SBM India revamps savings rates to target emerging affluent segment

The segment expanded nearly double the pace of the broader consumer landscape, the bank said.

SBM Bank (India) Ltd. has made changes to its savings account structure, changing its deposit rates to 5.5% per annum to 7% per annum in a bid to capture the emerging affluent segment.

Customers with balances of over ₹5 Lakhs to ₹10 Lakhs will get a rate of 5.5% p.a., whilst those with balances over ₹10 Lakhs to ₹50 Lakhs will get a 6% p.a. rate.

SBM Bank India noted the emerging affluent segment, which it said expanded nearly double the pace of the broader consumer landscape, citing industry data.

Amol Rane, head of retail distribution at SBM Bank India, said that their competitive savings interest rates, digital capabilities, and personal banking approach will enable them to be “the definitive partner” of customers in their wealth-creation journeys.

“The SBM Wealth segment enhances the savings proposition with premium lifestyle benefits on the debit card, while the SBM Private segment continues to stand apart with unique investment opportunities and the metal debit card with curated privileges,” Rane said.