Despite financial turmoil reigning in the global economy during 2008, State Bank of India in Canada saw an overall business growth of 20%. The bank advanced $597 million and received deposits of $563 million in 2008.
The profit was retained at the same level of $3.3 million for the year ended 2008 as against $3.4 million in 2007 based on un-audited figures. Among business initiatives launched by the bank in Canada was offering Super Saver Scheme, a hybrid account that allows the account holder checking facility and GIC interest of 3 % per annum on daily balance amount.
The bank has also launched a New Tax Free Savings Account (TFSA) with a ceiling of $5000 per annum for investment, giving an interest rate of 3%.
According to Arun Nagarajan, President and CEO, Canada, SBI, the bank is considering to open branches in Alberta and Quebec Provinces to have larger presence in the region.
L.D.