India's largest lender, State Bank of India is opening 24 hour operational ‘Locker Shoppe-cum-Gold Loans' branch in Visakhapatnam having round-the-clock operations, a top official of the bank said.
Mr. Gopal Krishnan Kansal, General Manager (Andhra Circle), SBI on the sidelines said, "The proposal branch would remain open for 24 hours for locker operations and gold loans which would be sanctioned up to 8 pm everyday".
Mr. Kansal also inaugurated a new State Bank of India branch at Asilmetta, Visakhapatnam.
Talking about the bank product Mr. Kansal said the "SBI was offering protected home loans where the dependents of the borrowers need not pay outstanding installments in case of sudden demise of the borrowers"
Mr. Kansal also said that the bank has also lowered its base rate and is currently offering home loans at 10%. SBI is also offering personal accidental insurance cover of Rs 4 lakh at a premium of Rs 10 per annum for all its savings bank account-holders through SBI General Insurance.
The bank is also targeting to open 100 new branches in Visakhapatnam by the end of this financial year.