Combining FDs and SIPs: SBI plans to come up with big plan for Gen Z; know here

The State Bank of India is planning to roll out several innovative products including a recurring deposit and SIP combo to attract Gen Z investors, informed the bank chairman C S Setty.  These offerings include a combination of recurring deposits and SIPs, aiming to cater to the increasing financial literacy among customers.

As the financial literacy among the customers is growing, they are now looking for innovative investment instruments, Setty told PTI.

"Nobody wants to put everything in a risky asset or a speculative asset...banking products will always be part of the basket. So, we are trying to bring products which will appeal to them," Setty told PTI in an interview.

"We are trying to bring innovation in some of the conventional products like recurring deposit, which is actually a conventional SIP...Maybe, we can combine both fixed deposit/recurring deposit and SIP, a combo product that could be digitally accessible," he added.

Sharing SBI's future target, Setty said the Bank aims at becoming the first Indian financial firm to breach the Rs 1 lakh crore net profit milestone in the next 3-5 years.

Notably, SBI recorded a standalone net profit of Rs 61,077 crore in FY24, registering a growth of 21.59 percent.