This bank is offering up to 8.25% spl Diwali FD rates

SBM Bank India has introduced a Diwali Special Fixed Deposit (FD) rate for residents and non-resident Indians (NRIs). “The Diwali Special FD rates of 8.25% p.a. will be available for a specific tenure during the offer period, valid from 3rd November to 17th November 2023. This offer is applicable for amounts less than INR 2 Crore, for both Callable and Non-Callable FDs. This special offer is exclusively for a limited time and caters to the financial needs and aspirations of those individuals who seek secure and best-in-class returns on their investments,” stated a press release from SBM Bank India.

SBM Bank India special Diwali FD interest rates

As per the press release, these are FD interest rates available under the festive scheme:

  • For a tenure of more than 3 years 2 days to less than 5 years: 8.25% p.a.
  • For the duration of 391 days to 15 months: 8.10% p.a.
  • In addition, for senior citizens SBM Bank India is offering an extra 0.5% benefit on the Diwali Special FD rates, exclusively for resident Indian senior citizens.

Also read: Diwali offers 2023: Check SBI, HDFC Bank, ICICI Bank, Kotak Mahindra Bank offers to get the best deals, discounts

Also read: Lower home loan rates in Diwali, 2023: List of cheapest home loan rates, best deals from SBI, HDFC Bank, PNB and others

SBM Bank India FD interest rates as on November 7, 2023

Tenure Up To Rs 1 Cr More Than Rs 1 Cr To Less Than Rs 2 Cr (Callable) More Than Rs 1 Cr To Less Than Rs 2 Cr (Non Callable)
Resident & NRO Resident & NRO Resident & NRO
7-14 days 4.25% 4.25% 4.25%
15-30 days 4.25% 4.25% 4.25%
31-45 days 4.25% 4.25% 4.25%
46-60 days 4.25% 4.25% 4.25%
61-90 days 4.25% 4.25% 4.25%
91-120 days 4.80% 4.80% 5.00%
121-180 days 5.00% 5.00% 5.20%
181-210 days 6.55% 6.55% 6.75%
211-269 days 6.55% 6.55% 6.75%
270 below 1 year 6.55% 6.55% 6.75%
1 year and 1 year 1 day 7.05% 7.05% 7.25%
1 year 2 days 7.05% 7.05% 7.25%
> 1 year 2 days to 389 days 7.05% 7.05% 7.25%
390 days 6.50% 6.50% 6.70%
391 days to 15 months 8.10% 8.10% 8.10%
> 15 months to 18 months 7.05% 7.05% 7.25%
> 18 months to < 2 years 3 days 7.30% 7.30% 7.50%
2 years 3 days 7.30% 7.30% 7.50%
> 2 years 3 days up to < 3 years 2 days 7.30% 7.30% 8.00%
3 years 2 days 7.40% 7.40% 8.00%
> 3 years 2 days up to < 5 years 8.25% 8.25% 8.25%
5 years 7.75% 7.75% 7.75%
> 5 years up to 10 years 7.40% 7.40% 7.60%

Source: SBM Bank India website

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 non-callable term deposits) of Rs. 2 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% PA, and if the NRE/ FCNR runs for a period of 1 year and above.

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.

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