The Economic Times said that it wants to open 55 wealth management centres across India by 2020 in a bid to attract high net worth clients from private lenders.
It already has a wealth management offering in 44 centres and 121 wealth hubs.
“This is our service-oriented initiative. We want to be known as a bank which give correct advice to customers,” Arijit Basu, SBI managing director, said to the Economic Times.
SBI’s wealth service has around 52,000 customers and is managing their assets worth INR300bn (£3.32bn, $4.33bn, €3.9bn).
The wealth management service is available to existing customers with minimum INR3m in assets.
The entry threshold for new customers is INR1m.