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| SBM Bank FD Interest Rates (p.a.) Highlights | |
| Highest slab rate | 8.25% (for more than 18 months to less than 2 years 3 days) |
| For 1 year | 7.05% |
| For 2 years | 8.25% |
| For 3 years | 7.30% |
| For 4 years | 7.40% |
| For 5 years | 7.75% |
| Tax-saving FD | 7.75% |
Interest rates as of 19 November 2024
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SBM Bank Fixed Deposit is a safe investment instrument in which Indian residents as well as NRIs can park their savings and earn decent returns. This is a comprehensive scheme providing its investors with competitive SBM Bank FD rates.
Along with assuring fixed returns on fixed deposits, SBM Bank has come up with another feature – a Credit Card against FD. This product has been specially designed to help those customers get a credit card and build credit history who are either new to credit or have a poor credit score. Read on to know about prevailing rates along with features and benefits one can accrue from investing in the bank’s FD.
Table of Contents
SBM Bank FD Rates
Fixed Deposit Interest Rates on Domestic & NRO Deposits of up to Rs 1 Crore w.e.f. November 19, 2024
| Tenure | Interest Rates (% p.a.) | |
| Regular Citizens | Senior Citizens | |
| 7 – 14 days | 4.25 | 4.75 |
| 15 – 30 days | 4.25 | 4.75 |
| 31 – 45 days | 4.25 | 4.75 |
| 46 – 60 days | 4.25 | 4.75 |
| 61 – 90 days | 4.25 | 4.75 |
| 91 – 120 days | 4.80 | 5.30 |
| 121 – 180 days | 5.00 | 5.50 |
| 181 – 210 days | 6.55 | 7.05 |
| 211 – 269 days | 6.55 | 7.05 |
| 270 days – below 1 year | 6.55 | 7.05 |
| 1 year and 1 year 1 day | 7.05 | 7.55 |
| 1 year 2 days | 7.05 | 7.55 |
| More than 1 year 2 days to 389 days | 7.05 | 7.55 |
| 390 days | 7.00 | 7.50 |
| 391 days – 15 months | 7.05 | 8.60 |
| Above 15 months – 18 months | 7.05 | 7.55 |
| Above 18 months – less than 2 years 3 days | 8.25 | 8.75 |
| 2 years 3 days | 7.30 | 7.80 |
| Above 2 years 3 days – less than 3 years 2 days | 7.30 | 7.80 |
| 3 years 2 days | 7.40 | 7.90 |
| Above 3 years 2 days – less than 5 years | 7.40 | 7.90 |
| 5 years | 7.75 | 8.25 |
| Above 5 years – 10 years | 7.40 | 7.90 |
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SBM Tax Saver FD
| Tenure | Interest Rates (p.a.) | |
| Regular Citizens | Senior Citizens | |
| 5 years | 7.75% | 8.25% |
- SBM Tax Saver FD scheme comes with tax benefits under Sec. 80C of Income Tax Act. (only first holder is eligible for tax deduction).
- Tenure: 5 years
- Premature withdrawal of the principal or the accrued interest is not allowed before the completion of 5 years.
- Interest Pay-out: Flexible interest pay-out options on monthly & quarterly basis
- Loan Facility: Depositors cannot pledge the deposit to secure a loan or use it as security to avail any other asset.
