Statement of Principal Interest Rates and Service Charges (Last Updated on 18.09.2018)

For domestic operations

Individuals Corporates Others
A.   INTEREST RATES      
DEPOSITS      
Savings (Ordinary) 1.95% (payable half yearly at end of June & December) No interest N/A
Term (MUR)   :  FIXED DEPOSITS
   (Interest Rates applicable for deposits not exceeding MUR 1.00 Mio to Corporate and Retail Customers)
     
   Floating Rates

   (Min. Amt. For Term Deposits: MUR 25,000/-)
Period
12 Months
24 Months
36 Months
48 Months
60 Months
Monthly (%p.a)
SB + 0.18
SB + 0.38
SB + 0.58
SB + 0.73
SB + 0.88
Quarterly (%p.a)
SB + 0.20
SB + 0.40
SB + 0.60
SB + 0.75
SB + 0.90
Yearly (%p.a)
SB + 0.22
SB + 0.42
SB + 0.62
SB + 0.78
SB + 0.93
Maturity (%p.a)
SB + 0.22
SB + 0.45
SB + 0.68
SB + 0.88
SB + 1.09
   Fixed Rates


   (Min. Amt. For Term Deposits: MUR 25,000/-)
Period
12 Months
24 Months
36 Months
Monthly (%p.a)
1.96
2.08
2.21
Quarterly (%p.a)
1.98
2.10
2.23
Yearly (%p.a)
2.00
2.12
2.25
Maturity (%p.a)
2.00
2.14
2.30
Individuals Corporates Others
Term (Foreign Currency)      
Term (FCY) As per card rates / Negotiable, based on Market conditions amount and tenor. As per card rates / Negotiable, based on Market conditions amount and tenor. As per card rates / Negotiable, based on Market conditions amount and tenor.
Credit Facilities (MUR)      
Prime Lending Rate (PLR) Currently 6.50% p.a Currently 6.50% p.a Currently 6.50% p.a
Credit Cards N/A N/A N/A
Credit Facilities (FCY)      
Margin over LIBOR / EURIBOR On merits of each case after detailed appraisal On merits of each case after detailed appraisal On merits of each case after detailed appraisal
Individuals Corporates Others
B.   DEPOSITS      
SAVINGS ACCOUNT(Local Currency)      
Min. A/c opening balance MUR 1000 N/A MUR 1000
Min. interest bearing balance Without Cheque Book Facility - MUR 1000
With Cheque Book Facility - MUR 5000
(No interest is payable for the month if more than 12 debits are done in a month excluding ATM/INB/POS Transactions)
No interest payable Without Cheque Book Facility - MUR 1000
With Cheque Book Facility - MUR 5000
(No interest is payable for the month if more than 12 debits are done in a month excluding ATM/INB/POS Transactions)
Monthly service charge Free N/A Free
Issuance and Updation of Passbook Free Free Free
Statement of Accounts Over the Counter: MUR 25 per page
Through Internet Banking: Free
Over the Counter: MUR 25 per page
Through Internet Banking: Free
Over the Counter: MUR 25 per page
Through Internet Banking: Free
Foreign Currency Savings Account      
Min. A/c opening balance 1,000 in respective currency 1,000 in respective currency 1,000 in respective currency
Min. interest bearing balance 1,000 in respective currency 1,000 in respective currency 1,000 in respective currency
Statement of Accounts Over the Counter: MUR 25 per page
Through Internet Banking: Free
Over the Counter: MUR 25 per page
Through Internet Banking: Free
Over the Counter: MUR 25 per page
Through Internet Banking: Free
TERM DEPOSIT (MUR)      
Min. A/c opening balance MUR 25000 MUR 25000 MUR 25000
Deposit withdrawn before maturity 1 % below applicable rate for actual run period. However, if deposit is pre-maturely withdrawn before 1 year from date of creation of Term Deposit, no interest is payable. 1 % below applicable rate for actual run period. However, if deposit is pre-maturely withdrawn before 1 year from date of creation of Term Deposit, no interest is payable. 1 % below applicable rate for actual run period. However, if deposit is pre-maturely withdrawn before 1 year from date of creation of Term Deposit, no interest is payable.
TERM DEPOSIT (FOREIGN CURRENCY)      
Period of deposit 1 wk to 5 yrs - Depending upon market conditions 1 wk to 5 yrs - Depending upon market conditions 1 wk to 5 yrs - Depending upon market conditions
Min. deposit 1,000 in respective currency 2000 in respective currency 2000 in respective currency
Interest rate Negotiable, based on market conditions amount and tenor Negotiable, based on market conditions amount and tenor Negotiable, based on market conditions amount and tenor
Deposits withdrawn before maturity Penalty of 1% on the entire payable amount Penal of 1% depending on period of deposit Penal of 1% depending on period of deposit
CURRENT ACCOUNT or OVERDRAFT ACCOUNT (Local Currency)      
Min. A/c opening balance MUR 5000 MUR 5000 MUR 5000
Min. interest bearing balance No interest payable No interest payable No interest payable
Ledger Fees: (i) Upto 50 entries per month MUR 50 + VAT per month MUR 50 + VAT per month MUR 50 + VAT per month
Ledger Fees: (ii) Beyond 50 entries per month MUR 50 + VAT per month To be charged on a case to case basis To be charged on a case to case basis
CURRENT ACCOUNT or OVERDRAFT ACCOUNT (Foreign Currency)      
Min. A/c opening balance 1,000 in respective currency 1,000 in respective currency 1,000 in respective currency
Min. interest bearing balance No interest payable No interest payable No interest payable
Ledger Charges Monthly USD 1 + VAT or equivalent Monthly USD 1.50 + VAT or equivalent Monthly USD 1.50 + VAT or equivalent
Individuals Corporates Others
C.   CREDIT FACILITIES
RETAIL LOANS      
SBIML Prime Lending Rate (PLR) Currently 6.50 % p.a Currently 6.50 % p.a Currently 6.50 % p.a
MCIB fees MUR 100 for each Applicant or Guarantor N/A MUR 100 for each Applicant or Guarantor
Search fee at Mortgage Office, ROC MUR 300 for each search N/A MUR 300 for each search
Loan Processing Charges:
a. Loans secured by mortgage / other tangible assets
b. Other Unsecured loans
c. Renewal of Smart Credit / Overdraft facility
d. Loans fully secured by Cash Securities (including margin)

