State Bank of India (SBI) has set an ambitious target to scale up its wealth management assets under management (AUM) to Rs 15 lakh crore by 2030, signalling a sharper focus on the fast-growing affluent and high-net-worth customer segment.
SBI Chairman said that the country’s largest lender currently manages around Rs 4 trillion (Rs 4 lakh crore) of wealth assets, with the bulk of these assets parked in deposit-based products. The bank now aims to significantly diversify and deepen its wealth offerings as part of its long-term growth strategy.
Wealth Business Seen as Key Growth Engine
The sharp jump in targeted AUM reflects SBI’s confidence in India’s rising household savings, growing financialisation, and increasing demand for structured wealth products. The bank plans to leverage its extensive branch network, digital platforms, and trusted brand to cross-sell investment, insurance, and advisory products to existing customers.
Shift Beyond Deposits
While deposits continue to dominate SBI’s current wealth assets, the bank is expected to gradually increase the share of mutual funds, insurance, portfolio management services and alternative investment products as investor preferences evolve.
With India’s wealth management industry expanding rapidly, SBI’s aggressive AUM target underscores its intent to become a leading player in the organised wealth space over the next decade.
Keywords: SBI wealth AUM target, SBI chairman statement, SBI wealth management, India wealth market, SBI deposits growth, Indian banking sector outlook, wealth management 2030
