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SBM Bank review

Updated September 28, 2026 · SumCue Editorial Team · Facts checked September 26, 2026

We earn a commission when you sign up through links on this site. Partner status can affect where a brand appears in our rankings. Partners with a live offer in your country come first, then every other brand by score.

Our verdict

SBM Bank suits savers in India who want a digital easy-access account with a variable rate of 2.75% to 7% and no monthly fee. The INR 25,000 minimum deposit is the catch, sitting well above the €0.88 typical of the listings, and the rate can move either way.

Key facts

Best for
Indian savers who want easy digital access to money and no monthly account fee.
Headline rate
2.75% to 7%↗
Rate type
Variable↗
Minimum deposit
₹25,000↗
Access terms
Uninterrupted access to funds 24x7 through mobile app, internet banking and debit card↗
Monthly fee
₹0↗
Account kind
Easy access↗
Legal entity
SBM Bank (India) Ltd↗
Headquarters
India↗
Founded
2018↗
Support channels
Email, Phone↗
Pricing model
No annual fee
Official website
sbm.bank.in

Debit cards

Currency conversion fee
0%↗
Free ATM withdrawals
₹0↗
Card type
Debit↗
Card network
Mastercard↗
Currencies
from 100↗
Features
Multi-currency, Travel, Virtual card

Credit cards

Annual fee
₹0↗
APR
42%↗
Perks
Up to 45 days credit-free period, Credit limit up to 90% of fixed deposit amount, Fixed deposit continues to earn interest, UPI bill repayment in partner app↗
Card kind
Credit↗

Mortgages

Purpose
Purchase, Remortgage↗

Facts checked September 26, 2026, 8 sources

Apps and profiles

Get the app
App Store
Elsewhere
LinkedInXyoutube.com

Pros and cons

Pros

  • Interest of 2.75% to 7% on an easy-access account, above the 3% median across the listings
  • No monthly account charge, at INR 0 for the classic savings account
  • Uninterrupted access to funds around the clock through the mobile app, internet banking and debit card
  • Debit card currency conversion of 0% on the travel card, against a 1% median

Cons

  • The minimum deposit of INR 25,000 is high, and SBM Bank ranks 333 of 379 brands on that measure
  • The rate is variable, so the headline 2.75% to 7% can move in either direction
  • Support runs on email and phone only, with no chat or help centre listed
SBM Bank

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Scored 8.5 / 10 by SumCue.

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Who it suits

  • Savers in India who hold a balance above the INR 25,000 minimum and want easy access rather than a fixed term
  • Customers comfortable with a variable rate, since the account pays variable interest
  • People who bank mainly on the app, given the Uninterrupted access to funds 24x7 through mobile app, internet banking and debit card

Who should look elsewhere

  • Savers starting with a small balance, because the minimum deposit is INR 25,000
  • Anyone wanting a fixed rate to lock in, since the account pays variable interest
  • Readers who want chat or help centre support, since SBM Bank lists email and phone only

Rates and card terms

The savings account pays interest of 2.75% to 7%, and the rate type is variable, so the return can change over time rather than staying locked. That sits above the 3% median and the 3.06% median for savings listings, though the 4.15% upper quartile runs well past it. The separate MobiKwik First Card is a credit card with an annual fee of INR 0 and an APR of 42%.

How SBM Bank compares

Where SBM Bank is available

Available
India
Licence in India
Reserve Bank of India (RBI), checked September 26, 2026

Countries from the brand (Source, checked September 26, 2026)

Frequently asked questions

What interest does SBM Bank pay on savings?+

The savings account pays interest of 2.75% to 7% and the rate type is variable. Because the rate can change, treat 2.75% to 7% as the current level rather than a promise. For context, the 3% median sits below that figure.

Is there a monthly fee on the account?+

There is no monthly charge: the classic savings account carries a monthly fee of INR 0. That matches the way most listings are priced, with the 28.6% share of the site. Keeping the account funded is what matters more than a charge.

What is the minimum deposit needed?+

The classic savings account asks for a minimum deposit of INR 25,000. That is well above the €0.88 median and puts SBM Bank at 333 of 379 brands on this measure. Savers with less to start may find the barrier high.

How is the money protected?+

SBM Bank (India) Ltd is regulated by the Reserve Bank of India (RBI) in India. The bank sits in the IN market, so its rules and protections follow Indian regulation rather than the UK deposit scheme. Readers with larger balances may want to check the limits with the bank.

Can I get at my money at any time?+

Yes: the account is easy access, with Uninterrupted access to funds 24x7 through mobile app, internet banking and debit card. You can move money through the mobile app, internet banking or the debit card without a notice period. There is no fixed term locking the balance away.

What does the debit card cost to use abroad?+

The travel debit card has a currency conversion fee of 0%, which is at the low end against the 1% median across the listings. It runs on mastercard and supports multi currency, travel and virtual card, so multi-currency spending and a virtual card are available.

Is there a fee for the MobiKwik First Card?+

The annual fee on the MobiKwik First Card is INR 0, so the card costs nothing to hold each year. It is a credit card, so the 42% is the real cost when you borrow on it. The deposit it is linked to keeps earning interest.

How do I get help if something goes wrong?+

SBM Bank lists email and phone as its support routes. Email and phone cover most questions about the account. There is no chat or help centre in the listing, so live support is limited to calling.

Sources

Compiled from 8 source pages, checked September 26, 2026. We did not open an account.

Not confirmed yet: Term, Deposit protection.

SBM Bank

SBM Bank

Indian savers who want easy digital access to money and no monthly account fee.

8.5/10See alternatives