SBI Adds 1.24 Crore Savings Accounts in FY2023

• The country’s largest public sector bank has unveiled impressive growth in its deposit performance for the financial year 2023 particularly in savings accounts.
• In a remarkable expansion, the bank’s total deposits witnessed a year-on-year rise of 9.19% to reach Rs. 44.23 lakh crore.

Digital platform YONO plays a pivotal role in SBI’s substantial customer base expansion, accounting for 64% of the new accounts.

MUMBAI (India CSR): State Bank of India (SBI), India’s leading public sector bank, has announced a noteworthy achievement in customer acquisition for the financial year 2023. As per the latest annual reports, the banking giant has successfully opened an astounding 1.24 crore regular savings bank account, marking a significant milestone in its ongoing growth journey.

ADVERTISEMENT

Record-Breaking Account Creation

In a significant boost to its retail banking segment, SBI has effectively broadened its customer base, managing to open more than 1.24 crore regular savings bank accounts during the financial year 2023. This considerable figure underlines the bank’s continued commitment to providing top-tier banking solutions to an ever-expanding clientele.

YONO’s Digital Advantage in New Account Acquisition

Remarkably, SBI’s digital platform YONO has played a crucial role in this massive influx of new accounts. Around 64% of these new savings bank accounts, a hefty majority, were acquired digitally through the YONO platform, validating the bank’s emphasis on digital transformation in banking services.

Looking Ahead: SBI’s Digital Aspirations with YONO

Moving forward, SBI aims to continue leveraging its digital platform to enhance customer acquisition and service delivery. With over 4 crore registered users, YONO offers a comprehensive range of services, such as fund transfer, bill payment, shopping, insurance, investment, and loans, thereby serving as a one-stop solution for the bank’s digitally-savvy customers.

Impressive CASA Ratio Highlights Retail Strength

SBI’s low-cost current account savings account (CASA) deposits too marked a significant rise of 4.95% to hit Rs. 18.62 lakh crore. The CASA ratio currently stands at 43.80%, which is one of the highest among the bank’s competitors. This clearly underscores SBI’s robust retail franchise, with current account deposits and savings bank deposits growing by 7.47% and 4.51% respectively.

A Comprehensive Look at SBI’s Deposit Growth

The annual report showed that domestic deposits surged by 8.50% to a colossal Rs 42.53 lakh crore, while deposits from foreign offices displayed an even more significant growth of 29.60%, escalating to Rs. 1.70 lakh crore.