SBM Bank offers an online savings account to individuals. This savings account can be opened from the comfort of your location. To open this savings account by SBM, all you require is your PAN, Aadhaar and video KYC. Let us find out the details of this online savings account.
SBM Savings Account Interest Rates
| Account Balance | Rate of Interest (p.a.) |
| Up to Rs. 2 Lakh | 3.50% |
| More than Rs. 2 Lakh to Rs. 5 Lakh | 4.00% |
| More than Rs. 5 Lakh to Rs. 10 Lakh | 5.00% |
| More than Rs. 10 Lakh to Rs. 50 Lakh | 7.00% |
| More than Rs. 50 Lakh to Rs. 50 Crore | 7.25% |
| More than Rs. 50 Lakh to Rs. 75 Crore | 7.35% |
| More than Rs. 75 Crore | 5.00% |
Note: Interest Rates are updated as on 12th August 2024 with effect from 1st August 2024.
SBM Bank Online Savings Account
Features & Benefits
- Free and unlimited withdrawals at all banks ATMs 24×7
- The individual can avail premium golf programs, airport lounges, and other benefits
- The bank provides returns of up to 7.25%
- Interest rate is paid on incremental balance
Documents Required for Opening a Savings Account in SBM Bank
Below-mentioned are the documents that need to be provided by the applicant at the time of opening a savings account in SBM Bank:
- PAN card
- Aadhaar card
- Video KYC
SBM Savings Account Interest Rate Fees and Charges
| Category | Fees and Charges |
| Issuance of duplicate cheque/DD | Rs. 100 |
| Account closing charges | Rs. 250 |
| Duplicate ATM card issuance | Rs. 150 |
| Visa Signature debit card issuance | Nil |
| Mastercard World debit card issuance | Nil |
| Mastercard World Elite debit card issuance | Rs. 25,000 |
| ATM usage at own bank ATM (Financial and Non-Financial Transactions) | Nil |
| ATM usage at other bank ATM | Nil |
| International ATM usage | Nil |
| Forex Markup-International withdrawal | Nil |
How to Open SBM Savings Account Online
The below-mentioned process explains how one can open SBM savings account online:
Step 1: Go to SBM Bank’s official website.
Step 2: On the right side of the screen, tap on ‘Open Savings Account’.
Step 3: A screen will be displayed, click on ‘Open Savings Account Online’.
Step 4: Enter your mobile number to start your application. An OTP will be sent to you on the mobile number entered. Enter the OTP.
Step 5: Enter your email id and OTP received on your email id.
Step 6: At this step, complete your online KYC with PAN and Aadhaar card.
Step 7: Upon completing your video KYC and application form, your account will be successfully opened.
How to Open SBM Bank Savings Account Offline
Applicants willing to open SBM Bank Savings Account offline can do so by visiting the nearest branch of the bank. Below-mentioned steps explain how to open SBM Bank savings account offline:
Step 1: Visit the nearest branch of SBM Bank and fill out the savings account application form.
Step 2: Once you fill the application form, provide your basic details to the bank official.
Step 3: Provide your self-attested PAN and Aadhaar card.
Step 4: Collect the documents and submit your documents with proof of identity.
Step 5: Upon successful verification by the bank, your account will be opened.
SBM Bank FAQs
Q. What all documents will I require to submit to open an NRE Savings Account in SBM Bank?
Ans. You will have to submit ID proof, address proof, NRI status proof, passport and photograph.
Q. I stay abroad and I need to contact SBM Bank regarding debit card issue. How can I do so?
Ans. In such a case, you can reach out to customercare@sbmbank.co.in.
Q. What is SBM Bank’s helpline number?
Ans. Account holders can contact the bank at 1800 1033 817.
Q. Are there any charges to avail RTGS /NEFT services in SBM Bank?
Ans. The bank does not charge any fee to avail RTGS/NEFT services.
Q. Which debit card will I get with SBM Bank savings account?
Ans. The account holder will be provided with SBM Signature debit card.