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Bank Overview
Type
ForeignHeadquarters
MumbaiFounded
2018Branches
22DICGC Coverage
₹5 LakhsSavings Account Interest Rates
| Deposit Slabs | Interest Rate |
|---|
Foreign Currency Non-Resident (FCNR-B) Deposit Rates
Maturity | USD | ||
|---|---|---|---|
| Deposit Amount | Under $500K | $500K to $1M | $1M+ |
| 1 to <2 years | 4.85%BEST | 4.85%BEST | 4.85%BEST |
| 2 to <3 years | 4.80% | 4.80% | 4.80% |
| 3 to <4 years | 4.65% | 4.65% | 4.65% |
| 4 to <5 years | 4.65% | 4.65% | 4.65% |
| 5 years | 4.50% | 4.50% | 4.50% |
NRI Fixed Deposit Rates (NRE & NRO)
| TENURE | Interest Rate |
|---|---|
1 to 1 year | 7.10% |
1 year 2 days | 7.25% |
Above 1 year to 389 days | 7.10% |
390 days | 6.50% |
391 days to 15 months | 7.10% |
Above 15 to 18 months | 7.20% |
Above 18 months to <2 years | 7.65%BEST |
2 years 3 days | 7.10% |
Above 2 to <3 years | 7.10% |
3 years 2 days | 7.10% |
Above 3 to <5 years | 7.00% |
Above 5 to 10 years | 7.00% |
•For callable NRE FDs < ₹3 Cr•100% tax-free in India•Premature withdrawal penalty applies
Premature FD Withdrawal Penalty
Standard Penalty Rule
A standard penalty of 1.00% is typically deducted from the recalculated rate for SBM Bank. Deposits broken within 7 Days do not earn any interest.
Frequently Asked Questions
As of October 2026, SBM Bank offers up to 7.65% p.a. on Fixed Deposits and up to 7.00% p.a. on Savings Accounts based on the balance slabs maintained.
Yes, SBM Bank is a scheduled bank regulated by the RBI. Your deposits (up to ₹5 Lakhs per depositor) are insured by the DICGC, which covers principal and interest across all account types.
The minimum tenure for a fixed deposit with SBM Bank starts from 7 Days. Senior citizens receive an additional interest rate benefit of up to 0.50% p.a. over general citizen rates.
SBM Bank offers tiered interest rates ranging from 2.75% to 7.00% p.a. depending on the balance slabs maintained in the savings account.
Yes, interest earned on deposits is taxable. Savings account interest is tax-free up to ₹10,000 per year (₹50,000 for senior citizens) under Section 80TTA/80TTB. FD interest is fully taxable, and TDS is deducted at 10% if interest exceeds ₹40,000 (₹50,000 for senior citizens) in a financial year.
SBM Bank FD Calculator
Months
Days
MATURITY AMOUNT
₹1,07,291
MATURITY DATE
04 Oct 2027
Interest rate7.10% p.a.
Principal₹1,00,000
Total interest₹7,291
Indicative only. Actual figures may vary.