State Bank of Mauritius review
Updated September 28, 2026 · SumCue Editorial Team · Facts checked September 26, 2026
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Our verdict
State Bank of Mauritius suits savers in Mauritius who want money available at any time rather than locked away, and it pays a variable 3.35% on its easy-access account. It ranks 218 of 488 on headline rate, so the return sits in the middle of the market.
Key facts
- Best for
- Mauritian savers who need to reach their money at any time.
- Headline rate
- 3.35%↗
- Rate type
- Variable↗
- Term
- up to 360 months↗
- Minimum deposit
- MUR 5,000↗
- Access terms
- On-demand access: transactions, withdrawals and deposits any time 24/7; interest credited half-yearly in June and December↗
- Monthly fee
- MUR 0↗
- Account kind
- Easy access↗
- Legal entity
- SBM Bank (Mauritius) Ltd↗
- Headquarters
- Mauritius↗
- Founded
- 1973↗
- Support channels
- Email, Phone, Help-centre↗
- Official website
- sbmgroup.mu
Loans
Mortgages
Pros and cons
Pros
- On demand access: transactions, withdrawals and deposits can be made at any time, with interest credited on set dates in June and December.
- The paired card is a debit card on the visa network, with travel as its feature and a monthly fee of MUR 0.
- Help runs on email, phone and help centre, covering email, phone and a help centre.
- SBM Bank (Mauritius) Ltd has traded since 1973.
Cons
- The rate type is variable, so 3.35% is not fixed for the whole year and can move with the market.
- 3.35% sits below the 4.5% upper quartile of the savings accounts listed here.
- Personal loans of from MUR 50,000 need the salary credited to the bank plus a guarantor, security or collateral, which closes the door for some borrowers.
Ready to try State Bank of Mauritius?
Scored 9.4 / 10 by SumCue.
Who it suits
- Mauritian savers who want withdrawals and deposits at any time from an easy access account.
- Savers comfortable with a variable 3.35% credited on set dates, in June and December.
- People buying or remortgaging a home, with an initial rate of 5.1% and an APRC of 5.3%.
Who should look elsewhere
- Savers chasing a higher return: Wise pays 3.29%.
- Anyone who wants a rate held for a term: Finteres pays 0% to 36%.
- Savers comparing easy-access returns: bunq pays 3.01%, just under the 3.35% here.
Fees and FX
The account opens with a minimum deposit of MUR 5,000, which is the amount to budget before the balance can sit in it. The paired debit card carries a monthly fee of MUR 0, so the recurring cost of holding the account and paying with the card stays low. Check the deposit figure first, since it is the amount that has to be in place to open the account.
How State Bank of Mauritius compares
9.4 vs 8.0
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Where State Bank of Mauritius is available
- Available
- India, Kenya, Madagascar, Mauritius
Countries from the brand (Source, checked September 26, 2026)
Frequently asked questions
What rate does the savings account pay, and when is interest credited?+
The easy-access account pays a variable 3.35%, so the bank sets the rate and it can change. Interest is credited on set dates, in June and December, rather than daily. A variable rate is worth weighing against a fixed one, since the return you hold is not guaranteed for the year.
Can I withdraw or deposit money at any time?+
Access is on demand. Transactions, withdrawals and deposits can be made at any time, day or night, on the easy access savings account. Interest is credited on set dates in June and December, so money arriving between credit dates still earns with the rest of the balance.
How much do I need to open the account, and what does it cost each month?+
The minimum deposit is MUR 5,000 to open the easy-access account. The paired debit card has a monthly fee of MUR 0, so the recurring charge is small. The deposit is the figure to plan around, since it is the amount the account needs before it can be opened.
What card comes with the account?+
It is a debit card on the visa network, and its stated feature is travel, which points to using it abroad. The monthly fee is MUR 0. As a debit card, spending draws on the balance in the account rather than on credit.
How do I get help if something goes wrong?+
Support runs on email, phone and help centre, so email and phone are both available, along with a help centre for written questions. With on-demand access and interest credited on set dates, most issues should be quick to raise by phone or email.
Can I borrow from the same bank?+
Yes. The bank lends directly as a direct lender, with personal, guarantor and secured personal loans of from MUR 50,000. Home loans cover a purchase or a remortgage, with an initial rate of 5.1% and an APRC of 5.3%. Borrowers need the salary credited to the bank, plus security, a guarantor or collateral.
Who does the account suit?+
It suits savers in Mauritius who want access to their money at any time and are comfortable with a variable rate. It also suits people who already bank with SBM, since a personal loan needs the salary credited to the bank. SBM Bank (Mauritius) Ltd has traded since 1973.
How does that rate compare with other savings accounts?+
The variable 3.35% sits above the 3% across the accounts listed here, but under the 4.5% upper quartile, so it is a middle-of-the-market return. On the ranking it places 218 of 488 on headline rate.
Sources
- banking.sbmgroup.mu/individual/about-us checked September 26, 2026
Backs: Founded, Headquarters, Legal entity
“Since its creation in 1973, the Bank has paved its way to become one of the leading financial institutions in Mauritius”
- banking.sbmgroup.mu/individual/accounts/savings checked September 26, 2026
Backs: Access terms, Account kind, Minimum deposit, Support channels
“Carry out transactions, including but not limited to withdrawals and deposits, at any time, 24/7 ... Interest is credited twice per year, i.e. in June and December”
- banking.sbmgroup.mu/individual/cards/debit-cards checked September 26, 2026
Backs: Card type, Features, Monthly fee, Card network
“your VISA Classic Debit Card, UnionPay and MasterCard allow you to access your funds”
- banking.sbmgroup.mu/individual/interest-rates checked September 26, 2026
Backs: Headline rate, Rate type
“INTEREST RATES ON SAVINGS/CURRENT ACCOUNTS - EFFECTIVE 05 JUNE 2026 Savings Account 3.35% p.a.”
- banking.sbmgroup.mu/individual/loans/home-loan checked September 26, 2026
Backs: APRC, Fixed period, Initial rate, Maximum loan to value, Purpose
“APR 5.30% p.a. based on a Rs 5,000,000 loan over 20 years.”
- banking.sbmgroup.mu/individual/loans/personal-loan checked September 26, 2026
Backs: Loan amount, Eligibility, Lender type, Loan types, Term
“SBM Personal loan: The minimum loan amount is Rs 50,000 and maximum depends on repayment capacity and security provided by applicant.”
Compiled from 6 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Deposit protection.
State Bank of Mauritius
Mauritian savers who need to reach their money at any time.