On the occasion of the 79th Independence Day, State Bank of India (SBI) introduced a personal loan scheme for Agniveers serving under the Government of India’s Agnipath recruitment programme, as per the PTI report. Agniveers with a salary account at SBI can apply for loans of up to ₹4 lakh. The scheme does not require collateral, and the processing fee has been waived. Repayment will be structured to match the tenure of the Agnipath programme.
As per the reports, the bank has set the interest rate at 10.50% for all defence personnel. This rate will remain in effect until September 30, 2025. SBI noted that this facility is in addition to the existing offerings available under its Defence Salary Package.
As per news reports, the bank's chairman, C S Setty, stated, “At SBI, we believe that those who are protecting our freedom…deserve our unwavering support as they build their futures. This zero-processing fee is just the beginning as we continue to create solutions that will empower India's brave hearts in the years to come.”
As per reports, the Defence Salary Package provides zero-balance accounts, free international gold debit cards, unlimited transactions at SBI ATMs, and a waiver on annual maintenance charges for debit cards. It also includes personal accident insurance of ₹50 lakh, air accident insurance of ₹1 crore, and coverage for partial or total permanent disability up to ₹50 lakh.
Read more: SBI Regains Top Spot in Home Loan Market, Overtaking HDFC Bank!
SBI has also updated its Immediate Payment Service (IMPS) charges for online fund transfers, effective August 15, 2025. Transfers above ₹25,000 but below ₹1 lakh will be charged ₹2 plus GST. For ₹1-2 lakh, the charge will be ₹6 plus GST, and for ₹2-5 lakh, ₹10 plus GST. Charges for IMPS transactions conducted at branches remain unchanged, as per reports.
As of June 2025, SBI reported deposits of ₹54.73 lakh crore and advances of ₹42.54 lakh crore. The bank holds 27.7% of the home loan market and 19.03% of the auto loan market. Its network includes over 22,980 branches, over 62,200 ATMs/ADWMs, and more than 76,800 banking correspondent outlets.
SBI has 14.2 crore internet banking users, and in Q1 FY26, 66% of new savings accounts were opened through its YONO platform.
The loan scheme adds to SBI’s existing financial offerings for defence personnel, with updated fund transfer charges also taking effect from mid-August 2025.
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Published on: Aug 16, 2025, 2:23 PM IST
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