SBM Fixed Deposit Rates
The State Bank of Mauritius (SBM) provides Fixed Deposit (FD) interest rates ranging from 4.25 percent to 8.25 percent on tenures ranging from seven days from seven days to ten years.
On the other hand, the interest rate of SBM Tax Saving FD is 7.75 percent for the general citizens and 8.25 percent for senior citizens. Apart from this, the bank also provides other FDs for Non-Resident Ordinary (NRO), Non-Resident Indians (NRIs), Foreign Currency Non-Resident (FCNR), and Resident Foreign Currency (RFC) FDs.
When it comes to choosing the tenures provided by FDs of SBM Limited, customers can select any of the tenures provided by the bank’s FD as per their convenience. Once you choose the tenure of the FD, you will start earning the interest on the basis of tenure of the FD.
Apart from this, the customers can deposit the lump sum amount only once while opening the FD account. They are not allowed to deposit additional money later on in the same FD account. SBM FD is especially designed to help customers in getting credit cards and improve their credit history who have poor credit scores or are new to credit.
Features and Benefits of State Bank of Mauritius Fixed Deposit Scheme
The following are the features of State Bank of Mauritius FD Scheme:
- FD account of State Bank of Mauritius can be opened both online and offline. In case of offline procedure, you need to visit your nearest branch of State Bank of Mauritius Limited.
- State Bank of Mauritius FD account comes with competitive interest rates along with flexible tenures which suit your investment plan.
- There is no cap on the maximum deposit amount on FD.
- Its FD tenure ranges from seven days to ten years.
- The bank provides loan or overdraft facility against its FD. Customers can avail loans up to 85 percent of the FD amount.
- There are various interest payout options like quarterly, monthly, etc.
- Auto renewal and partial withdrawal facilities are also provided to the customers.
- In addition, nomination facilities are available.
- Fast and easy liquidity options are also available for the customers.
- The bank provides higher interest rates to the senior citizens than general citizens.
- Tax benefit is provided to the customers with amount up to Rs.1,50,000 through tax saving term deposit scheme.
- NRO, NRE, and FCNR deposit facility is provided to the FD account holders.
- Interest provided to the NRO term deposit account holders is tax free and is completely repatriable.
- Minors over ten years of age can open FD account with the bank under the guardianship of legal or natural guardian.
SBM Bank FD Rates for Residents and NRO
Fixed Deposit Interest Rates on Residents and NRO Deposits of up to Rs.5 crore.
Tenure | Up to Rs.1 crore | More than Rs.1 crore to less than Rs.2 crore (Callable) | More than Rs.1 crore to less than Rs.2 crore (non-callable) | Rs.2 crore up to Rs.5 crore (Callable) | Rs.2 crore up to Rs.5 crore (Non-Callable) |
7 to 14 days | 4.25% | 4.25% | 4.25% | 5.10% | 5.10% |
15 to 30 days | 4.25% | 4.25% | 4.25% | 5.10% | 5.10% |
31 to 45 days | 4.25% | 4.25% | 4.25% | 5.35% | 5.35% |
46 to 60 days | 4.25% | 4.25% | 4.25% | 5.35% | 5.35% |
61 to 90 days | 4.25% | 4.25% | 4.25% | 5.85% | 5.85% |
91 to 120 days | 4.80% | 4.80% | 5.00% | 6.55% | 6.95% |
121 to 180 days | 5.00% | 5.00% | 5.20% | 6.80% | 6.95% |
211 to 269 days | 6.55% | 6.55% | 6.75% | 6.90% | 7.05% |
270 to below 1 year | 6.55% | 6.55% | 6.75% | 7.25% | 7.40% |
1 year and 1 year 1 day | 7.05% | 7.05% | 7.25% | 7.30% | 7.65% |
1 year 2 days | 7.05% | 7.05% | 7.25% | 7.30% | 7.65% |
Above 1 year 2 days to 389 days | 7.05% | 7.05% | 7.25% | 7.30% | 7.65% |
390 days | 6.50% | 6.50% | 6.70% | 7.30% | 7.65% |
391 days to 15 months | 8.10% | 8.10% | 8.10% | 7.30% | 7.65% |
Above 15 months to 18 months | 7.05% | 7.05% | 7.25% | 7.30% | 7.65% |
Above 18 months to less than 2 years 3 days | 7.30% | 7.30% | 7.50% | 7.30% | 7.65% |
2 years 3 days | 7.30% | 7.30% | 7.50% | 7.20% | 7.55% |
Above 2 years 3 days up to less than 3 years 2 days | 7.30% | 7.30% | 8.00% | 7.30% | 8.00% |
3 years 2 days | 7.40% | 7.40% | 8.00% | 7.10% | 8.00% |
Above 3 years 2 days up to less than 5 years | 7.40% | 7.40% | 7.60% | 7.10% | 7.50% |
5 years | 7.75% | 7.75% | 7.75% | 7.10% | 7.50% |
Above 5 years to up to 10 years | 7.40% | 7.40% | 7.60% | 7.10% | 7.50% |
Note: The interest rates effect form 23 December 2023.
