State Bank Of India

State Bank of India (SBI), country’s largest public sector lender, has entered into partnership with travel firm Thomas Cook to offer a recurring deposit to bank’s customers to save for their future holidays.  With the scheme, called Thomas Cook Holiday Savings Account (HSA), SBI’s customer will be able to pre-select a holiday from the travel company and save for it through a recurring deposit with the bank. The customer will have to pay 12 instalments and at the end of the period the travel firm will pay the 13th instalment. The scheme will shield customers from inflation while earning interest on the deposit.

The bank reported 25.11% rise in its net profit at Rs 3879.07 crore for the quarter ended September 30, 2015 as compared to Rs 3100.41 crore for the same quarter in the previous year. The bank’s total income increased by 12% to Rs 46854.81 crore for the quarter under review from Rs 41833.36 crore for the corresponding quarter of the previous year.