Home » Fixed Deposits » SBM Bank FD Rates & How to Book FD Online – February 2024

SBM Bank FD Rates & How to Book FD Online – February 2024

SBM Bank (India) Ltd. is one of the subsidiaries of State Bank of Mauritius which became operational in India in 2018. It is the first universal bank in the country which received a banking licence from RBI. The Mumbai-based bank has over 12 branches across the country with a strong presence in some of the major Indian cities like Mumbai, Chennai, Delhi, Bangalore and Kolkata. 

The bank is operational mainly in three divisions, including treasury, corporate and retail. It caters to a large variety of customers such as retail domestic, NRIs, MSMEs and large corporate groups.

Its impressive portfolio includes a wide range of fixed deposit schemes, offering attractive interest rates in India and enabling customers to earn risk-free stable income. Read along to learn more about the SBM Bank FD rates, documents required, eligibility and much more.

Minimum DepositNo limit specified 
Maximum Deposit₹1,50,000
Minimum Tenure7 days
Maximum Tenure10 years
Interest Rates4.25% to 8.50% (including senior citizen rates)
Lock-in Period5 years for SBM Tax Saver Fixed Deposit
General Citizen4.25% to 7.75% per annum (for callable deposits less than ₹2 crores) 4.25% to 8.00% (for non-callable deposits less than ₹2 crores)
Senior Citizen4.25% to 8.25% (for callable deposits less than ₹2 crores)4.25% to 8.50% for non-callable deposits less than ₹2 crores)

Features and Benefits of SBM Bank FD

Here are some of the salient features and benefits of fixed deposit offered by SBM Bank:

  1. You will get a diverse option of tenure, ranging from 7 days to a maximum of 10 years. 
  2. The bank offers multiple FD account opening modes such as a mobile banking app and Internet Banking Portal, making it convenient for investors to open or manage their FDs. 
  3. The FD schemes of SBM Bank can also be booked by traditionally visiting the bank branch.
  4. SBM FD rates are quite lucrative across varying tenures.
  5. You can also avail overdraft facilities anytime against your fixed deposit.
  6. Moreover, you can avail benefits like an auto-renewal of your FD or nominate a beneficiary for your FD by simply providing a standing instruction at the time of application or on a later date within the tenure.
  7. Under such schemes, FD account holders can prematurely withdraw their deposits. However, a minimal penalty charge of 1% on the contracted rate of interest will be applicable. 

How to Book SBM Bank FD?

Investors can easily avail the lucrative SBM Bank FD interest rates by visiting its branch and consulting a bank representative. Here is how to do so. 

  • Step 1: Visit your nearest branch along with the necessary documents. 
  • Step 2: Obtain an FD account opening form and specify the type of FD you want to book. 
  • Step 3: Fill in the form carefully, for any sort of query directly ask a bank representative. 
  • Step 4: Attach all the necessary documents along with the form and submit it. 

Post verification, your fixed deposit application request will be processed and you will receive an acknowledgement receipt stating that your FD account has been successfully created.

Documents Required to Book SBM Bank FD

The SBM Bank fixed deposit is known for requiring minimum documentation. Here is the list of documents that are needed to open an FD account with the bank. 

  1. FD account opening form 
  2. Proof of residence (Passport, Aadhaar Card, Driving Licence)
  3. PAN card
  4. Passport size photographs 

Eligibility to Open SBM Bank FD

Here are the minimum eligibility criteria to avail a fixed deposit account in SBM Bank:

  • Applicant type: Indian Residents, Hindu Undivided Families, Local Authorities, Partnerships Firms, Private or Public Companies, Sole Proprietorship Firms, Associations, Clubs, Societies and Trusts. 
  • Age: The applicant has to be at least 18 years old. However, a minor can also open a term deposit under the supervision of his/her guardians.

Types of SBM Bank FD Schemes

Here are the types of fixed deposit schemes that you can avail at SBM Bank.

1. SBM Regular Fixed Deposit

It is a regular and standard fixed deposit scheme available for customers to invest in. By investing in this scheme, you can also add a nominee either at the time of opening the FD or at a later date. 

  • Minimum Deposit: No limit specified 
  • Maximum Deposit: No upper limit
  • Tenure: 7 days to 10 years
  • Interest Rate: 4.25% to 8.50% per annum (including senior citizen rates) 
  • Eligibility: Indian residents, senior citizens, minors 

2. SBM Tax Saver Fixed Deposit

SBM Tax Saver Fixed Deposit is a special FD scheme with a lock-in period of 5 years, allowing account holders to avail a tax deduction under Section 80C of the Income Tax Act. You can also avail this scheme with joint account holders. However, you cannot avail overdraft facilities against this type of deposit.

