SBT mops up record Rs 62.46bn from NRE deposits in Kerala

State Bank of Travancore (SBT) has mopped up a record deposit of Rs 62.46 billion from non-resident external (NRE) accounts out of a total Rs 274.87 billion NRE deposits in Kerala.

According to a state-level bankers' committee report, this premier bank of Kerala leads ahead of all other banks in the state in terms of NRE deposits. The total deposits in 3,345 branches of various banks in Kerala at present stand at Rs 560.93 billion.

SBT, with the highest number of 555 branches in the state, leads in total deposits with a staggering Rs 121.96 billion. The Alwaye-based Federal Bank, a private bank in Kerala, which has 306 branches, comes second and has a deposit of Rs.62.94 billion, including Rs 38.53 billion NRE deposits.

State Bank of India with 228 branches in the state comes third with a Rs 61.09-billion deposit, NRE deposits accounting for Rs 34.42 billion. Canara Bank, despite having 238 branches in Kerala, has a total deposit of Rs 56.8 billion and NRE deposits worth Rs 32.73 billion.

Among the new-generation banks HDFC Bank with 10 branches has a total deposit of Rs 4.36 billion and NRE deposits worth Rs 1.15 billion. Among the foreign banks HSBC with just one branch in the state capital has a deposit base of Rs 1.84 billion and NRE deposits of Rs 1.36 billion.

Bank of Rajasthan with just one branch has the lowest deposit of Rs 16 million. Jammu & Kashmir Bank, which has just two branches in Kerala, has the lowest NRE deposit with just Rs 400,000.