How to Open SBM Bank Fixed Deposit Account
Updated 30 Aug 2023
Fixed Deposits (FDs) have been a long-standing pillar of stable and risk-averse investments for individuals worldwide. SBM Bank, known for its reputation and customer-oriented approach, offers a range of competitive FD schemes tailored to suit varied financial goals.
When you think about solidifying your savings with an FD at SBM Bank, you're essentially banking on a promise of assured returns and impeccable service. This blog will navigate you through the comprehensive steps, elucidating how you can seamlessly open an FD account with SBM Bank, thereby inching closer to your financial aspirations.
How to Open an FD with SBM Bank?
Mentioned below are the steps that you can follow if you wish to open a fixed deposit account at SBM Bank:
Step 1: Visit the nearest SBM Bank branch in which you want to open your FD account.
Step 2: Ask for the fixed deposit account opening form and fill it up. Provide all the necessary information like your name, address, contact details, PAN number, type of fixed deposit account you want, nominee’s details, etc.
Step 3: Enter the tenure of the fixed deposit account based on your financial requirements. You can choose between 7 days to 10 years.
Step 4: After completing the form, attach all the documents you need to submit along with it. This includes your KYC documents, proof of identity and address, and, most importantly, your PAN card and photographs.
Step 5: After you submit your documents and the account opening form, the bank will verify all your documents.
Step 6: Once your documents are verified successfully, the bank will provide an acknowledgement slip of your FD account opening.
You can also open an SBM fixed deposit account via the Internet and mobile banking.
SBM Bank FD Eligibility Criteria
Anyone can apply for a fixed deposit scheme at SBM Bank if they fulfil the below basic criteria. However, the documents will differ for individuals and types of entities depending on the eligibility for the same:
- Indian residents (including joint account)
- Body of individuals
- Hindu Undivided Families (HUF)
- Private limited companies
- Public companies
- Specified associates
- Sole proprietorship firms
- Partnership firms
- Limited liability partnership
- Association of persons
- Local authority
- Registered societies
Documents Required for SBM Bank FD Account
Here is a list of documents that you will require to open a fixed deposit account at SBM Bank:
- A filled up the FD application form.
- PAN card
- You need to submit SBM form 60 or 61 without your PAN card.
- Passport-size photographs of depositor and nominee, if any
- Proof of address: Aadhaar card, electricity bill, telephone bill, bank statement with a cheque and any other proof as per KYC norms.
- Proof of identity: PAN card, Aadhaar card, Voter ID card, driving licence, passport or any other documents as per KYC norms.
- If applicable, you also need to submit documents concerning HUFs, partnership firms, trusts, associations and companies as requested by the bank.
Will senior citizens benefit from investing in SBM Tax Saver Fixed Deposit?
By investing in the SBM Tax Saver FD scheme, senior citizens can get an added advantage of 0.5% on the prevailing interest rate of the bank.
By what time do I need to request for renewal of your fixed deposit scheme?
If you want to renew your SBM fixed deposit, you must do so within 14 days from maturity. However, SBM Bank also offers an auto-renewal option making the renewal process hassle-free.
Is the ₹5 lakhs DICGC insurance cover applicable on SBM Bank FD?
Yes. ₹5 lakhs DICGC (Deposit Insurance and Credit Guarantee Corporation) insurance cover is applicable on SBM Bank FD.
What happens if I request for renewal of your FD after the stipulated time?
If SBM Bank receives your renewal request after 14 days of maturity, the bank will pay interest for the overdue period at the interest rate of the savings account.
How to apply for TDS exemption?
If your interest income exceeds more ₹40,000 (₹50,000 for senior citizens), the bank will deduct TDS Tax Deducted at Source). If you are not liable to pay any TDS, you need to submit form 15G to the bank to inform them not to deduct any TDS. For senior citizens, form 15H needs to be submitted to the bank.
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