People prefer to invest in Fixed Deposit of banks to keep their investment safe. However, when it comes to returns, small savings banks or non-banking financial institutions (NBFCs) offer the most advantages. SBM Bank (India) Limited is one such bank that offers a maximum interest rate of 8.35% on deposits below 2 crores.
SBM Bank (India) started operations on 1 December 2018 after obtaining a banking license from RBI. The bank is offering a host of services to customers including small businesses, MSMEs, NRIs. SBM Bank has a network of 11 branches across India. This bank is a subsidiary of SBM Holdings, which is based in Mauritius. SBM Group is a financial group that provides services like FD, loan for carbor and card.
SBM Bank is offering different types of FDs to the customers. The bank is offering 4.25% interest to customers on FDs maturing in 7 to 90 days. The interest on FDs maturing in 91-120 days is 4.8%. The bank is paying 5% interest on FDs of 121-180 days. The interest on FDs of 181 days to 1 year is around 6.55%. Interest is being received at the rate of 7.05% and 6.50% on FDs maturing in 1 year to 389 days and FDs maturing in 390 days.
The bank is now offering 7.05% interest on FDs maturing in 391 days to 18 months. The bank is offering an interest of 7.3% on deposits maturing in 18 months to 3 years and 2 days. SBM Bank is offering interest at the rate of 7.4% on FDs of 3 years and 2 days. Offering an interest rate of 8.35% on FDs of 3 years and 2 days to 5 years. Interest will be given at the rate of 7.75% on FDs maturing in 5 years. Interest will be available at the rate of 7.4% on FDs of 5 to 10 years. The bank is offering an additional interest of 0.50% to senior citizens.
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