India’s largest lender, the State Bank of India (SBI), announced Monsoon Dhamaka offer for customers with a 100% waiver on processing fees on home loans. This is a significant reduction from the existing processing fees of 0.40%. The offer is for a limited period ending on August 31, 2021. Note that SBI Home Loan interest rates start at 6.70%.
C.S. Setty, MD (R&DB), SBI said “We are pleased to announce the Monsoon Dhamaka offer for our prospective home loan customers. We believe this offer of processing fee waiver will facilitate and encourage home buyers to take decision with ease, as interest rate is at its historic low. We strive to be a banker to every Indian and thereby, be partners in nation building.”
Meanwhile, SBI YONO has implemented a tough new rule that customers must follow. There has been a huge spike in netbanking transactions over the last year, but along with this have come many problems, especially the ones having to do with security and preventing loss of money to fraudsters.
The bank has said that the new version of the YONO app is coming with new security features. Those customers who wish to log in to the YONO app will have to do so using their registered mobile phone number. For new registration of YONO, the bank has said that customers will have to use the same mobile number which is registered with the bank.
“Bank Securely with YONO SBI! YONO SBI is leveling up its security features. The new upgrade will allow access to YONO SBI only from the phone which has the mobile number registered with the bank,” SBI tweeted.
It is worth adding that State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also the largest mortgage lender in the country. The home loan portfolio of the bank has crossed the milestone of Rs 5 lakh crore. As on March 31, 2021, the bank has a deposit base of nearly Rs 37 lakh crore with CASA ratio of over 46% and advances of more than Rs 25 lakh crore.
Among All Scheduled Commercial Banks (ASCB) SBI commands a market share of 34.51% in home loans. The lender also has the largest network of 22,219 branches and 62,671 ATM / CDM in India with BC outlets close to 72,000. The number of customers using internet banking and mobile banking stand roughly at 89 million and 20 million respectively.
The integrated digital and lifestyle platform by SBI – YONO has over 37 million registered users, which witnesses 9 million logins per day. Accelerating the digital agenda, 2 million accounts have been opened through YONO in the quarter ended March 2021. In terms of digital lending, the bank disbursed personal loans of more than Rs 5.300 crore through the YONO mobile app in the same quarter.
