Under the revised structure, the bank offers 5.5% annual interest on savings account balances above ₹5 lakh and up to ₹10 lakh, and 6% on balances above ₹10 lakh and up to ₹50 lakh. The highest rate of 7% applies to savings account balances exceeding ₹25 crore and up to ₹50 crore.
The bank has also retained higher interest rates for other balance slabs, including 6.5% on balances between ₹50 lakh and ₹3 crore and 6.75% on balances above ₹3 crore and up to ₹25 crore.
According to the revised schedule, balances up to ₹5 lakh will continue to earn 2.75% interest annually. Deposits above ₹50 crore will attract an interest rate of 5%.
SBM Bank India said the revised savings account structure is aimed at addressing the needs of customers seeking higher returns on liquid funds while maintaining easy access to their money. The bank said it is also focusing on expanding its current account and savings account (CASA) base and strengthening customer acquisition in the retail segment.
“The revised savings account structure is designed to offer customers competitive returns across different balance categories while supporting stable and granular deposit growth,” the bank said.
Amol Rane, Head of Retail Distribution at SBM Bank India, said the lender sees significant growth opportunities in the emerging affluent customer segment, which is increasingly seeking options that combine liquidity with higher returns.
The bank noted that the emerging affluent segment has been growing rapidly and is becoming an increasingly important customer base for retail banking and wealth management services.
SBM Bank India currently operates 22 branches across the country and plans to expand its deposit and lending businesses as part of its growth strategy for FY27.
SBM Bank India is the first foreign bank to receive a universal banking licence from the Reserve Bank of India under the wholly owned subsidiary model and offers retail, corporate and treasury banking services in India.
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