  • Minimum Deposit: No limit specified 
  • Maximum Deposit: ₹1.5 lakhs
  • Tenure: 5 years
  • Interest Rate: 4.25% to 7.75% per annum
  • Eligibility: Indian residents

3. SBM NRE Fixed Deposit

With an NRE FD, an NRI can save his or her foreign income and get it converted into Indian currency. It enables them to earn high FD rates prevalent in India. Furthermore, the entire amount of deposit is not taxable under the Income Tax Act.

  • Minimum Deposit: No limit specified 
  • Maximum Deposit: No limit specified
  • Tenure: 1 year to 10 years
  • Interest Rate: 6.50% to 8.00% 
  • Eligibility: Non-Resident Indians 

4. SBM NRO Fixed Deposit

NRO FD is a type of term deposit account specially designed for foreign investors, enabling them to earn high returns on their income which is earned in India. The entire FD value (principal and interest) is taxable under the Income Tax Act.

  • Minimum Deposit: ₹25,000
  • Maximum Deposit: No limit specified 
  • Tenure: 7 days to 10 years
  • Interest Rate: per annum
  • Eligibility: Non-Resident Indians and Persons of Indian Origin

5. SBM FCNR Fixed Deposit

Under FCNR Fixed Deposit, eligible individuals can invest their foreign income and enjoy attractive SBM Bank FD rates. Account holders can invest in this scheme in foreign denominations without converting their deposits into Indian currency. Moreover, individuals enjoy full and free repatriation of their FD investment. 

  • Minimum Deposit: No limit specified 
  • Maximum Deposit: No limit specified 
  • Tenure: 1 year to 5 years
  • Interest Rate: 4.40% to 6.10% per annum for USD deposits 
  • Eligibility: NRIs

6. SBM RFC Fixed Deposit

A resident foreign currency account or RFC deposit account is a type of FD scheme specially meant for returning NRIs subject to the change in their residential status. Hence, this FD scheme is eligible only after the applicant becomes an Indian resident.

  • Minimum Deposit: No limit specified
  • Maximum Deposit: No limit specified
  • Tenure: 30 days to 3 years
  • Interest Rate: 0.30% to 1.65% per annum for USD deposits 
  • Eligibility: NRIs becoming Indian residents

7. SBM NRI Superia Deposit

SBM NRI Superia Deposit is an exclusive NRI FD offering lucrative ROI superior to the FCNR and NRE deposit schemes. In this scheme, you can enjoy tax-free returns along with free repatriability. Moreover, you can invest in this scheme using any convertible currency with a flexible tenure.

  • Minimum Deposit: No limit specified
  • Maximum Deposit: No limit specified
  • Tenure: No limit specified
  • Interest Rate: 4.25% to 8.00% per annum
  • Eligibility: NRIs

Conclusion

To summarise, SBM Bank offers various types of fixed deposit schemes both for Indian residents and NRIs, catering to various types of financial requirements and objectives. SBM Bank FD rates are quite lucrative, going as high as 7.75% for the general public while providing a 0.50% additional rate to senior citizens. 

Moreover, the bank also provides a special set of deposit schemes for NRIs. Although the bank presents popular investment options, it is recommended to read the FD scheme terms carefully and stay aware of all the clauses while investing. 

FAQs

Can I book a SBM Bank FD jointly?

Yes, SBM Bank allows its account holders to open a fixed deposit in joint names i.e. in the name of more than one person.

What happens to the SBM Bank FD if one joint account holder dies?

In the event of the death of an account holder, the bank usually pays out the amount jointly to the legal heirs of the deceased person. In case of a joint FD, the FD investment is payable to surviving account holders. 

Will the senior citizen be eligible for the additional rate in the SBM Tax Saver FD?

Yes, senior citizens are also eligible for an additional rate of 0.50% on making investments in the SBM tax saver deposit.

Is the ₹5 lakh insurance cover applicable for SBM Bank fixed deposit?

Yes, all fixed deposit investments up to ₹5 lakhs are insured by Deposit Insurance and Credit Guarantee Corporation (DICGC). 

By what time can I opt for an FD renewal request?

You can opt for a renewal request at the time of filling up the application or any time during the fixed deposit tenure but before 14 days from maturity. Enabling the auto-renewal request will get your FD automatically reinvested for the said tenure at the prevailing SBM FD interest rates on the due date.

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Disclaimer

This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.

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