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India’s first universal bank SBM Bank revises FD rates

November 28, 2022

India’s first universal bank SBM Bank revises FD rates
SBM Bank (India) Ltd., the first international bank in the country to receive a banking license from the Reserve Bank of India (RBI) through the Wholly Owned Subsidiary (WOS) approach. Started operation.

The bank has changed its fixed deposit interest rates, and the new rates become effective on November 25, 2022. After the revision, the bank is currently offering interest rate on deposits with maturity ranging from 7 days to 10 years which ranges from 4.25% to 6.50%. Deposits maturing in two to three years will now offer a maximum interest rate of 8%.

SBM bank FD rates on redeemable FDs of less than ₹2 Cr maturing in 7-90 days, the bank is now offering an interest rate of 4.25% and on those maturing in 91-180 days, SBM Bank is now offering an interest rate of 4.3%.

SBM Bank is now offering an interest rate of 5.55% on FDs maturing in 181 days to 1 year and 6.4% on those maturing in 1 year to 366 days. Deposits maturing in 367 days will now fetch an interest rate of 7.5% and deposits maturing in 368 days to 2 years 3 days will now fetch an interest rate of 6.4%.

On FDs maturing in 2 years 3 days to less than 3 years 2 days, the bank will offer an interest rate of 8% and on FDs maturing in 3 years 2 days, SBM Bank will now offer an interest rate of 6.6%. Deposits maturing in 3 years 2 days to 10 years will now fetch an interest rate of 6.15%.

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