1%; Min. MUR 2,000, Max. MUR 25,000
1.5%; Min. MUR 2,000
1%; Min. MUR 1,000
0.25%; Min. MUR 500


N/A


1%; Min. MUR 2,000, Max. MUR 25,000
1.5%; Min. MUR 2,000
1%; Min. MUR 1,000
0.25%; Min. MUR 500
Ledger fee MUR 50 + VAT per month N/A MUR 50 + VAT per month
Early repayment Fee
 (i) from own sources of fund (subject to Borrower's Protection Act)
 (i) from other sources other than own funds

NIL
Maximum of 2 %
N/A
NIL
Maximum of 2 %
Valuation & Survey fee Actual Valuer Fee N/A Actual Valuer Fee
Site Inspection fee MUR 500 per inspection (post-sanction only) N/A MUR 500 per inspection (post-sanction only)
Re-schedulement fee 0.50 % of Rescheduled Amount; Min. MUR 1,000 N/A 0.50 % of Rescheduled Amount; Min. MUR 1,000
Reminder fee
(only in case of Arrears in loan account)
MUR 200 per reminder (In arrears accounts only) N/A MUR 200 per reminder (In arrears accounts only)
FDL by Bank MUR 500 per letter N/A MUR 500 per letter
Any modification in Sanction Terms MUR 1,000 per instance N/A MUR 1,000 per instance
CORPORATE LOANS      
SBIML Prime Lending Rate (PLR) Currently 6.50 % p.a Currently 6.50 % p.a Currently 6.50 % p.a
Interest Rates Based on Margin over SBIML PLR Based on Margin over SBIML PLR Based on Margin over SBIML PLR
Mortgage Search and MCIB report (i) SME - MUR 500
(ii) Corporate - MUR 1,500 or actual fee charged by Attorney
(i) SME - MUR 500
(ii) Corporate - MUR 1,500 or actual fee charged by Attorney
(i) SME - MUR 500
(ii) Corporate - MUR 1,500 or actual fee charged by Attorney
Registrar of Company Search MUR 300 MUR 300 MUR 300
Processing fee
For Overdrafts/Other Working Facilities (including Non-Funded) (New Facility)
1 % facility (Min. MUR 2000 & Max. MUR 50,000) 1 % facility (Min. MUR 2000 & Max. MUR 50,000) 1 % facility (Min. MUR 2000 & Max. MUR 50,000)
Processing fee
For Overdrafts/Other working capital facilities against cash securities
0.25% of the normal charges (Min. MUR 500) 0.25% of the normal charges (Min. MUR 500) 0.25% of the normal charges (Min. MUR 500)
Renewal Fee
For Overdrafts and other working capital facilities
1% of the facility (Min. MUR 2000)
Maximum : MUR 25,000
1% of the facility (Min. MUR 2000)
Maximum : MUR 25,000
1% of the facility (Min. MUR 2000)
Maximum : MUR 25,000
Adhoc Banking facility Same as fresh Overdraft facility for pro rata period (Min. MUR 2000) Same as fresh Overdraft facility for pro rata period (Min. MUR 2000) Same as fresh Overdraft facility for pro rata period (Min. MUR 2000)
Extension of import loan MUR 250 + Penal Interest as applicable MUR 250 + Penal Interest as applicable MUR 250 + Penal Interest as applicable
For Business Term Loans
One-Times Upfront Fee

