State Bank Of India

State Bank of India (SBI) has introduced special salary package for the railway employees. The package consists of special privileges to employees of railways drawing their salary from SBI.

The bank is also offering reduced interest rates on home loans, car loans and personal loans for railway employees and concessions are available in the locker rentals. Zero balance saving bank accounts will be opened for all the employees. According to the entitlements of railway employees, free drafts are issued. Other than this, discount is available up to one per cent on gold coin purchases.

The bank has reported a better-than expected net profit of Rs 3,263 crore for the quarter ended December 2011, up 15.38% from Rs 2,828 crore in the corresponding quarter last year. Profits were driven by an improvement in net interest margin which widened to 4.05% from 3.61% a year ago.