Multiply your earnings with our best-in-class FD rates

SBM Bank offers the following interest rates for domestic FDs and Non-Resident Ordinary (NRO) FDs.

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With Effect From 17-05-25
Tenure	Up to INR 1 Cr	More than INR 1 Cr to less than INR 3 Cr (Callable)	More than INR 1 cr to less than INR 3 Cr (Non Callable)	INR 3 Cr Up to INR 5 Cr (Callable)	INR 3 Cr Up to INR 5 Cr (Non Callable)
Tenure	Resident & NRO	Resident & NRO	Resident & NRO	Resident & NRO	Resident & NRO
7-14 days	4.25%	4.25%	4.25%	5.10%	5.10%
15-30 days	4.25%	4.25%	4.25%	5.10%	5.10%
31-45 days	4.25%	4.25%	4.25%	5.35%	5.35%
46-60 days	4.25%	4.25%	4.25%	5.35%	5.35%
61-90 days	4.25%	4.25%	4.25%	5.85%	5.85%
91-120 days	4.80%	4.80%	5.00%	6.55%	6.95%
121-180 days	5.00%	5.00%	5.20%	6.80%	6.95%
181-210 days	6.55%	6.55%	6.75%	6.80%	7.05%
211-269 days	6.55%	6.55%	6.75%	6.90%	7.05%
270 below 1 year	6.55%	6.55%	6.75%	7.25%	7.40%
1 year and 1 year 1 day	7.40%	7.40%	7.60%	7.30%	7.65%
1 year 2 days	7.50%	7.50%	7.70%	7.30%	7.65%
> 1 year 2 days to 389 days	7.55%	7.55%	7.75%	7.30%	7.65%
390 days	6.50%	6.50%	6.70%	7.30%	7.65%
391 days to 15 months	7.60%	7.60%	7.80%	7.30%	7.65%
> 15 months to 18 months	7.30%	7.30%	7.50%	7.30%	7.65%
> 18 months to < 2 years 3 days	7.40%	7.40%	7.60%	7.30%	7.65%
2 years 3 days	7.30%	7.30%	7.50%	7.20%	7.55%
> 2 years 3 days up to < 3 years 2 days	7.30%	7.30%	8.00%	7.30%	8.00%
3 years 2 days	7.40%	7.40%	8.00%	7.10%	8.00%
> 3 years 2 days up to < 5 years	7.40%	7.40%	7.60%	7.10%	7.50%
5 years	7.75%	7.75%	7.75%	7.10%	7.50%
> 5 years up to 10 years	7.40%	7.40%	7.60%	7.10%	7.50%

SBM Bank offers the following interest rates for Non-Resident External (NRE) FDs.

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Tenure	Up to INR 1 Cr	More than INR 1 Cr to less than INR 3 Cr (Callable)	More than INR 1 cr to less than INR 3 Cr (Non Callable)	INR 3 Cr Up to INR 5 Cr (Callable)	INR 3 Cr Up to INR 5 Cr (Non Callable)
Tenure	NRE	NRE	NRE	NRE	NRE
1 year and 1 year 1 day	7.40%	7.40%	7.60%	7.30%	7.65%
1 year 2 days	7.50%	7.50%	7.70%	7.30%	7.65%
> 1 year 2 days to 389 days	7.55%	7.55%	7.75%	7.30%	7.65%
390 days	6.50%	6.50%	6.70%	7.30%	7.65%
391 days to 15 months	7.60%	7.60%	7.80%	7.30%	7.65%
> 15 months to 18 months	7.30%	7.30%	7.50%	7.30%	7.65%
> 18 months to < 2 years 3 days	7.40%	7.40%	7.60%	7.30%	7.65%
2 years 3 days	7.30%	7.30%	7.50%	7.20%	7.55%
> 2 years 3 days up to < 3 years 2 days	7.30%	7.30%	8.00%	7.30%	8.00%
3 years 2 days	7.40%	7.40%	8.00%	7.10%	8.00%
> 3 years 2 days up to 5 years	7.40%	7.40%	7.60%	7.10%	7.50%
> 5 years up to 10 years	7.40%	7.40%	7.60%	7.10%	7.50%

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Disclaimer:
Above rates are subject to change without prior notice. Depositors may please confirm the rate with respective branches before the investment. Notes: 0.5% additional benefit for senior citizens (only applicable for deposits for Resident Indians).

