grew 8.86 per cent year-on-year (y-o-y) by the end of 2022, while domestic advances were up 16.91 per cent y-o-y.

SBI expects that its domestic deposits and domestic advances will grow about 12 per cent and 16 per cent y-o-y, respectively, in FY24, according the Bank’s business plan for the new financial year.