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SBI to launch new products in Bombay, other parts

State Bank of India has decided to launch a series of new products which include multi-option deposit scheme, personal loans scheme and sale of gold on retail basis.

SBI Chief General Manager SK Batra said that the Bombay circle of the bank upgraded 15 branches for fully computerised personal banking services. It has developed the software to make the operations customer-friendly that can now handle deposits, housing loans, overdraft facility, advances and personal loans and gold trading from one terminal.

The bank is planning to introduce credit cards facility for which joint venture with GE Capital of the USA has been formed.

The bank which is in the process of creating a brand image without losing bank's existing image of safety and security, has announced launching multi option deposit scheme for individuals at 101 branches in Bombay circle and about 900 branches all over India. It will be operational from July one.

Without making a repeat visit to the bank, the scheme-user would be able to obtain premature payment in part or in full, take loan against the deposit and avail overdraft facility against the deposits. Individuals including minors and Non-Resident Indians can open this deposit in single or joint names. Under the scheme, the deposits will be accepted in multiples of Rs 1,000 with a minimum of Rs 10,000 at the time of opening the fixed deposits for a period varying from one year to five years and subsequent deposits can be in multiples of Rs 1,000 with a minimum of Rs 5,000.

The scheme can be operated with new or existing savings and current bank accounts of the SBI's depositors.

UNI