State Bank of Mauritius review
Updated September 28, 2026 · VaultCue Editorial Team · Facts checked September 26, 2026
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Our verdict
State Bank of Mauritius suits savers in Mauritius who want an easy-access savings account with on-demand access to their money and a MUR 0 monthly fee. The 3.35% headline rate is variable, so the balance can earn more or less over time.
Key facts
- Best for
- Mauritius savers who want easy access to a variable-rate balance with a MUR 0 monthly fee.
- Monthly fee
- MUR 0↗
- Currencies
- 27↗
- Transfer fee
- Free internal standing order (SBM to SBM)↗
- Legal entity
- SBM Bank (Mauritius) Ltd↗
- Headquarters
- Mauritius↗
- Founded
- 1973↗
- Support channels
- Email, Phone↗
- Pricing model
- No monthly fee
- Official website
- sbmgroup.mu
Savings
- Headline rate
- 3.35%↗
- Rate type
- Variable↗
- Minimum deposit
- MUR 5,000↗
- Access terms
- On-demand access: transactions, withdrawals and deposits any time 24/7; interest credited half-yearly in June and December↗
- Account kind
- Easy access↗
Facts checked September 26, 2026, 6 sources
Apps and profiles
- Elsewhere
- LinkedInXfacebook.comyoutube.com
Pros and cons
Pros
- It is an easy access account: transactions, withdrawals and deposits any time, with interest credited in June and December.
- The monthly fee is MUR 0, so holding the balance costs nothing each month.
- The bank publishes exchange rates for 27 currencies, well above the 5 across the accounts compared here.
- It sits with SBM Bank (Mauritius) Ltd, a bank trading in MU since 1973.
Cons
- A MUR 5,000 deposit is needed, well above the €0 for the accounts compared here.
- The rate is variable, so the 3.35% headline is not fixed for the life of the account.
- Support runs on email and phone only, so a question about a transfer goes out as a phone call or an email.
Ready to try State Bank of Mauritius?
Scored 9.4 / 10 by VaultCue.
Who it suits
- Mauritius residents who want a savings balance they can reach at any time.
- People who earn or spend in more than a single currency, with 27 published rates to work with.
- Savers who can set aside MUR 5,000 and are comfortable with a variable rate.
Who should look elsewhere
- Anyone starting with a small balance: the savings account asks for MUR 5,000, while Skrill's monthly fee is €0.
- If a card in your pocket matters more than a savings balance, AXI Card carries a monthly fee of €0.
How State Bank of Mauritius compares
9.4 vs 8.7
9.4 vs 8.6
9.4 vs 8.0
9.4 vs 8.9
9.4 vs 9.1
9.4 vs 9.2
9.4 vs 8.7
9.4 vs 8.7
9.4 vs 8.7
9.4 vs 9.0Skrill's monthly fee is €0, a fair yardstick to weigh against the MUR 5,000 deposit this savings account asks for.
9.4 vs 8.7
9.4 vs 9.5
9.4 vs 9.4
9.4 vs 9.3
9.4 vs 9.2
9.4 vs 9.2
9.4 vs 9.2
9.4 vs 9.2
9.4 vs 9.2
9.4 vs 9.2
9.4 vs 9.1
9.4 vs 9.0
9.4 vs 9.0
9.4 vs 8.9
9.4 vs 8.9- 9.4 vs 8.9
9.4 vs 8.7
9.4 vs 8.5
9.4 vs 8.5
9.4 vs 8.5
9.4 vs 8.4
9.4 vs 8.3
9.4 vs 8.2
9.4 vs 8.1- 9.4 vs 8.1
9.4 vs 8.0
9.4 vs 8.0
9.4 vs 8.0
9.4 vs 9.1
Where State Bank of Mauritius is available
- Available
- India, Kenya, Madagascar, Mauritius
Countries from the brand (Source, checked September 26, 2026)
Frequently asked questions
What does it cost to keep the account open?+
The monthly fee is MUR 0, and the account runs on a no monthly fee model, so nothing is charged for holding it each month. That sits with the €0 monthly fee typical of the accounts compared here, where the top of the range reaches €348.65.
How much interest will my savings earn?+
The headline rate is 3.35% and the rate type is variable, so the bank can move it and your balance follows the published figure. Across the accounts in this group the median headline rate is 3.25%, and 79% of the accounts compared are variable too.
How much do I need before opening it?+
The minimum deposit is MUR 5,000, so that balance needs to be in place before the account starts earning. Many of the accounts compared here ask for less, and the median minimum deposit in this group is €0, so this one asks for something meaningful.
Can I reach my money at any time?+
Access is on demand: transactions, withdrawals and deposits can happen at any time, and interest is credited in June and December. The account is listed as easy access, and most of the accounts compared here share the same easy access.
How many currencies can I hold?+
The bank publishes exchange rates for 27 currencies, a much wider spread than the 5 seen across the accounts compared here. That matters if your income and your spending sit in different currencies while you live in Mauritius.
What does it cost to move money between my own accounts?+
Standing orders between SBM accounts are the cheap route: Free internal standing order (SBM to SBM). That payment carries no charge of its own, and the account around it has a MUR 0 monthly fee, so setting up a regular transfer between your own accounts does not add a cost.
How do I get help when something goes wrong?+
Help runs on email and phone, so you reach the bank by email or by phone. Phone is the more common support channel in this group, at 79.7%, so a query about a transfer goes out as a call rather than a message.
Sources
- banking.sbmgroup.mu/individual/about-us checked September 26, 2026
Backs: Founded
“Since its creation in 1973, the Bank has paved its way to become one of the leading financial institutions in Mauritius”
- banking.sbmgroup.mu/individual/accounts/savings checked September 26, 2026
Backs: Access terms, Account kind, Minimum deposit
“Carry out transactions, including but not limited to withdrawals and deposits, at any time, 24/7 ... Interest is credited twice per year, i.e. in June and December”
- banking.sbmgroup.mu/individual/accounts/sbm-all-one checked September 26, 2026
Backs: Legal entity, Pricing model, Monthly fee, Transfer fee
“© 2017 SBM Bank (Mauritius) Ltd”
- banking.sbmgroup.mu/individual/exchange-rate checked September 26, 2026
Backs: Currencies
“Indicative Exchange Rates 2026-09-25 - Country Currency Buying Selling T.T DD/TC NOTES”
- banking.sbmgroup.mu/individual/interest-rates checked September 26, 2026
Backs: Headline rate, Rate type
“INTEREST RATES ON SAVINGS/CURRENT ACCOUNTS - EFFECTIVE 05 JUNE 2026 Savings Account 3.35% p.a.”
- sbmgroup.mu checked September 26, 2026
Backs: Headquarters, Support channels
“SBM TOWER 1, Queen Elizabeth II Avenue Port Louis, MAURITIUS”
Compiled from 6 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Licence type, Deposit protection, Currency conversion fee.
Related by the facts
State Bank of Mauritius
Mauritius savers who want easy access to a variable-rate balance with a MUR 0 monthly fee.