To draw in Gen Z investors, the State Bank of India, led by Chairman C S Setty, intends to launch novel products including a recurring deposit and SIP combo. The objective of this effort is to address the growing financial literacy of the clientele. Within the next three to five years, SBI hopes to achieve Rs 1 lakh crore in net profit, making it the first Indian financial company to do so.

According to bank chairman C S Setty, the State Bank of India intends to launch a number of cutting-edge products, such as a recurring deposit and SIP combo, to draw in Gen Z investors. In order to meet the needs of customers who are becoming more financially literate, these offers combine SIPs with recurring deposits.

Customers are increasingly searching for cutting-edge investment strategies as their level of financial literacy rises, Setty told PTI.

“Banking goods will always remain a part of the basket; nobody wants to invest all of their money in speculative or hazardous assets. Thus, we’re attempting to offer goods that will interest them,” Setty said in an interview with PTI.

“We’re attempting to innovate some traditional products, such as the recurring deposit, which is essentially a traditional SIP…Perhaps we might create a combined product that would be available digitally that combines SIP with fixed deposit/recurring deposit as well,” he continued.

Speaking about SBI’s long-term goals, Setty stated that the bank wants to break the Rs 1 lakh crore net profit barrier and become the first Indian financial company to do so in the next three to five years.
Notably, SBI saw an increase of 21.59 percent and reported a standalone net profit of Rs 61,077 crore in FY24.