State Bank Of India

State Bank of India, country’s largest public sector lender to start charging Rs 60 per year for getting SMS alerts. It will start charging Rs 15 inclusive of service tax per quarter, with effect from quarter ending June 2013. The bank has also decided to charge a nominal fee of Rs 100 per card for issuing cards plus applicable service tax on completion of one year from the date of issue/renewal of the card and thereafter to be charged yearly.

For the year ended March 31, 2013, the bank’s net profit surged by 20.48% at Rs 14104.98 crore as compared to Rs 11707.29 crore for the year ended March 31, 2012. Bank’s total Income has increased by 12.26% to Rs 135691.94 crore for the year under review from Rs 120872.90 crore for the previous fiscal.