Several bank branches to remain open on May 8 to accept LIC IPO applications
The government-owned State Bank of India (SBI) announced on Friday that all branches will remain open on May 8 to accept applications for the LIC IPO, a day after the RBI directed all ASBA designated branches to remain open for the mega IPO on Sunday.
Some bank branches will remain open on Sunday, 8 May to accept @LICIndiaForever #IPO applications pic.twitter.com/ZVtIWMrU23
— Tamal Bandyopadhyay (@TamalBandyo) May 6, 2022
LIC recently announced special loan offers to its employees in order for them to participate in the IPO.
SBI is offering LIC employees a personal loan of up to 20 lakh rupees, or 90 percent of the purchase price of shares, whichever is less, at a special rate of 7.35 percent, which is lower than the three-year marginal cost of lending rate (MCLR) of 7.4 percent.
In addition, SBI has waived the processing fee for LIC employees on their five-year loan, with a margin of 10% of the loan amount with no security or guarantee.