On Independence Day, the bank announced a special personal loan scheme with zero processing fees to support recruits under the Agnipath programme.
State Bank of India (SBI) has launched a new personal loan scheme for Agniveers to mark India's 79th Independence Day. The offering allows recruits with an SBI salary account to access collateral-free loans of up to ₹4 lakh. The bank also announced revised charges for its online IMPS fund transfer service, which take effect today.
Supporting the Nation's Protectors
Under the new scheme, Agniveers can secure a loan without providing any collateral and with a complete waiver of the processing fee. The bank stated that the repayment tenure is designed to align with the Agnipath scheme's term, offering flexibility to service members as they transition from civilian life. This initiative aims to provide financial support and stability to the young recruits.
"Those who are protecting our freedom…deserve our unwavering support as they build their futures," said SBI Chairman C S Setty. He added, "This zero-processing fee is just the beginning as we continue to create solutions that will empower India's brave hearts."
Broader Commitment to Defence Personnel
This loan is part of SBI's long-standing commitment to the armed forces, which includes its comprehensive Defence Salary Package. In a related offer, the bank is also providing a flat interest rate of 10.50 percent on loans for all defence personnel, available until September 30, 2025.
Revised Charges for IMPS Transfers
In a separate announcement, SBI has updated its charges for online fund transfers using the Immediate Payment Service (IMPS). While transfers at a branch remain unchanged, online transactions above ₹25,000 will now include a nominal service charge.
Here is a breakdown of the new charges, effective August 15:
| Transaction Amount | Service Charge (plus GST) |
|---|---|
| ₹25,001 to ₹1 lakh | ₹2 |
| ₹1,00,001 to ₹2 lakh | ₹6 |
| ₹2,00,001 to ₹5 lakh | ₹10 |
These moves by SBI reflect a dual focus: creating targeted financial products for specific customer groups like the Agniveers while also adjusting the fee structure for its widely used digital banking services.
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