SBM Bank India, a subsidiary of State Bank of Mauritius has launched an exclusive Diwali Special Fixed Deposit offer where both residents and Non-Resident Indians (NRI) users can avail an interest rate of 8.25% on Fixed Deposits. The scheme is limited to a specific period running from November 3 to November 17, 2023.
What is the Diwali Special Fixed Deposit offer?
As is the case with Diwali, numerous banks offer special offers on fixed deposit schemes and more during this festive period. SBM Bank India, has offered an exclusive scheme where users can now get 8.25% interest on FD scheme for amounts less than Rs 2 crore. This scheme is available on both callable and non-callable fixed deposits (FD).
Interest Rates for Diwali Special Fixed Deposit offer
Here are the various interest rates offered for different periods of fixed deposits under this scheme:
- 8.25% for tenures of more than 3 years 2 days and less than 5 years
- 8.10% for tenures of 391 days to 15 months.
Note: SBM Bank India is also offering an additional 0.5% interest rate on Diwali Special FD Rates for resident Indian senior citizens.
Also read: NRE Fixed Deposit Rates 2023: Top Banks for NRE FDs
What is Callable and Non-Callable Fixed Deposits?
Let’s understand both of these terms:
- Callable Fixed Deposits: A fixed deposit scheme where the user can withdraw partial or full amount before the fixed deposit’s maturity date is called callable deposits. All fixed deposits with premature withdrawals are called as callable deposits.
- Non-Callable Fixed Despits: A fixed deposit scheme where the user cannot withdraw his amount before the maturity date is known as non-callable deposit.
Also Read: NRI Bank Account Types: Savings and FD Account
Apply for an NRI Fixed Deposit Account with SBNRI
SBNRI is an online one-stop platform for services on all major NRI-specific products including FD accounts for NRIs.
To get end-to-end assistance with NRI Account Opening and booking other Fixed Deposits and info about the latest Indian Overseas NRI FD Rates, you can connect with our expert using the button at the end of the article. You can also browse through the NRI Account Opening grid that we have prepared specially for NRIs.
FAQs
What is the period of the Diwali Special Fixed Deposit Scheme from SBM Bank India?
- The scheme is limited to a specific period running from November 3 to November 17, 2023.
Can NRIs invest in the Diwali Special Fixed Deposit Scheme?
- Yes, the scheme is open for both residents and Non-Resident Indians.
What is the interest rate for NRE fixed deposit in SBM Bank India?
- You can find the latest interest rates for NRE FD and Savings Account in SBM Bank India on our blog. The table is updated every month.
Is NRE FD a good investment?
- Unlike other investment options, NRI Fixed Deposit offers guaranteed returns unaffected by market fluctuations. As a result, you earn guaranteed returns, even as your principal amount grows steadily, without risk. For NRIs seeking smart investment avenues, NRI FD is the best option.
Which bank gives the highest interest rate on NRE FD?
- You can check out the latest NRE FD and Savings Account Interest Rates and choose the best bank for yourself.
What are the current FD rates in SBM Bank India?
- You can find the latest interest rates for NRE FD and Savings Account in SBM Bank India on our blog. The table is updated every month.
Can we have 2 NRE accounts?
- Yes. NRIs can open multiple NRE savings bank accounts.