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 tax saver and non-callable deposit) of Rs. 3 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% p.a.

In case of NRE/FCNR deposit, no interest will be paid if the NRE/FCNR Deposit is liquidated before the completion of 1 year from the date of booking.

If a request for the renewal is received after the date of maturity, such deposit will be renewed with effect from the date of maturity at the interest rate applicable on the date of maturity, provided such request is received within 14 days from maturity date. In case the request is received after 14 days, interest for the overdue period will be paid at the Savings Bank rate.

Tax Saver FD Disclaimers:
(i) Maximum amount of the Deposit is Rs. 150,000.00 for a tenor of 5 years
(ii) Deduction u/s 80C of the IT Act subject to fulfilment of conditions therein. First holder is only eligible for the tax deduction.
(iii) The deposit cannot be pledged to secure a loan or be placed as security to any other asset.
(iv) Premature withdrawal of the deposit (either principal or accrued interest) is not permitted before completion of 5 years.
(v) Auto renewal facility is not permitted.
(vi) Flexible interest pay-out options on monthly & quarterly basis are available.
(vii) 0.5% additional benefit for senior citizens.

Above rates are subject to change without prior notice. Depositors may please confirm the rate with respective branches before the investment.

SBM Bank (India) Ltd is registered with DICGC for the deposit insurance scheme under the DICGC Act 1961. For more information you can visit https://www.dicgc.org.in/ Or Scan the QR code

Fixed Deposit - Features & Benefits

The following are reasons why FDs should be a part of your investment portfolio:

Assured Returns

Since interest on FDs is not market-linked, you can earn assured returns from them. Provided you do not withdraw the FD before its maturity, the interest rate remains the same for your entire tenure. You can check the exact interest you will receive at maturity while booking the FD or with our FD Calculator.

Attractive Interest Rates

At SBM Bank, we offer higher interest rates of up to 8%* per annum. Interest rates differ across tenures and account types. Senior citizens can make most out of our FDs as we offer an extra 0.5%* per annum interest rate for them. Senior citizen FD rates in India are applicable only to Resident Indians.

Multiple Tenure Choices

Our FD tenures start from seven days, with a maximum tenure of 10 years. You can opt for a tenure of your choice at the time of FD booking. You can also opt for out Tax Saver FDs that come with lock-in period of five years.

Insured Deposits

The funds in your FDs are insured by the Deposits Insurance and Credit Guarantee Corporation (DICGC), a Reserve Bank of India (RBI) subsidiary. The DICGC insures your Fixed Deposits for up to INR 5,00,000.

Quick Onboarding

You can open an FD with SBM Bank with internet banking and mobile banking platforms. You can transfer funds from your Savings Account and open the FD instantly. You can also visit your nearest SBM Bank branch to open the FD offline.

Premature FD Withdrawal

You can redeem your Fixed Deposit before it matures and finance your emergencies. Premature FD closure is not applicable to non-callable FDs and Tax Saver Fixed Deposits. Note that the bank levies a penalty for premature withdrawal.

Choice Of Maturity Instructions

You can decide the course of action for your FD once it matures. You can opt for reinvestment of the principal amount and interest at the prevailing Fixed Deposit interest rate for the same tenure. You can also close the FD and receive the entire maturity amount in your Savings Account.

Contingency Fund

Fixed returns, longer tenures and premature withdrawals makes Fixed Deposits an ideal emergency fund. Senior citizens can build a retirement fund that allows them to earn regular interest pay-outs and cover their expenses during retirement.

Loan Against FD

SBM Bank allows you to pledge your FD as security and avail of a loan against it. You can avail of a percentage of the FD funds as the loan amount. Your principal amount and, in case of cumulative deposits, both principal and interest amount will continue to earn interest.

