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SBM Bank review

Updated September 28, 2026 · DebitCue Editorial Team · Facts checked September 26, 2026

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Our verdict

SBM Bank suits readers in India who want a card that costs little to hold and nothing extra to convert currency, with a monthly fee of INR 0 and a conversion fee of 0%. The credit card option borrows at 42%, which suits short term use.

Key facts

Best for
Cheap everyday spending in India with a multi currency travel card alongside.
Monthly fee
₹0 (Source, checked September 26, 2026)
Currency conversion fee
0% (Source, checked September 26, 2026)
Free ATM withdrawals
₹0 (Source, checked September 26, 2026)
Card type
Debit (Source, checked September 26, 2026)
Card network
Mastercard (Source, checked September 26, 2026)
Currencies
from 100 (Source, checked September 26, 2026)
Legal entity
SBM Bank (India) Ltd. (Source, checked September 26, 2026)
Headquarters
India (Source, checked September 26, 2026)
Founded
2018 (Source, checked September 26, 2026)
Support channels
Phone, Email, Help-centre (Source, checked September 26, 2026)
Features
Multi-currency, Travel, Virtual card
Official website
sbm.bank.in

Credit cards

Annual fee
₹0 (Source, checked September 26, 2026)
APR
42% (Source, checked September 26, 2026)
Currency conversion fee
0% (Source, checked September 26, 2026)
Perks
Up to 45 days credit-free period, Credit limit up to 90% of fixed deposit amount, Fixed deposit continues to earn interest, UPI bill repayment in partner app (Source, checked September 26, 2026)
Card kind
Credit (Source, checked September 26, 2026)
Legal entity
SBM Bank (India) Ltd. (Source, checked September 26, 2026)
Headquarters
India (Source, checked September 26, 2026)
Founded
2018 (Source, checked September 26, 2026)
Support channels
Phone, Email, Help-centre (Source, checked September 26, 2026)
Pricing model
No annual fee
Features
Multi-currency, Travel, Virtual card

Apps and profiles

Get the app
App Store
Elsewhere
LinkedInXyoutube.com

Pros and cons

Pros

  • A monthly fee of INR 0 on the savings account puts the card at 1 of 419 brands on that measure, so keeping the account open costs nothing in maintenance.
  • A currency conversion fee of 0% ranks 1 of 259, so spending in another currency adds nothing to the exchange rate, which is usually the line that settles a travel card.
  • The travel card holds from 100 currencies and can be issued as a virtual card, so a single card can cover several trips and online bookings without a fresh application each time.
  • Support runs on phone, email and help centre, giving a phone line, an email address and a help centre, with a self service option for routine account and card questions.
  • The credit card carries an annual fee of INR 0 with a credit free period on spending, and the fixed deposit behind the limit keeps earning interest while it is placed.

Cons

  • The credit card charges 42%, well above the site median of 20.97%, so borrowing on it runs expensive even though holding it costs an annual fee of INR 0.
  • Free ATM withdrawals amount to INR 0 while the site range runs as high as €2,000, so cash machine use is the costliest habit for anyone who still takes notes out.
  • Bill repayment runs in the partner app while support runs on phone, email and help centre, so parts of the product sit in different places for readers who want a single point of contact.
  • The credit limit is a share of a fixed deposit, so the highest available limit comes with money tied away rather than assessed on its own, and the card is a credit product with a real interest cost.
SBM Bank

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Who it suits

  • Readers in India who want a fee free debit card for everyday spending on mastercard.
  • Travellers who want one card holding from 100 currencies plus a virtual card for online bookings, rather than several cards per trip.
  • Borrowers who already hold a fixed deposit and can accept a rate of 42% for short term spending.

Who should look elsewhere

  • Readers who draw cash often, since free ATM withdrawals are INR 0 against a site range reaching €2,000.
  • Readers who want a lower borrowing rate, as the credit card charges 42% against a site median of 20.97%.
  • Readers who want the whole product in one place, since bill repayment runs in a partner app while support runs on phone, email and help centre.

Using it day to day

The savings account issues a debit card on the mastercard network, so it behaves like an ordinary spending card rather than a prepaid balance that has to be topped up before use. Purchases come straight out of the account balance, which keeps the running cost at the account level rather than on the card. Cash is the weak point: free ATM withdrawals amount to INR 0 on the savings account, so drawing notes is the everyday habit most likely to attract a charge, and anyone who works on cash should read that figure before relying on the card for daily spending. Questions about activity reach the bank on phone, email and help centre, covering a phone line, an email address and a self service help centre rather than a single route. Payments clear on the same scheme many other issuers use, so a disputed transaction follows the usual network process rather than a private arrangement.

