The State Bank of India has opened its first financial planning and advisory centre in the country.

The opening marks the bank's move to diversify and expand its service offerings to capture a larger share of India's growing investor market. The centre, which opens up a range of financial planning services, such as retirement planning, insurance, and mutual advisory, is expected to add 50 more of the same setup across the country over the next years.

"The services are extremely relevant in the current context, given the many investment options that are available in the market, and considering the inherent complexities, the need for professional and trusted guidance in making the right choice cannot be over emphasised," C Narasimhan, deputy managing director for corporate strategy and new businesses, said in a statement.

The SBI also recently launched a new advisory service dedicated to retiring employees looking to better manage their retirement benefits. Akshayapatram, the service, was introduced alongside the Sunrise portfolio management scheme, both of which may be accessed by clients from the new centre.