SBM Forex Broker

SBM Review SummaryFounded2016Registered Country/RegionIndiaRegulationNo RegulationPlatform/APPSBM baking platformCustomer SupportContact FormPhone: 1800 2099 335, 1800 1033 817Email: customercare@sbmbank.co.inSocial Media: Facebook, Instagram, YouTube, LinkedIn, Twitter, WhatsAppCompany Address: 306–A, the Capital, G block, Bandra-Kurla Complex, Bandra East, Mumbai 400051, MaharashtraSBM Information Headquartered in Mumbai, India, SBM Bank offers online banking services. SBM Bank India provides a comprehensive portfolio, serving retail, MSMEs, NRIs, and corporate clients with a full slate of banking services including savings/current accounts, fixed/recurring deposits, loans, credit and debit cards, trade finance, treasury, and digital banking.Pros and ConsProsConsMultiple account typesNo regulationVarious types of deposit optionsLack of transparencyUnclear fee structureIs SBM Legit? No. SBM Bank is operating without regulatory supervision, which indicates that investing in this platform can be risky.Account Type SBM Bank provides a variety of bank accounts, including the SEM Wealth Savings Account, SEM Private Savings Account, NRE/NRO Savings Account, Resident Foreign Currency Account, and Overseas Account. Each account is tailored to meet the needs of a specific type of investor and comes with its own unique set of features. SEM Wealth Savings Account:Enjoy unlimited free withdrawals and deposits, along with unlimited cash withdrawals at all bank ATMs.Receive monthly interest payouts.Experience premium benefits with the VISA Signature Debit Card.Select a custom account number of your choice.Wealth Management services. SEM Private Savings Account: Earn monthly interest payouts with competitive interest rates.Access premium global offers on lifestyle, travel, and more through the SBM World Elite Metal Debit Card.Bank anytime and anywhere with ease using SEM's advanced digital banking platforms. NRE/NRO Savings Account: You get to choose the account number of your choice.Get all your banking queries resolved with the help of your Dedicated Relationship Manager.24/7 customer support.For easy operations of your NRI Accounts, you can appoint a mandate holder.Enjoy competitive forex rates for overseas money transfers. Resident Foreign Currency Account:Deposit funds in different currencies, including USD, GBP, EUR and more.You can open an RFC Savings Account, a Current Account and Term Deposits.Convert your RFC Account fund to open an NRE or Foreign Currency Non-Resident (FCNR) Deposit when you assume NRI status again. Overseas Account: Enjoy attractive interest rates.Open an account in your preferred foreign currency.Access a multitude of global investment opportunities.Enjoy competitive foreign currency exchange rates for international transactions.Trading Platform SBM claims to provide advanced digital banking platforms.Deposit and Withdrawal At SEB Bank, you get access to various types of deposit options. Fixed Deposit: It enables you to invest funds for a pre-decided tenure and earn interest at a pre-determined rate. You can select the interval at which you wish to receive interest payouts, and you will receive the principal amount upon maturity. NRO/NRE Fixed Deposit: Designed for Non-Resident Indians, an NRO/NRE Fixed Deposit allows Indians living abroad to invest their wealth and earn attractive returns. While an NRO FD allows NRIs (Non-Resident Indians) to invest the income earned in India, an NRE FD is geared towards earnings generated abroad. Tax-Saving Fixed Deposit: A Tax-Saving Fixed Deposit would help you if hefty taxes are your concern. Apart from providing the benefits of a regular FD, a Tax-Saving Fixed Deposit also helps you claim deductions that go a long way in helping you plan and save on taxes. Recurring Deposit: A Recurring Deposit is a unique deposit that enables you to earn interest while depositing funds regularly. With savings, additional income, and flexibility on the cards, an RD is an important investment tool to have in your portfolio.