This bank gives the highest interest rates on FD, details inside

People opt for fixed deposit systems in banks to ensure the safety of their investments. However, in terms of yield, small savings banks or non-banking financial institutions offer more advantages. SBM Bank (India) Ltd is one such bank which offers a maximum interest rate of 8.35% on deposits of less than ₹2 crore.

After acquiring a banking license from the RBI, SBM Bank (India) commenced operations on December 1, 2018. The bank operates in the corporate, retail and treasury domains and caters to a wide range of clients including small businesses, MSMEs, NRIs, large corporations and institutions. SBM Bank has a network of 11 branches across India. It should be mentioned that this bank is a subsidiary of SBM Holdings, which is located in Mauritius. SBM Group is a financial services group that offers services such as deposits, loans, corporate finance, and cards, among others.

SBM Bank currently offers different interest rates on its term deposit systems. For domestic deposits maturing in 7-90 days, the bank offers an interest rate of 4.25%. For deposits maturing in 91 to 120 days, the interest rate is 4.8%. For deposits between 121 and 180 days, the bank offers an interest rate of 5%, and for deposits between 181 days and 1 year, the interest rate is 6.55%. Deposits that mature in 1 year at 389 days and 390 days will earn interest at the rate of 7.05% and 6.50% respectively.

The bank now offers an interest rate of 7.05% on deposits with a maturity of 391 days to 18 months, while the bank currently offers an interest rate of 7.3% on deposits with a maturity of 391 days to 18 months. Maturity is 18 months to 3 years and 2 days. SBM Bank offers an interest rate of 7.4% for deposits of 3 years and 2 days and 8.35% for deposits of 3 years and 2 days to 5 years. Deposits maturing in 5 years will now bear interest at 7.75% and deposits maturing between 5 and 10 years will now bear interest at 7.4%. The bank offers an additional interest rate of 0.5% for senior citizens.

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