State Bank Of India In Canada Achieved Overall Business Growth During 2008

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

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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.

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