I received an e-statement from an unknown bank called “SBM Bank” to my email, I opened it and surprisingly they have my name, address and phone number!
I never heard about them before let alone open an account with them, but it looks like I now have a fully fledged account with them.
How did this happen? Is this some sort of scan? What can I do about this? Do they have my KYC details?
Also, has anyone heard about this bank before? Any similar experiences?
SBM represents State Bank of Mauritius. I think it was started in India in the 90’s but are only actively looking for customers now.
They have partnerships with many new age fintech companies, so I guess you would have registered for some service in partnership with this bank.
Some of the services which come to mind are Vested direct, Onecard, Niyo Global etc
Did you register for services that offer US stocks etc ?
I had never heard of this Bank and my initial reaction was that this was a scam, checked the net, they have a website and checked DICGC (Deposit Insurance Credit Guarantee Scheme) website and they are listed under the foreign banks. At least the first step is that there is a bank called SBM Bank.
SBM as a branch of SBM Bank (Mauritius) started its operation in India in 1994. The Bank currently
operates four branches, namely in Mumbai, Chennai, Hyderabad and Ramachandrapuram.
As per their website, they have tied up with various fintech companies and I am sure one of them must have passed on your number to them.
The issue is
I truly wish you will write an email or send a official letter addressed to the bank asking on what basis, your account was opened. Their website has a Grievance redressal mechanism - put it on record by expressing your concern.
There is Banking Ombudsman, which is attached, you will find details on Annexure, click and send them an email as well.
The reason for writing all this is not to scare you, as there lots of money laundering and other illegal activities going on. Hence it is better to be safe than sorry.
Disclaimer: These are my personal view, do get it touch with an expert or your existing banker and seek advice
Interesting, I visited their website and nothing was mentioned about Mauritius, I thought it was just some small bank.
I haven’t heard about any of them.
Yes, I did actually, it was because of INDmoney which gave me some free US stocks and wanted me to open a trading account. It was a few weeks ago…
I rechecked their email and I see that “IND Super Saver Account” matches the customer ID in the bank statement, so mystery solved, a bit anti-climatic.
Their link to activate internet banking also points towards SBM’s domain, which I never bothered to check until now.
I surfed their website a bit but didn’t find this information, but you are right, they are linked up with INDmoney.
That’s what I am thinking too, maybe INDmoney shared their KYC with the bank? I did send pictures of my PAN Card and my selfie when signing up for the U.S stock account.
I understand, thank you for the detailed explanation, I am aware of the risks and I would’ve complained to the bank as well as to RBI via their grievance system.
For now it looks like I have been ignorant, I think they didn’t mention SBM at all while signing up, so they probably hid that aspect in their T&C.
Ohh. I think they shared your info to SBM.
You probably signed up for a 2 in one account.
It’s clearly mentioned on their website.
They partnered with SBM to power up remittance free fund transfer.
So, I don’t think there is anything to worry as it is INDmoney who did this. (For 2 in 1 account)…
Below is the statement from INDmoney on 2 in 1 account.
– "The 2-in-1 US stocks account is a combination of a US based trading account and a zero fee Indian savings bank account powered by SBM Bank India in partnership with INDmoney. It allows you to transfer funds to the US stock account from your SBM India savings account in a cheaper, faster and completely digital way."
I am 99% sure they did not mention that when I was signing up through their app.
I’m not sure if they mentioned that on thier app, but it’s mentioned on their websites.
Below are their statements about 2 in 1 account with SBM
I definitely do not recall reading any of that.
I got a similar problem. Did you close your SBM account
I too found out that I have an active online account with SBM which was probably done when I registered in INDMoney. I went to the extent of getting my login details for using their internet banking. When I login I get an active SB account with zero balance. Now the interesting part is I am given the option to open an FD if I have sufficient funds in the SB account. Considering their high FD rates of 8% I am contemplating on trying with starting one. Would it be safe and would I be able to transfer the funds/returns on maturity from/to another SB account of SBI or SIB. Your advice is solicited.
State Bank of Mauritius, they recently started their operations in India and they are registered with RBI, so they should be safe.
I am referring to State bank of Mauritius as one user has pointed out and which is the point of discussion in this thread. Request you to read through the previous comments.
Regular Indian Citizens may feel like a FII after opening an account with State Bank of Mauritius 
.
Guess I can relate why wealthy people route money via Mauritius.
my mistake
