Banks have increased the interest rates of their FD scheme. Some banks are giving maximum interest to senior citizens. Which you can also take advantage of.
New Delhi. Today we are telling about such a bank which is giving highest interest on deposits of 3 years to 5 years. People start fixed deposit FD schemes in government banks so that the investment is safe, but when it comes to returns, small savings banks or non-financial institutions give more benefits. One of these is SBM Bank SBM Bank (India) Ltd. The bank is offering a maximum interest rate of 8.35% on deposits below ₹2 crore. Let’s know about this bank…
SBM Bank (India) started operations on 1 December 2018 after obtaining a banking license from RBI. This bank has a total of 11 branches across the country. SBM Bank deals in corporate, retail and treasury catering to customers in retail, MSMEs, NRIs as well as large corporates and institutions. Let us tell you that this bank is a subsidiary of Mauritius-based SBM Holdings. SBM Group is a financial services group that offers services including deposits, loans, finance for business and cards, among others.
SBM Bank FD Rates
The bank is currently offering an interest rate of 4.25% on domestic deposits maturing in 7-90 days. While the bank is now offering an interest rate of 4.8% on domestic deposits maturing in 91-120 days. Currently, SBM Bank is offering an interest rate of 5% for deposits between 121-180 days and 6.55% for deposits between 181 days to 1 year. Deposits maturing between 1 year to 389 days and 390 days will now fetch interest at the rate of 7.05% and 6.50% respectively.
The bank is now offering an interest rate of 7.05% on deposits maturing in 391 days to 18 months, while the bank is currently offering an interest rate of 7.3% on deposits maturing in 18 months to 3 years and 2 days . SBM Bank is now offering an interest rate of 7.4% on deposits of 3 years 2 days and 8.35% on deposits of 3 years 2 days to 5 years. Deposits maturing in 5 years will now fetch an interest rate of 7.75% and deposits maturing in 5 years to 10 years will now fetch an interest rate of 7.4%. Offering 0.5% additional interest rate for senior citizens.