Where it sits among rivals

On the costs readers compare most, this card sits among the strongest brands measured here, with a clear gap on cash. Its monthly fee ranks 1 of 419 brands on that measure, and the currency conversion fee ranks 1 of 259, which is where a traveller holding several currencies should start looking. Free ATM withdrawals tell the other story, ranking 41 of 115 brands, well behind the higher allowances some rivals bundle, so cash heavy habits are a reason to look elsewhere. Read together, the figures say the card is cheap to hold and cheap to convert on, and a weaker option for anyone planning to take money out. Most of these measures sit at the front of the field while cash machine access sits in the middle, and that split is the whole trade off.

Fees and currency costs

The savings account carries a monthly fee of INR 0, so holding the account and keeping the card in a wallet costs nothing to maintain. The currency conversion fee on the debit card is 0%, which means spending in another currency is converted without a separate charge layered on top. For a reader whose spending stays in the home currency that fee never applies at all, and for one who travels it removes the most familiar extra cost of a trip. Both figures sit at the cheap end of what cards charge, which is why the account works for someone who simply pays and walks away rather than for someone managing balances across markets. What these two lines do not cover is cash: the allowance for machine withdrawals is priced separately, and it is what matters most to anyone who still takes notes out.

Who runs it

The card comes from SBM Bank (India) Ltd., which is based in India and was founded in 2018. The Reserve Bank of India (RBI) is the regulator listed for the brand, so the account terms sit with the bank itself rather than an intermediary or a partner platform, and the deposit holder can see which institution holds the money. Day to day queries go through support on phone, email and help centre, meaning account and card questions are answered by the bank's own phone line, email address and help centre rather than passed to a third party. That structure is what a reader weighing the safety of the money should look at: the institution named on the account is a licensed bank in its home market, and the card rides on a card network rather than a closed loop.

How SBM Bank compares

Where SBM Bank is available

Available
India
Licence in India
Reserve Bank of India (RBI), checked September 26, 2026

Countries from the brand (Source, checked September 26, 2026)

Frequently asked questions

What does it cost to keep the SBM Bank account and card?+

The savings account carries a monthly fee of INR 0, so keeping the account open and the card in a wallet costs nothing to maintain. The currency conversion fee on the debit card is 0%, which means spending abroad adds no conversion charge. Together those two lines make up most of what a reader pays in a year with this card, before any cash machine charges appear.

Is the money safe and who regulates the bank?+

The account is held with SBM Bank (India) Ltd., a bank based in India, and the Reserve Bank of India (RBI) is the regulator listed for the brand. Deposits sit with a licensed bank in its home market rather than with a payment intermediary, and card payments clear on the mastercard network, so a dispute follows the usual card network process.

How much cash can I take out before paying?+

Free ATM withdrawals amount to INR 0 on the savings account, so that is where a charge is likely to begin. On the site ranking the card sits at 41 of 115 brands for that measure, behind cards that bundle a larger allowance, and the site range reaches €2,000. Cash heavy readers should weigh a rival first.

Which currencies does the travel card hold?+

The travel card holds from 100 currencies, well beyond the home currency alone, and its listed features cover a multi currency setup with a travel focus. Spending in a supported currency means the 0% conversion fee does not come into play, which is the main reason to carry it on a trip rather than a single market card.

Can I get a virtual card for online bookings?+

A virtual card is among the listed features, alongside the multi currency setup, so hotel and flight bookings do not need the physical card details. The everyday card on the savings account runs on the mastercard network as normal, which leaves the physical card for shops and restaurants while the virtual one handles online reservations and subscriptions.

What does the credit card cost to borrow on?+

The credit card carries an annual fee of INR 0 and an APR of 42%, with a credit free period on spending. It is a secured product, so a fixed deposit backs the limit and keeps earning interest while it is placed. The rate sits well above the site median of 20.97%, so it suits short term borrowing rather than a balance carried month to month.

How do I get help with the account or the card?+

Support runs on phone, email and help centre, so the bank can be reached by phone, by email or through its help centre. Those are the channels listed for the brand, and a card question can be raised through the same routes. Bill repayment is a separate matter, since it runs in the partner app rather than through those channels.

Who is the SBM Bank card suited to?+

It fits readers in India who want a fee free everyday card, with a monthly fee of INR 0 and a conversion fee of 0%, and travellers who want many currencies on a single card, since the travel card holds from 100. Readers who rely on cash machines should look elsewhere, because free ATM withdrawals are INR 0.

Sources

Compiled from 6 source pages, checked September 26, 2026. We did not open an account.

Not confirmed yet: Protection.

SBM Bank

SBM Bank

Cheap everyday spending in India with a multi currency travel card alongside.

9.0/10See alternatives