Public sector banks in India are making significant strides into the wealth management sector, which has been largely dominated by private lenders. This shift is driven by changing customer preferences, as household savings increasingly move from traditional bank deposits to market-linked and risk products. Indian Bank is set to establish a wealth management vertical aimed at high net worth individuals, while the State Bank of India plans to increase its assets under management fivefold to ₹15 lakh crore (roughly $1.8 trillion USD) by 2030. The Indian wealth management market is expected to grow from $1.1 trillion in FY24 to $2.3 trillion by FY29, with the high net worth individual population projected to double to 1.7 million by 2027. Public sector banks are also enhancing their advisory services and digital capabilities to remain competitive. The declining share of bank deposits in household financial savings—from over 58% in FY12 to 35% in FY25—highlights the urgency for these banks to adapt their offerings to meet evolving customer needs.