SBM Bank (India) commenced operations on December 1, 2018.
SBM Bank (India) Ltd is offering a maximum interest rate of 8.35% on deposits of less than ₹2 crore and from 3 years and 2 days to 5 years maturity period.
People opt for fixed deposit schemes in banks to ensure the safety of their investments. However, when it comes to returns, small savings banks or non-banking financial institutions offer more advantages. SBM Bank (India) Ltd is one such bank that is offering a maximum interest rate of 8.35% on deposits of less than ₹2 crore.
After acquiring a banking licence from the RBI, SBM Bank (India) commenced operations on December 1, 2018. The bank operates in the areas of corporate, retail, and treasury catering to a wide range of customers including small businesses, MSMEs, NRIs, large corporations and institutions. SBM Bank has a network of 11 branches across India. It is worth mentioning that this bank is a subsidiary of SBM Holdings, which is located in Mauritius. SBM Group is a financial services group that offers services like deposits, loans, finance for businesses and cards, among other things.
SBM Bank is currently offering various interest rates on its fixed deposit schemes. For domestic deposits that mature in 7-90 days, the bank is providing an interest rate of 4.25%. For deposits that mature in 91-120 days, the interest rate is 4.8%. For deposits between 121-180 days, the bank is offering an interest rate of 5%, and for deposits between 181 days to 1 year, the interest rate is 6.55%. Deposits that mature in 1 year to 389 days and 390 days will earn interest at the rate of 7.05% and 6.50% respectively.
The bank is now offering an interest rate of 7.05% on deposits that mature in 391 days to 18 months, while the bank is currently offering an interest rate of 7.3% on deposits that mature in 18 months to 3 years and 2 days. SBM Bank is offering an interest rate of 7.4% for deposits of 3 years and 2 days, and 8.35% for deposits from 3 years and 2 days to 5 years. Deposits that mature in 5 years will now earn interest at the rate of 7.75% and deposits with maturity between 5 and 10 years will now earn an interest rate of 7.4%. The bank is offering an additional interest rate of 0.5% for senior citizens.
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