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The first international bank in the nation to get a banking licence from the Reserve Bank of India (RBI) through the Wholly Owned Subsidiary (WOS) approach began operating on December 1st, 2018 is SBM Bank (India) Ltd. The bank has altered its fixed deposit interest rates, and the new rates became effective on November 25, 2022. After the modification, the bank is currently providing an interest rate on deposits with maturities ranging from 7 days to 10 years that range from 4.25% to 6.50%. A maximum interest rate of 8% will now be offered on deposits that mature in two to three years.
SBM Bank FD Rates
On callable FDs of less than ₹2 Cr maturing in 7-90 days, the bank is now offering an interest rate of 4.25% and on those maturing in 91-180 days, SBM Bank is now offering an interest rate of 4.3%. SBM Bank is now offering an interest rate of 5.55% on FDs maturing in 181 days to 1 year and an interest rate of 6.4% on those maturing in 1 year to 366 days. Deposits maturing in 367 days will now fetch an interest rate of 7.5% and those maturing in 368 days to 2 years 3 days will now fetch an interest rate of 6.4%. On FDs maturing in 2 years 3 days to less than 3 years 2 days, the bank will offer an interest rate of 8% and on those maturing in 3 years 2 days, SBM Bank will now offer an interest rate of 6.6%. Deposits maturing in 3 years 2 days up to 10 years will now fetch an interest rate of 6.15%.
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The bank offers elderly seniors an additional 0.5% benefit on deposits made by resident Indians exclusively.
SBM Bank India has a chain of 11 branches scattered throughout the nation, including those in rural areas like Ramachandrapuram, Palghar, and Abitghar as well as Mumbai, New Delhi, Chandigarh, Pune, Bengaluru, Chennai, Hyderabad, and Ahmedabad. The bank has three business divisions: Corporate, Retail, and Treasury and through these divisions, it serves its customers across the country including retail customers, MSMEs, NRIs, as well as private bodies.
Meanwhile, today on November 25, two renowned banks, Union Bank of India and RBL Bank, also revised their interest rates for fixed deposits under ₹2 crore. According to the revision, Union Bank now provides an interest rate on deposits that mature in 7 days to 10 years that ranges from 3.00% to 6.70%. A maximum interest rate of 7.30% is currently being offered by Union Bank of India on deposits with maturities of 800 days and 3 years, respectively. Whereas, RBL Bank presently offers interest rates on deposits with maturities ranging from 7 days to 240 months that vary from 3.25% to 6.25% for the general public and from 3.75% to 6.75% for senior citizens.
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