- Auto Renewal Facility: Not available
- Maximum Deposit Amount: Up to Rs 1.5 lakh in a financial year
- Other Benefits: 0.5% additional interest benefit for senior citizen depositors
Know more on Tax-saving Fixed Deposits
Fixed Deposit Interest Rates on Domestic & NRO Withdrawable Deposits of more than Rs 1 Crore to less than Rs 3 Crore w.e.f. November 19, 2024
| Tenure | Interest Rates (% p.a.) |
| Callable | |
| 7 – 14 days | 4.25 |
| 15 – 30 days | 4.25 |
| 31 – 45 days | 4.25 |
| 46 – 60 days | 4.25 |
| 61 – 90 days | 4.25 |
| 91 – 120 days | 4.80 |
| 121 – 180 days | 5.00 |
| 181 – 210 days | 6.55 |
| 211 – 269 days | 6.55 |
| 270 days – below 1 year | 6.55 |
| 1 year and 1 year 1 day | 7.05 |
| 1 year 2 days | 7.05 |
| More than 1 year 2 days to 389 days | 7.05 |
| 390 days | 7.00 |
| 391 days – 15 months | 7.05 |
| Above 15 months – 18 months | 7.05 |
| Above 18 months – less than 2 years 3 days | 8.25 |
| 2 years 3 days | 7.30 |
| Above 2 years 3 days – less than 3 years 2 days | 7.30 |
| 3 years 2 days | 7.40 |
| Above 3 years 2 days – less than 5 years | 7.40 |
| 5 years | 7.75 |
| Above 5 years – 10 years | 7.40 |
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FCNR(B) Fixed Deposit Interest Rates w.e.f. November 15, 2024
| Currencies | 1 year to less than 2 years | 2 years to less than 3 years | 3 years to less than 4 years | 4 years to less than 5 years | For 5 years (Maximum) |
| USD | 5.90% | 5.50% | 4.40% | 4.45% | 5.65% |
| GBP | 4.50% | 4.55% | 4.05% | 3.65% | 3.30% |
| EUR | 1.30% | 1.75% | 1.45% | 1.45% | 1.45% |
| JPY | 1.05% | 0.80% | 0.01% | 0.01% | 0.01% |
| CAD | – | – | – | – | – |
| AUD | – | – | – | – | – |
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RFC Fixed Deposit Interest Rates w.e.f. May 1, 2024
| Currencies | Less than 29 days | 30 days to less than 3 months | 3 months & 1 day to less than 6 months | 6 months & 1 day to less than 1 year | 1 year to less than 2 years | 2 years to less than 3 years | 3 years only |
| USD | – | 0.30% | 0.75% | 0.75% | 1.35% | 1.65% | 1.00% |
| GBP | – | 0.01% | 0.60% | 0.75% | 1.24% | – | – |
| EUR | – | – | – | – | 0.01% | – | – |
| JPY | – | – | – | – | – | – | – |
| CAD | – | – | – | – | – | – | – |
| AUD | – | – | – | – | – | – | – |
NRE Fixed Deposit Interest Rates on Deposits up to Rs 1 Crore w.e.f. November 19, 2024
| Tenure | Interest Rates (% p.a.) |
| 1 year and 1 year 1 day | 7.05 |
| 1 year 2 days | 7.05 |
| More than 1 year 2 days to 389 days | 7.05 |
| 390 days | 7.00 |
| 391 days – 15 months | 7.05 |
| Above 15 months – 18 months | 7.05 |
| Above 18 months – less than 2 years 3 days | 8.25 |
| 2 years 3 days | 7.30 |
| Above 2 years 3 days – less than 3 years 2 days | 7.30 |
| 3 years 2 days | 7.40 |
| Above 3 years 2 days – up to 5 years | 7.40 |
| Above 5 years – 10 years | 7.40 |
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NRE Fixed Deposit Interest Rates on Deposits of more than Rs 1 Crore to less than Rs 3 Crore w.e.f. November 19, 2024
| Tenure | Interest Rates (% p.a.) (Callable) |
| 1 year and 1 year 1 day | 7.05 |
| 1 year 2 days | 7.05 |
| More than 1 year 2 days to 389 days | 7.05 |
| 390 days | 7.00 |
| 391 days – 15 months | 7.05 |
| Above 15 months – 18 months | 7.05 |
| Above 18 months – less than 2 years 3 days | 8.25 |
| 2 years 3 days | 7.30 |
| Above 2 years 3 days – less than 3 years 2 days | 7.30 |
| 3 years 2 days | 7.40 |
| Above 3 years 2 days – up to 5 years | 7.40 |
| Above 5 years – 10 years | 7.40 |
Features of SBM Bank Fixed Deposit
SBM Bank India Ltd. offers the Indian residents and non-residents with the benefits of fixed deposits so as to enjoy attractively higher interest rates as compared to that offered in a savings account and lower risk as compared to other market-linked investment instruments like mutual funds, etc.
| Particulars | Details |
| Eligibility | Individual residents, HUFs, partnership firms, private & public limited companies, trusts, etc. |
| Tenure | 7 days – 10 years |
| SBM Bank FD Rates | As per the figures stated in the top table |
| Senior Citizen FD Rates | 0.5% additional FD rates over the regular interest rates (only applicable for deposits of resident Indians) |
| Premature Withdrawal | Allowed |
| Loan against FD | Allowed |
Also Check: The benefits of SBM fixed deposit in detail.
