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State Bank of India (SBI) plans to open 400 branches across the country in the current financial year as part of its network expansion plan. SBI, the country's largest public sector bank, opened 137 branches in the last financial year. In this 59 new rural branches were started. In this regard, SBI Chairman Dinesh Kumar Kara said, "89 per cent of digital transactions and 98 per cent of transactions are done outside the branch. They asked if more branches are needed and the answer was yes. Some services can be provided only from the branch. He said that they are planning to establish new branches by identifying the areas of opportunity. He said that they are planning to add around 400 branches this year. SBI has 22,542 branches across the country as of March 2024. However, the exact information about where the branches will be opened has not been released.
Financial Position of State Bank of India:
In the year ended March 2024, the bank invested in SBI General Insurance Company Limited Rs. 489.67 crores of additional capital raised. Subsequently, the bank's share decreased from 69.95 per cent to 69.11 per cent. SBI General Insurance's net profit for the financial year ended March 2024 rose 30.4 per cent to Rs 240 crore. State Bank of India's non-life subsidiary earned a net profit of Rs 184 crore in the last financial year. SBI Payment Services Private Limited, which is in the merchant acquisition business, is 74 per cent owned by SBI. The remaining stake is held by Hitachi Payment Services.

As of March 2024, SBI Payments is one of the largest acquirers in the country with over 33.10 lakh merchant payment acceptances and 13.67 lakh POS machines across geographies. The company's net profit fell to Rs 144.36 crore in the year ended March 2024. In the previous year, it was Rs.159.34 crores.

SBI Fixed Deposit:

• State Bank of India offers variable Fixed Deposit (FD) interest rates based on the tenure of the deposit.
• The interest rate for short-term deposits of 7 days to 45 days is 3.50%.
• The interest rate on deposits between 46 days to 179 days is 5.50%
• The interest rate for 180 days to 210 days is 6.00%.
• 6.25% on deposits from 211 days to one year
• The rate of interest is 6.80% for 1 year to less than two years.
• The maximum rate of 7.00% for deposits within 2 years to three years.
• For 3 years to less than five years, the interest rate is 6.75%.
• The interest rate for long-term deposits of five years to 10 years is 6.50%.