SBM Bank Full Form – Know History & Services of SBM Bank

The full form of the SBM bank is the State Bank of Mauritius. Many may not know yet about SBM Bank and not about its facilities. But, people might hear about SBM Bank and be interested to gain more knowledge about it. If you are also willing to know, you are at the right place. Basically, SBM Bank is a subsidiary of the State Bank of Mauritius headquartered in Mumbai, India, and Mr. Sidharth Rath is the CEO of the bank. SBM Bank was the first to get a banking license from India’s banking regulator Reserve Bank of India so that it could help to establish the bank as a wholly owned subsidiary in the country.

SBM bank started its journey as the 1st Universal Bank on 1st December 2018. Currently, it has 11 branches across the country, namely Mumbai, Chennai, New Delhi, Chandigarh, Bangaluru, Pune, Hyderabad, and Ahmedabad. Apart from that, SBM has branches in some rural areas like Ramachandrapuram, Palghar, and Abitghar to extend its Multichannel Digital Product for customers’ needs.

It is now India’s biggest market for retail banking products that are working too hard to bring together the pick of the litter to concurrence, innovation, and processes to construct a new gene banking experience. The employees make the bank profitable nationwide with dedication, collaboration, and efficiency. The SBM bank now comprises MSMEs, NRIs, retail customers, large corporates, and institutions through its 3 business divisions – Corporate, Retail, and Treasury.

Benefits of SBM Bank Account

SBM bank is so new as compared to other popular banks. Though in these recent years, it has grown so much in terms of the collaborative and progressive approach that they call Smart Banking to lighten up millions of people. Thus, it took place in people’s hearts by facilitating Cross Border Transactions and Remittances. SBM bank provides a unique package of benefits to adequate all individual’s needs for everyday life from age 16 to above. Here, we will point out some benefits that people can have with the SBM bank account. The benefits customers can get is-

• No account maintenance fee.
• No SMS charges over money transactions.
• Free usage of an ATM card.
• No minimum balance is essential for a new account opening.
• Free access to the internet and mobile banking
• No charges are required for salary, pension, or social security benefit credits.
• Interest is payable monthly on a balance increment over and above the initial balance of Rs 10,000.

Conclusion

So SBM bank stands for State Bank of Mauritius and these are the benefits of having an SBM bank account, and mostly, the fixed deposit in an SBM bank is a safe investment finance tool for Indian residents as well as NRIs to set down their savings and earn decent returns.