SBM Bank (India) started operations on 1 December 2018 after obtaining a banking license from RBI. The bank is offering a host of services to customers including small businesses, MSMEs, NRIs. SBM Bank has a network of 11 branches across India. This bank is a subsidiary of SBM Holdings, which is based in Mauritius. SBM Group is a financial group that provides services like FD, loan for carbor and card.

SBM Bank is offering different types of FDs to the customers. The bank is offering 4.25% interest to customers on FDs maturing in 7 to 90 days. The interest on FDs maturing in 91-120 days is 4.8%. The bank is paying 5% interest on FDs of 121-180 days. The interest on FDs of 181 days to 1 year is around 6.55%. Interest is being received at the rate of 7.05% and 6.50% on FDs maturing in 1 year to 389 days and FDs maturing in 390 days.

The bank is now offering 7.05% interest on FDs maturing in 391 days to 18 months. The bank is offering an interest of 7.3% on deposits maturing in 18 months to 3 years and 2 days. SBM Bank is offering interest at the rate of 7.4% on FDs of 3 years and 2 days. Offering an interest rate of 8.35% on FDs of 3 years and 2 days to 5 years. Interest will be given at the rate of 7.75% on FDs maturing in 5 years. Interest will be available at the rate of 7.4% on FDs of 5 to 10 years. The bank is offering an additional interest of 0.50% to senior citizens.

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What did RBI say?

According to the Reserve Bank’s notification, RBI has taken this action while exercising its powers under Section 35A and 36(1)(a) of the Banking Regulation Act, 1949.According to RBI, this action on SBM Bank (India) Limited is based on certain concerns. However, the central bank did not elaborate on those concerns.

What is LRS scheme?

Under this scheme launched by the Central Reserve Bank, the residents of the country can freely send funds abroad up to $ 250,000 per financial year. The Reserve Bank increases or decreases this limit from time to time.

Explain that SBM Bank is a subsidiary of Mauritius-based SBM Holdings. It is a financial services company. The bank offers a range of financial products and services including deposits, loans, trade finance and cards. SBM Bank started operations on 1 December 2018 after obtaining a banking license from RBI. The bank has a network of 11 branches across the country.

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