SBM Bank India is offering both resident and non-resident Indians a special rate on fixed deposits (FDs) for a limited period.
According to the bank press release, “The special FD rates reflect SBM Bank India’s commitment to providing its stakeholders with competitive and rewarding financial solutions. The new rates are applicable for amounts less than INR 2 crore, for both Callable and Non-Callable FDs.”
Under this special offer, individuals can stand to benefit from the following rates:
- For a tenure of more than 3 years 2 days to less than 5 years: 8.25% p.a.*
- For shorter duration of 391 days to 15 months: 8.10% p.a*
| Tenure | Up To INR 1 Cr | More Than INR 1 Cr To Less Than INR 2 Cr (Callable) |
| Resident & NRO | Resident & NRO | |
| 7-14 days | 4.25% | 4.25% |
| 15-30 days | 4.25% | 4.25% |
| 31-45 days | 4.25% | 4.25% |
| 46-60 days | 4.25% | 4.25% |
| 61-90 days | 4.25% | 4.25% |
| 91-120 days | 4.80% | 4.80% |
| 121-180 days | 5.00% | 5.00% |
| 181-210 days | 5.75% | 5.75% |
| 211-269 days | 6.55% | 6.55% |
| 270 below 1 year | 6.55% | 6.55% |
| 1 year and 1 year 1 day | 7.05% | 7.05% |
| 1 year 2 days | 7.05% | 7.05% |
| > 1 year 2 days to 389 days | 7.05% | 7.05% |
| 390 days | 6.50% | 6.50% |
| 391 days to 15 months | 8.10% | 8.10% |
| > 15 months to 18 months | 7.05% | 7.05% |
| > 18 months to 2 years 3 days | 7.30% | 7.30% |
| 2 years 3 days | 7.30% | 7.30% |
| > 2 years 3 days up to 3 years 2 days | 7.30% | 7.30% |
| 3 years 2 days | 7.40% | 7.40% |
| > 3 years 2 days up to 5 years | 8.25% | 8.25% |
| 5 years | 7.75% | 7.75% |
| > 5 years up to 10 years | 7.40% | 7.40% |
Premature payment
According to the SBM Bank website, “In case of premature payment, the deposit represented by advice shall be subject to penalty provisions at the rates decided by the Bank from time to time. Currently, the Bank will allow withdrawal of all term deposits (except non-callable term deposits) of Rs. 2 Crore and below before completion of the period of the deposit agreed upon at the time of placing the deposit subject to levy of penal charges as applicable. The Bank will be paying interest for the run period prevalent at the time of opening of the deposit. The premature deposit closure penalty is 1% PA, and if the NRE/ FCNR runs for a period of 1 year and above.”
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