SBM Bank offers FD interest rates of 4.25-8.25% p.a. to the general public on tenures ranging from 7 days to 10 years. Senior citizens can earn higher FD interest rates of up to 8.75% p.a.
Comparison of Top Banks with SBM Bank FD
| Bank | Interest Rates (% p.a.) | |||
| Highest FD Rate | 1-year tenure | 3-year tenure | 5-year tenure | |
| SBM Bank | 8.25 | 7.05 | 7.30 | 7.75 |
| Axis Bank | 7.25 | 6.70 | 7.10 | 7.00 |
| Kotak Mahindra Bank | 7.40 | 7.10 | 7.00 | 6.20 |
| SBI | 7.25 | 6.80 | 6.75 | 6.50 |
| Central Bank of India | 7.50 | 6.85 | 7.00 | 6.75 |
| HDFC Bank | 7.40 | 6.60 | 7.00 | 7.00 |
| ICICI Bank | 7.25 | 6.70 | 7.00 | 7.00 |
| Indian Overseas Bank | 7.30 | 7.10 | 6.50 | 6.50 |
FD interest rates are as of 26 March 2025
Benefits of SBM Bank Fixed Deposit
- Senior citizens get an additional 50 bps on the regular fixed deposit rates offered to general citizens.
- As SBM Bank has been categorised as a Scheduled Bank by the RBI, SBM Bank Fixed deposits are secured under the insurance cover of up to Rs. 5 lakhs by the Deposit Insurance and Credit Guarantee Corporation (DICGC). This makes SBM Bank FDs as safe as FDs opened with major public or private sector banks.
- Depositors do not need to open a savings/current account to open an FD.
- Monthly/Quarterly Interest Payout Options – Get your FD interest credited monthly/quarterly to your savings/current account.
- Cumulative investment option (reinvestment of interest component) – This option would help the depositor benefit from the power of compounding, as the interest component starts generating returns on its own. This would help the depositor generate higher returns and maturity amounts.
- Nomination and auto-renewal facilities are available.
- Depositors can also prematurely withdraw fixed deposits. However, the closure of an FD account will result in Step UP credit card account closure. The bank offers an easy procedure to redeem/close your FD account. You just need to log in to Step UP Credit Card, go to ‘Manage your card’ and click on the “Close Fixed Deposit & Credit Card” option.