1% of the loan amount (Min. MUR 5000)

1% of the loan amount (Min. MUR 5000)

1% of the loan amount (Min. MUR 5000)
Penalty interest rates:
(i)for exceeding authorized limit
(ii)for arrears on loans account (Provision of Borrower Protection Act and other Government Guidelines to be complied)

MUR accounts: 5% p.a.
Foreign Currency accounts: 2% p.a.
over and above the applicable rate

MUR accounts: 5% p.a.
Foreign Currency accounts: 2% p.a.
over and above the applicable rate

MUR accounts: 5% p.a.
Foreign Currency accounts: 2% p.a.
over and above the applicable rate
Valuation Fee Actual Fee charged by Valuer Actual Fee charged by Valuer Actual Fee charged by Valuer
Reschedulement / Restructure Fee 0.5% of reschedulement amount (Min. MUR 2500) 0.5% of reschedulement amount (Min. MUR 2500) 0.5% of reschedulement amount (Min. MUR 2500)
Modification in sanctioned terms MUR 1000 MUR 1000 MUR 1000
Reminder Fee (Irregular A/Cs MUR 200 per reminder MUR 200 per reminder MUR 200 per reminder
Formal Demand Letter (FDL) by Bank MUR 500 per letter MUR 500 per letter MUR 500 per letter
Commitment fee payable quarterly after three months of sanction on undrawn balance 1% p.a on undrawn balance 1% p.a on undrawn balance 1% p.a on undrawn balance
Early Repayment Fee Calculated on the residual tenor of the loan
(Subject to Borrowers Protection Act and Government Guidelines)
1% p.a on prepayment amount for the residual tenor of loan 1% p.a on prepayment amount for the residual tenor of loan 1% p.a on prepayment amount for the residual tenor of loan
Site Inspection Fees MUR 500 per inspection
(post-sanction only)
MUR 1000 per visit MUR 1000 per visit
Maintenance Fee for loans (Ledger Fee) MUR: Monthly MUR 85 + VAT
USD: USD 100 + VAT yearly or equivalent
MUR: Monthly MUR 85 + VAT
USD: USD 100 + VAT yearly or equivalent
MUR: Monthly MUR 85 + VAT
USD: USD 100 + VAT yearly or equivalent
Legal Charges for vetting / Registration of charge documents:-      
     Legal vetting fees for Fixed Charge / Floating Charge / Fixed and Floating Charge / GSD Charge MUR 500 or actual fee charged by Attorney MUR 1,000 or actual fee charged by Attorney MUR 1,000 or actual fee charged by Attorney
     Registration fees for Fixed Charge / Floating Charge / Fixed and Floating Charge at the Mortgage Office As levied by Registrar office + Handling Charge of MUR 500 As levied by Registrar office + Handling Charge of MUR 500 As levied by Registrar office + Handling Charge of MUR 500
     Registration of Pari Passu Charge at the Mortgage Office As levied by Registrar office + Handling Charge of MUR 1,000 As levied by Registrar office + Handling Charge of MUR 1,000 As levied by Registrar office + Handling Charge of MUR 1,000
     Registration of Ceding Priority Charge at the Mortgage Office As levied by Registrar office + Handling Charge of MUR 1,000 As levied by Registrar office + Handling Charge of MUR 1,000 As levied by Registrar office + Handling Charge of MUR 1,000
     Registration for Substitution of Charge at the Mortgage Office As levied by Registrar office + Handling Charge of MUR 1,000 As levied by Registrar office + Handling Charge of MUR 1,000 As levied by Registrar office + Handling Charge of MUR 1,000
     Registration fees for Gages sans deplacement(GSD) at the Mortgage Office / Lien to be inscribed on Vehicle at NTA As levied by Registrar office / NTA + Handling Charge of MUR 1,000 As levied by Registrar office / NTA + Handling Charge of MUR 1,000 As levied by Registrar office / NTA + Handling Charge of MUR 1,000
     Registration fees for Gages sans deplacement(GSD), as additional security at the Mortgage Office / Lien to be inscribed on Vehicle at NTA As levied by Registrar office / NTA + Handling Charge of MUR 500 As levied by Registrar office / NTA + Handling Charge of MUR 500 As levied by Registrar office / NTA + Handling Charge of MUR 1,000
Renewal of Charges / Securities As levied by Registrar office + MUR 1,000 commission per charge As levied by Registrar office + MUR 1,000 commission per charge As levied by Registrar office + MUR 1,000 commission per charge
Crystallisation of Charge fees MUR 500 MUR 500 MUR 500
Charge Erasures:-      
     Erasure of Charge As levied by Registrar office + Handling Charge of MUR 500 As levied by Registrar office + Handling Charge of MUR 500 As levied by Registrar office + Handling Charge of MUR 500
     Partial Erasure As levied by Registrar office + Handling Charge of MUR 1,000 As levied by Registrar office + Handling Charge of MUR 1,000 MUR 1,000
COMMISSION AND CHARGES ON GUARANTEES      
Processing Fee on issue of BG (Issuance Charge) N/A (i) Against Cash Collateral: 0.25% of BG amount, Min MUR 500
(ii) Against Bank Guarantee Limit: N/A
(i) Against Cash Collateral: 0.25% of BG amount, Min MUR 500
(ii) Against Bank Guarantee Limit: N/A
Commission on Performance Bonds 1.5% of amount p.a for first 5.0 Mio (Min. MUR 1000) + 1% p.a for amount over MUR 5.0 Mio 1.5% of amount p.a for first 5.0 Mio (Min. MUR 1000) + 1% p.a for amount over MUR 5.0 Mio 1.5% of amount p.a for first 5.0 Mio (Min. MUR 1000) + 1% p.a for amount over MUR 5.0 Mio
Commission on Tender Bonds:
(i) First Six Months