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Important Aspects
Apart from the basic details tabulated above, there are further aspects of the fixed deposit scheme by the SBM Bank India Ltd. viz.:
- Can be opened as an individual account or joint account
- Minors above 10 years old can also apply under the guardianship of legal/natural guardian
- Deposits of NRIs are booked for a tenure of 1 year at least
- TDS applicable for which TDS certificate is issued by the bank (Deducted if interest crosses the limit of Rs. 40,000; Rs. 50,000 for senior citizens)
- Interest earned on NRI term deposits is free of tax and is fully repatriable
- Nomination facility available with an option to change anytime
- Auto-renewal facility available
- Up to 1% extra FD rates for working or retired members of bank staff, spouse of the deceased member or retired members of bank staff members
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Premature Withdrawal Facility
SBM Bank allows its fixed deposit customers to withdraw from their accounts before the maturity period arrives. This practice is called premature withdrawal.
- Applicable to deposits worth Rs. 2 crore or below
- Penal charges are applicable
- Bulk deposits do not qualify for premature withdrawal except for special circumstances which shall be stated specifically in the fixed deposit certificate issued at the time of booking
SBM Bank Loan against FD
To go past a financial setback, instead of breaking the FD or going for heftily charged loans, SBM Bank extends another alternative of taking loan against fixed deposit. By exercising this option, depositors can significantly save on interest chargeable while getting funds faster.
The bank may allow taking advances against the FD made in the name of a minor provided the custodian produces valid reasons and proof that the withdrawal is solely for the benefit of the said minor.
The bank may charge interest at rate above the agreed SBM Bank FD rate.
SBM Bank FD Calculator
Investors can check the maturity amount of their Fixed Deposits using FD Calculator provided by Paisabazaar. Users will be required to enter the amount they wish to deposit, preferred tenure of investment and the applicable FD rate for the tenure chosen to know how much their investment will be worth at maturity.
Documents Required to Apply for SBM Bank Fixed Deposit
Interested customers are advised to keep the following list of documents updated so as to seamlessly sail through the application process at SBM Bank India Ltd.
- Application Form
- PAN Card
- Resident Proof (Aadhaar Card, Passport, etc.)
- Passport-sized photographs of the depositor and nominee, if any
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SBM Bank (India) & Paisabazaar Step UP Credit Card
SBM Bank India, with Paisabazaar as its co-branded partner, launched Step UP Credit Card – a secured credit card issued against the SBM fixed deposit. This card is designed for building credit score for consumers lacking credit access due to NIL or low credit score. Those unable to get a credit card due to reasons such as insufficient/irregular income or location constraints can also avail this secured credit card. To avail this credit card, one must have a valid Aadhaar Card, PAN Card and open an FD (minimum Rs. 2,000) with SBM Bank (India) Ltd.
Features of Step UP Credit Card against FD
The following are the prime features and benefits of Step UP Credit Card:
- 90% FD amount as the credit limit
- Nil annual/renewal fee
- 7.00% p.a. interest on an FD of 390 days (auto-renewable)
- 1 reward point on every Rs. 100 spent
- FD amount – Rs. 2,000 – Rs. 1,00,000
- Instantly accessible virtual card
Note: This FD is lien marked which means that if the depositor fails to pay two consecutive credit card bill payments, the bank reserves the right to redeem the outstanding amount by liquidating the FD and/or suspending the Step UP card.
Check Out: The rewards and offers offered on Step UP Credit Card.
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Frequently Asked Questions
Q1. What is the highest rate at which one can earn returns on SBM FD?
Ans. As per the prevailing SBM Bank FD interest rates, the bank is offering 8.25% p.a. rate of interest (8.75% p.a. for senior citizens) for the tenure of more than 18 months to less than 2 years 3 days.
Q2. What is the minimum & maximum period of time for which funds can be kept in an SBM FD?
Ans. The bank provides a distinct period that ranges from 7 days to 10 years.
Q3. Does the bank provide preferential FD rates to senior citizens?
Ans. An extra of 0.50% of SBM Bank fixed deposit interest rate is offered to applicants who fall in the category of senior citizens (only on domestic deposits).
Q4. What amount of deposits qualifies for bulk deposits?
Ans. In SBM Bank, any deposit worth Rs. 2 crores or above comes under the category of bulk deposits.
Q5. Who is eligible to open a fixed deposit with SBM Bank India Ltd.?
Ans. Individual residents, HUFs, trust, private and public limited companies, specified associates, societies, etc. are all qualified to apply for the SBM Bank FD scheme.
Q6. Is it possible to open a joint SBM fixed deposit?
Ans. Yes. SBM Bank does accept joint FDs.