On December 1, 2018, SBM Bank (India) Ltd., the first international bank in the country to receive a banking license from the Reserve Bank of India (RBI) through the Wholly Owned Subsidiary (WOS) approach. Started operation. The bank has changed its fixed deposit interest rates, and the new rates become effective on November 25, 2022. After the revision, the bank is currently offering interest rate on deposits with maturity ranging from 7 days to 10 years which ranges from 4.25% to 6.50%. Deposits maturing in two to three years will now offer a maximum interest rate of 8%.
sbm bank fd rates
on redeemable FDs of less than Rs. 2 Cr maturing in 7-90 days, the bank is now offering an interest rate of 4.25% and on those maturing in 91-180 days, SBM Bank is now offering an interest rate of 4.3%. SBM Bank is now offering an interest rate of 5.55% on FDs maturing in 181 days to 1 year and 6.4% on those maturing in 1 year to 366 days. Deposits maturing in 367 days will now fetch an interest rate of 7.5% and deposits maturing in 368 days to 2 years 3 days will now fetch an interest rate of 6.4%. On FDs maturing in 2 years 3 days to less than 3 years 2 days, the bank will offer an interest rate of 8% and on FDs maturing in 3 years 2 days, SBM Bank will now offer an interest rate of 6.6%. Deposits maturing in 3 years 2 days to 10 years will now fetch an interest rate of 6.15%.
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The bank offers an additional 0.5% benefit to elderly senior citizens exclusively on deposits made by resident Indians.
SBM Bank India has a chain of 11 branches spread across the country including rural areas like Ramachandrapuram, Palghar, and Abitghar as well as Mumbai, New Delhi, Chandigarh, Pune, Bengaluru, Chennai, Hyderabad, and Ahmedabad . The bank has three business divisions: Corporate, Retail and Treasury and through these divisions, it serves its customers across the country including retail customers, MSMEs, NRIs, as well as private bodies.
Meanwhile, today i.e. on November 25, two renowned banks, Union Bank of India And RBL Bankalso revised its interest rates for fixed deposits under 2 crores. As per the revision, Union Bank now offers interest rate ranging from 3.00% to 6.70% on deposits maturing in 7 days to 10 years. Union Bank of India is currently offering a maximum interest rate of 7.30% on deposits with maturity of 800 days and 3 years respectively. Whereas, RBL Bank currently offers interest rates on deposits with maturities ranging from 7 days to 240 months which varies from 3.25% to 6.25% for general public and 3.75% to 6.75% for senior citizens.