The bank did not specify the new rates.
It already has zero processing fees when someone transfers a home loan from another bank to SBI.
Banks typically charge processing fees of up to 2% on many loans to cover the expense involved in verifying documents and other such expenses.
State Bank of India has a deposits worth Rs 26.02 lakh crore, out of which 43.81% is in the form of savings and current account deposits.
It has 23,000 branches and 59,000 ATMs.
The bank also has over 42 crore customers, including nearly 2.3 crore mobile banking users, 4 crore Internet Banking users, 1.07 crore State Bank Buddy users and 34.5 crore debit card users.
The bank has 22% of India’s POS or card-swiping market.