SBI Vizag to focus on low-cost deposits

State Bank of India, Visakhapatnam, is focusing on low-cost deposits during this fiscal to meet its target of collecting over Rs 1,000 crore new deposits in the region. The bank has 47 branches in Vizag.

“Though we have mobilised Rs 874 crore up to December, we are way behind our targets in issuing advances. Without giving more advances, collecting more deposits by paying higher interest rates is meaningless, hence we are putting more emphasis on low-cost and no-cost deposits,” DSRK Saibaba, assistant general manager, SBI, told mediapersons here on Tuesday.

Last fiscal, low-cost deposits constituted 40 per cent of the total deposits. This year the bank is eyeing 45 per cent.