(ii) Each additional period of 3 months or part thereof

1% of amount for first 6 months or part thereof (Min. MUR 1000)

0.25% of amount for each additional period of 3 months or part thereof (Min. MUR 1000)

1% of amount for first 6 months or part thereof (Min. MUR 1000)

0.25% of amount for each additional period of 3 months or part thereof (Min. MUR 1000)

1% of amount for first 6 months or part thereof (Min. MUR 1000)

0.25% of amount for each additional period of 3 months or part thereof (Min. MUR 1000)
Commission on Guarantees (to the Customs / Government / Parastatal Bodies / Other Companies) covering payment of cheques 1% p.a (Min. MUR 1000) Issuance charge + 1% p.a (Min. MUR 1000) Issuance charge + 1% p.a (Min. MUR 1000)
Commission on Advance Payment Guarantees 0.5% for every quarter or part thereof (Min. MUR 1000) Issuance charge + 0.5% for every quarter or part thereof (Min. MUR 1000) Issuance charge + 0.5% for every quarter or part thereof (Min. MUR 1000)
Commission on Avalisation of Bills (Bills of Exchange/Advance Payment Guarantee) N/A 0.5% for every quarter or part thereof (Min. MUR 1000) 0.5% for every quarter or part thereof (Min. MUR 1000)
Commission on Shippings Guarantees (Covering a missing Bill of lading/AWB)
If against a letter of Credit issued by the Bank
(a) For the first two months
(b) For each additional period of one month

N/A


(a) Min. MUR 1000
(b) Min. MUR 500


(a) Min. MUR 1000
(b) Min. MUR 500
Amendments to Guarantees      
Amount / Period (extension in expiry date) N/A Issuance Charge + other charges where applicable Issuance Charge + other charges where applicable
Others MUR 500 MUR 500 MUR 500
Processing of claim - Inward Guarantees MUR 1000 MUR 1000 MUR 1000
Advising of Inward Guarantees MUR 1000 MUR 1000 MUR 1000
COMMISSION AND CHARGES (FOREX AND BILLS DEPARTMENT)      
Swift Charges (For opening of LC) MUR 550 MUR 550 MUR 550
Swift Charges (For amendment of LC) MUR 250 MUR 250 MUR 250
Letters of Credit      
Opening Charges (a) 1/2% flat for 6 months (Min. MUR 1,500).
(b) 1/4% flat for each additional quarterly period (Min. MUR 800)
(a) 1/2% flat for 6 months (Min. MUR 1,500).
(b) 1/4% flat for each additional quarterly period (Min. MUR 800)
(a) 1/2% flat for 6 months (Min. MUR 1,500).
(b) 1/4% flat for each additional quarterly period (Min. MUR 800)
Amendment Commission MUR 500 except for amount and tenor for which opening charges as above would apply MUR 500 except for amount and tenor for which opening charges as above would apply MUR 500 except for amount and tenor for which opening charges as above would apply

Note: No Refund of Commission on Credit Not Availed or Partially Availed.

     
Advance Bills      
(a) Payment Commission 1/4% flat (Min. MUR 800) 1/4% flat