SBM Bank FD Rates for NRE
Fixed Deposit Interest Rates on NRE Deposits of up to Rs.5 crore
Tenure | Up To INR 1 Cr | More Than INR 1 Cr To Less Than INR 2 Cr (Callable) | More Than INR 1 Cr To Less Than INR 2 Cr (Non Callable) | INR 2 Cr Up To INR 5 Cr (Callable) | INR 2 Cr Up To INR 5 Cr (Non Callable) |
1 year and 1 year 1 day | 7.05% | 7.05% | 7.25% | 7.30% | 7.65% |
1 year 2 days | 7.05% | 7.05% | 7.25% | 7.30% | 7.65% |
> 1 year 2 days to 389 days | 7.05% | 7.05% | 7.25% | 7.30% | 7.65% |
390 days | 6.50% | 6.50% | 6.70% | 7.30% | 7.65% |
391 days to 15 months | 7.05% | 7.05% | 7.25% | 7.30% | 7.65% |
> 15 months to 18 months | 7.05% | 7.05% | 7.25% | 7.30% | 7.65% |
> 18 months to < 2 years 3 days | 7.30% | 7.30% | 7.50% | 7.30% | 7.65% |
2 years 3 days | 7.30% | 7.30% | 7.50% | 7.20% | 7.55% |
> 2 years 3 days up to < 3 years 2 days | 7.30% | 7.30% | 8.00% | 7.30% | 8.00% |
3 years 2 days | 7.40% | 7.40% | 8.00% | 7.10% | 8.00% |
> 3 years 2 days up to 5 years | 7.40% | 7.40% | 7.60% | 7.10% | 7.50% |
> 5 years up to 10 years | 7.40% | 7.40% | 7.60% | 7.10% | 7.50% |
Note: The above interest rates effect form 23 December 2023
FCNR Deposit
The following table mentions the FCNR deposit rate w.e.f. of 01 January 2024:
FCNR (B) | 1 year & abovebut less than 2 years | 2 years & abovebut less than 3 years | 3 years & abovebut less than 4 years | 4 years & abovebut less than 5 years | For 5 years(Maximum) |
USD | 6.1% | 5.5% | 4.4% | 4.45% | 6.15% |
GBP | 4.5% | 4.55% | 4.05% | 3.65% | 3.3% |
EUR | 1.3% | 1.75% | 1.45% | 1.45% | 1.45% |
JPY | 1.05% | 0.8% | 0.01% | 0.01% | 0.01% |
CAD | - | - | - | - | - |
AUD | - | - | - | - |
|
RFC Deposit
The following table mentions the RFC deposit rate w.e.f. of 10 November 2023:
RFC Deposit | For deposits for less than 29 days | For deposits for 30 days and above but less than 3 months | For deposits for 6 months and 1 day and above and but less than 1 year | For deposits for 1 year and above but less than 2 years | For deposits for 2 years and above but less than 3 years | For deposits for 3 years only |
USD | 0.3% | 0.75% | 0.75% | 1.35% | 1.65% | 1% |
GBP | 0.01% | 0.6% | 0.75% | 1.24% | - | - |
EUR | - | - | - | 0.01% | - | - |
JPY | - | - | - | - | - | - |
CAD | - | - | - | - | - | - |
AUD | - | - | - | - | - | - |
Premature Withdrawal Facility
As already mentioned above, the State Bank of Mauritius allows its FD account holders to withdraw money from their FD accounts before the maturity date. This process is known as premature withdrawal.
- Penalty charges are applicable on premature withdrawal.
- Premature withdrawal facility is applicable only to deposits amount of up to Rs.2 crore.
- Bulk deposits are not qualified for premature withdrawal.
SBM Bank FD Calculator
SBM FD accountholders can check the maturity amount of their FDs using its FD calculator. Users have to enter the amount they want to deposit, ideal investment tenure, as well as applicable rate of interest. This will give you an overview of how much you will get upon maturity.
Documents Needed
Given below are the list of the documents needed to apply for SBM Bank FD:
- Duly filled application form
- Permanent Account Number (PAN) Card
- Aadhar card
- Passport
- Passport size photographs of the FD account holders as well as nominee
Who is Eligible for State Bank of Mauritius FD?
The following persons or institutions are eligible to apply for State Bank of Mauritius FD:
- Individual
- Hindu Undivided Family (HUF)
- Minor
- Partnership Firm
- Proprietary firm
- Association of Person (AOP)
- Limited Liability Partnership (LLP)
- Local Authority
- Body of Individuals (BOI)
- Trust
- Local Authority
- Registered Society
- Non-Resident Indian (NRI)
- Company
FAQs on SBM FD Rates
- What is the minimum and maximum tenure of State Bank of Mauritius FD?
The minimum and maximum tenure of State Bank of Mauritius FD are seven days and ten years respectively.
- What deposit amount qualifies for bulk deposits?
In the State Bank of Mauritius, FDs worth Rs.2 crores or above qualify for bulk deposits.
- Is it possible to open a joint FD account with the State Bank of Mauritius?
Yes, it is possible to open a joint FD account with the State Bank of Mauritius.
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