Dubai, June 7: The State Bank of Travancore (SBT) is planning to open a branch in Oman, besides setting up representative offices in the United Arab Emirates (UAE) and Saudi Arabia.

A report in the Oman Tribune newspaper quoted Pradeep Shankar, chief general manager of SBT, as saying that the bank is exploring options of opening a branch in the capital city of Muscat, provided there is business potential.

Regarding the Dubai (UAE) and Saudi Arabia representative offices, he said, "These representative offices will subsequently function as full-fledged banks."

According to the report, Shankar also claimed that the bank provided the best interest rates for non-resident Indians (NRIs), who can also avail of housing, car and education loans.

Deposits from NRIs in the bank had grown by Rs.6.89 billion during the last financial year to touch Rs.78.75 billion, he added.

There are over 300,000 Indians residing in Oman.