Interest Pay-out Options

You can opt for non-cumulative deposits and enjoy regular interest pay-outs. The bank will credit interest per your preferred scheme. You can choose from monthly, quarterly, half-yearly and yearly interest pay-outs.

Joint Account Opening

Share the perks of Fixed Deposits with your loved ones by opening an FD jointly. The FD can be operated on 'either or survivor', 'anyone or survivor' or 'former or survivor basis'. You can hold the FD jointly with up to two other individuals.

Nomination Facility

SBM Bank allows FD account holders to nominate an individual to receive the funds in the event of the demise of the primary accountholder. You can appoint a nominee at any time during your FD tenure. You can also remove or change the nominee by approaching the bank branch.

Deductions Under Section 80C

To reduce your tax liabilities, you can open a Tax Saver FD with SBM Bank. Per Section 80C of the Income Tax Act, 1961, you can avail of deduction of up to INR 1,50,000 per financial year. Our Tax Saver FDs come with a lock in period of five years.

Steps To Invest In A Fixed Deposit

Follow these simple steps to open an FD online or by visiting the branch:

Internet Banking & Mobile Banking

Step 1

Log into the SBM internet Banking or Mobile Banking platform and go the 'Deposits'.

Step 2

Select the option to open a Fixed Deposit.

Step 3

Enter the preferred deposit amount and select the preferred tenure.

Step 4

Select the type of deposit, whether cumulative deposit or FD with interest pay-outs. If you select the latter, you need to select the pay-out frequency.

Step 5

After confirming the details, the bank will deduct the deposit amount from your Savings Account. Therefore, ensure your Savings Account has adequate balance.

At Branch

Step 1

Visit your nearest SBM Bank branch and fill out the FD Account Opening Form.

Step 2

You can pay the FD amount by cash or cheque. You can also instruct the bank to debit the amount from your account. Additionally, you can make a wire transfer and provide the relevant details.

Step 3

In case of joint account, all accountholders must sign the form.

Once the bank opens the FD, you will receive a Fixed Deposit receipt at your email address comprising all FD details, including the maturity instructions, maturity date and nominee details, among others.

FAQs

FD interest is calculated using either simple interest or compound interest. The bank will offer either of the interest types depending on your FD tenure. With simple interest, you earn interest on the principal amount. With compound interest, interest is accrued on the principal amount and the interest amount from the previous periods. Alternatively, you can use our online FD Interest Calculator that automatically computes the interest based on your tenure, principal amount, FD type and interest rate.

The time or frequency of interest payment depends on the type of deposit scheme you choose. If you book a cumulative deposit, you will earn interest at the time of maturity. For non-cumulative deposits, the interest is paid per your preferred pay-out option. You can choose from monthly, quarterly, half-yearly or yearly interest pay-outs.

Yes, it is. Per the income tax regulations, interest from FD is considered as income. Hence, like any other income, FD interests gets added to your taxable income.

In most cases, it is not. Typically, the bank will levy different interest rates for FDs that can be prematurely closed (callable FDs) and FDs that cannot be prematurely closed (non-callable FDs).

If you close your FD before its maturity date, the bank will levy a penalty that is 1% of the principal amount.

Per Section 194A of the IT Act, entities must deduct tax when they credit interest to an account. Hence, TDS is applicable to FD interest that is credited by the bank to your account. If your interest income exceeds INR 40,000 in a financial year, a 10% TDS will apply. If you have not provided your Permanent Account Number (PAN), banks can levy a higher TDS of 20%. For senior citizens, the threshold for TDS is INR 50,000.

When you close the FD before it matures, the interest rate applicable may change as the actual tenure is now different from the tenure at the time of FD booking. In such cases, the banks will pay interest on the period for which the deposit was held with the bank.

Your deposits will not earn any interest if you close the FD before the minimum tenure, i.e., seven days.

Multiply your earnings with our best-in-class FD rates