Open a Fixed Deposit (FD) at competitive interest rates of up to 7.75%* per annum. You can opt for your preferred FD scheme, depending on your financial goals. Build a contingency fund with our cumulative deposit scheme or derive monthly income from our monthly interest pay-out schemes.
*Click here to check the latest interest rates.
Your interest income will depend on your FD tenure. To calculate the monthly interest rate, you must simply divide the annual interest rate by 12, provided the interest is compounded annually. For instance, if the interest rate for your FD is 7.75% per annum, your monthly interest rate would be 7.75/12 = 0.649%.
Hence, the interest per month for a 1 lakh Fixed Deposit will be INR 649 (0.649% of INR 1 lakh). You can find out the monthly interest for your preferred tenure with the SBM Bank Fixed Deposit Calculator. You can also check the returns at the time of booking FD.
FD interest rates are fixed for your chosen tenure. They do not change with the market. Your FD will generate returns, whether cumulative or non-cumulative, based on the agreed-upon rate at the time of FD booking.
Resident Indian senior citizens can enjoy an additional 0.5% per annum interest rate, thereby increasing the returns value. Also, senior citizens can greatly benefit from monthly interest pay-out schemes due to limited income sources after retirement.
Your 1 lakh FD amount is insured by the Deposit, Insurance and Credit Guarantee Corporation (DICGC). DICGC is a subsidiary of the Reserve Bank of India (RBI).
Enjoy competitive interest rates of up to 7.75%* per annum. Resident Indian senior citizens can enjoy higher interest rates by 0.5% per annum.
*Check the latest interest rates here.
Invest in FD with a minimum and maximum duration of 7 days and 10 years, respectively.
Open an FD instantly with our internet banking and mobile banking platforms.
You can opt for cumulative deposits or monthly or quarterly interest payouts.
Meet your urgent cash requirements by encashing your FD amount and interest before maturity.
Meet urgent cash requirements without breaking the FD – pledge your FD to avail of a quick loan.
Your interest rates depend on factors such as FD tenure, your age, type of deposit and general economic changes. The tenure for FD can range from several days to several years, and your interest rate will change per the chosen tenure. In case of premature fund withdrawals, you will earn returns based on the interest rate applicable for the actual duration for which the funds were invested or the contracted rate, whichever is lower. Resident Indian senior citizens can enjoy higher interest rates. Also, changes in monetary policy can cause interest rates to fluctuate.
Typically, you must provide your recent passport-sized photos, FD application form, ID proof and address proof to open an FD. However, you can avail of paperless FD account opening with our online banking platforms.
Fixed Deposits can be categorised into cumulative and non-cumulative deposits. In the case of cumulative deposits, although your deposit amount will earn interest, it will be credited to you at the time of maturity. In case of non-cumulative deposits, the bank will credit interest to you at regular intervals. Typically, banks offer such interest pay-outs on a monthly or quarterly basis.
Yes, you must. Per income tax regulations, income in any form is taxable in India. Your interest is added to your gross annual income and taxed per your income tax slabs. Additionally, the bank levies tax deducted at source (TDS) at 10% if the FD interest income exceeds INR 40,000 or in case of senior citizens, INR 50,000. If you have not provided your Permanent Account Number (PAN), a 20% TDS will be applicable. You are advised to consult a certified tax consultant for your individual case.
