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At present, there is a lot of discussion about the decreasing deposits in the banks of the country. Mutual funds are being considered the main reason for decreasing bank deposits. Due to which the big government banks of the country are not able to get as much money as required. The special thing is that there is more demand for debt as compared to deposits. Due to which the concern has deepened even more. This is the reason why the country's largest bank SBI has made such a plan, which can increase the deposits of the bank. Let us also tell you what planning has been revealed by the new Chairman of SBI?

SBI is planning something new

CS Shetty, Chairman of SBI, the country's largest government bank, has said that to attract depositors, the bank is considering introducing innovative products including joint products of recurring deposits 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 instruments. Shetty said customers today are paying attention to the value proposition as financial literacy is increasing and the concept of asset allocation will gain more importance.

Will bring new products

He said that obviously, no one wants to invest everything in a risky asset…Banking products will always be a part of it. So, we are trying to bring products that will attract them. SBI Chairman said that we are trying to bring innovation in some traditional products like recurring deposit, which is actually a traditional SIP… Maybe, we can give a joint product by combining both fixed deposit/recurring deposit and SIP. Which can be digitally accessible.

SBI has the maximum number of physical branches.

He said that the bank is considering these innovations to popularize deposit products among the new generation. Apart from this, he said that the bank has launched a large-scale outreach program to mobilize deposits. Shetty said that as I said, collecting deposits for us is a franchise 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.