SBM Bank (India) started operations on December 1, 2018.
SBM Bank (India) Limited is offering a maximum interest rate of 8.35% on deposits below ₹2 Crore and maturity period of 3 years and 2 days to 5 years.
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 benefits. SBM Bank (India) Limited is one such bank which is offering a maximum interest rate of 8.35% on deposits below ₹2 Crore.
After receiving the banking license from RBI, SBM Bank (India) started operations on December 1, 2018. The bank operates in the corporate, retail and treasury segments 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 noteworthy that this bank is a subsidiary of SBM Holdings, which is based in Mauritius. SBM Group is a financial services conglomerate offering deposits, loans, finance for businesses and cards among other services.
SBM Bank is currently offering various interest rates on its fixed deposit schemes. For domestic deposits maturing in 7-90 days, the bank is offering an interest rate of 4.25%. For deposits maturing 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 maturing in 1 year to 389 days and 390 days will fetch interest at the rate of 7.05% and 6.50% respectively.
The bank is now offering an interest rate of 7.05% on deposits maturing in 391 days to 18 months, while the bank is currently offering an interest rate of 7.3% on deposits maturing in 18 months to 3 years and 2 days. Used to be. SBM Bank is offering an interest rate of 7.4% for deposits of 3 years and 2 days and 8.35% for deposits of 3 years and 2 days to 5 years. Deposits maturing in 5 years will now earn an interest rate of 7.75% and deposits maturing between 5 to 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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