This foreign bank is offering higher FD rates than private and public sector banks up to 8.35% effective from today
2 min read 02 May 2023, 03:21 PM ISTOn callable deposits of less than ₹2 Cr, SBM Bank (India) is now offering a maximum interest rate of 8.35% on a deposit tenor of 3 years to 5 years.
PremiumThe first international bank in the nation to get a banking licence from the Reserve Bank of India (RBI) through the Wholly Owned Subsidiary (WOS) channel began operating on December 1st, 2018 is SBM Bank (India) Ltd. The bank has a network of 11 branches distributed across the nation, including those in rural areas like Ramachandrapuram, Palghar, and Abitghar as well as metro cities like Mumbai, New Delhi, Chandigarh, Pune, Bengaluru, Chennai, Hyderabad, and Kolkata. The bank has revised interest rates on fixed deposits of multiple amount slabs. On callable deposits of less than ₹2 Cr,SBM Bank (India) is now offering a maximum interest rate of 8.35% on a deposit tenor of 3 years to 5 years.
SBM Bank FD Rates
The bank currently offers an interest rate of 4.25% on domestic deposits of less than ₹2 Cr that mature in 7–90 days, while SBM Bank now offers an interest rate of 4.8% on domestic deposits that mature in 91–120 days. Currently, SBM Bank is providing interest rates of 5% for deposits held between 121–180 days and 6.55% for deposits held for 181–1 year. Deposits that mature between 1 year to 389 days and 390 days will now earn interest at a rate of 7.05% and 6.50%, respectively.
The bank is now giving an interest rate of 7.05% on deposits that mature in 391 days to 18 months, while SBM Bank is currently offering an interest rate of 7.3% on deposits that mature in 18 months to 3 years and 2 days. SBM Bank is now offering an interest rate of 7.4% on a deposit tenor of 3 years 2 days and 8.35% on a deposit tenor of 3 years 2 days up to 5 years. Deposits maturing in 5 years will now fetch an interest rate of 7.75% and those maturing in 5 years up to 10 years will now fetch an interest rate of 7.4%.
A 0.5% additional benefit for senior citizens (only applicable for deposits for Resident Indians) is allowed by the bank across deposit tenors.
Meanwhile, Yes Bank also revised its interest rates on fixed deposits of less than ₹2 Cr. The bank currently offers interest rates ranging from 3.25% to 7.00% for the general public and 3.75% to 7.75% for elderly individuals on deposits tenor of 7 days to 10 years as a result of the modification. Currently, Yes Bank offers a maximum interest rate of 7.75% for the general public and 8.25% for senior citizens on deposits with terms between 18 and 36 months. The latest FD rates of Yes Bank are effective as of 2nd May 2023.