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SBM Bank review

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

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Our verdict

SBM Bank suits people in India who want a plain multi-currency debit card for everyday spending and travel, with a monthly fee of INR 0 and a currency conversion fee of 0%. It runs on Mastercard and answers questions by phone, email and through a help centre.

Key facts

Best for
A Mastercard debit card for Indian banking with no monthly charge and no conversion fee.
Monthly fee
₹0↗
Currency conversion fee
0%↗
Free ATM withdrawals
₹0↗
Card type
Debit↗
Card network
Mastercard↗
Currencies
from 100↗
Legal entity
SBM Bank (India) Ltd.↗
Headquarters
India↗
Founded
2018↗
Support channels
Phone, Email, Help-centre↗
Features
Multi-currency, Travel, Virtual card
Official website
sbm.bank.in

Facts checked September 26, 2026, 5 sources

Apps and profiles

Get the app
App Store
Elsewhere
LinkedInXyoutube.com

Pros and cons

Pros

  • A monthly fee of INR 0 on the classic savings account, ranking 1 of 379 on this measure
  • A currency conversion fee of 0%, ranking 1 of 237 on this measure
  • The card supports multi currency, travel and virtual card features across from 100 currencies

Cons

  • Free ATM withdrawals come to INR 0, which places the card at rank 38 of 104 on that measure.
  • Support runs on phone, email and help centre only, so there is no live chat listed.
SBM Bank

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Scored 9.0 / 10 by HodlCue.

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Who it suits

  • People banking in IN who want a Mastercard debit card for everyday spending
  • Travellers who want from 100 currencies on one card and pay no conversion fee
  • Anyone who prefers phone and email help, since support runs on phone, email and help centre

Who should look elsewhere

  • Wise, whose monthly fee is £0, if you bank outside IN and want an account set up around other currencies
  • Monzo Flex, whose monthly fee is £0, if you want a card for a market other than IN

Fees

Fees are the simple part. The classic savings account carries a monthly fee of INR 0, and the debit card is charged a currency conversion fee of 0%. Nothing is deducted for holding the card and nothing for changing between currencies, so a traveller who keeps a second balance keeps the whole of it. The Mastercard network handles the rest at the point of sale.

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 the card cost each month?+

The classic savings account that carries the card has a monthly fee of INR 0, so holding it adds nothing per month. On this measure the card sits at rank 1 of 379 among the brands compared.

What does it cost to convert currency when I spend abroad?+

The currency conversion fee is 0%, which puts the card at rank 1 of 237 on this measure. For a traveller it is the line that matters most, since any purchase in another currency is charged at it.

Is this a credit card or a debit card?+

It is a debit card, so spending comes out of the balance in your SBM Bank account rather than being paid back later. The card runs on the mastercard network, so it works wherever Mastercard is accepted.

How many currencies can the card hold?+

The global card covers from 100 currencies, and its features cover multi-currency use, travel and a virtual card for online payments. Keeping a balance in more than one currency lets you pay local bills in local money.

How do I reach the bank if something goes wrong?+

Support runs on phone, email and help centre, so you can call, email or work through the help centre. The same team covers the account and the card, and the bank is SBM Bank (India) Ltd., based in India.

Are ATM withdrawals free?+

Free ATM withdrawals come to INR 0, and the card ranks 38 of 104 on that measure. Cash is the everyday action where a charge is most likely, so paying out sparingly keeps costs down.

Who regulates the bank behind the card?+

The bank is regulated by the Reserve Bank of India (RBI) in India, and the legal entity behind the card is SBM Bank (India) Ltd., founded in 2018. Your balance sits in a savings account with the bank rather than in a trading platform.

How does this cost picture compare with the rest of the market?+

The cost picture rests on two lines: a monthly fee of INR 0 and a currency conversion fee of 0%. For context, the median monthly fee across the brands here is €0 and the median conversion fee is 1%.

Sources

Compiled from 5 source pages, checked September 26, 2026. We did not open an account.

Not confirmed yet: Protection.

Related by the facts

SBM Bank

SBM Bank

A Mastercard debit card for Indian banking with no monthly charge and no conversion fee.

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