Savings Accounts

From: March 14, 2023
Savings Account Interest Rates
For Resident & Non-Resident Indians
Savings Account balance (INR) Interest Rate per annum
Up to 2 Lakhs 3.50%
More than 2 Lakhs to 5 Lakhs 4.00%
More than 5 Lakhs to 10 Lakhs 5.00%
More than 10 Lakhs to 50 Lakhs 7.00%
More than 50 Lakhs to 50 Crores 7.25%
More than 50 Crores 5.00%

*Terms and Conditions apply

* The savings interest rate shall apply on incremental balance.
For further clarifications read the FAQ section placed below or call our Customer Service desk on 1800 1033 817

Above rates are subject to change without prior notice. Depositors may please confirm the rate with respective branches before the investment

Frequently Asked Questions
Q 1: How does the Interest Calculation work?
Ans: For Savings balance upto INR 2 lac, interest rate of 3.5% per annum shall apply. Above INR 2 lac up to INR 5 lacs, interest rate up to 4% per annum will be applicable for any incremental amount for the number of days incremental balance is maintained.

Q 2: What is the formulae for calculating the savings interest rate
Ans: Calculating your monthly interest earned starts with knowing the basic equations for calculating interest:
Simple Interest: A = P x r x t
The variables are:

  • P: your principal deposit, or clear balance of your account
  • r: applicable rate of interest
  • t: the time, in years, you want to calculate for
  • A: the amount of money you’ll have in your bank account after interest is paid

Q 3: When is the Interest Paid out?
Ans: SBM Bank India is one of the few banks which pays out the Savings Interest on a monthly basis.

NEVER SHARE your Card Number, CVV, PIN, OTP, Internet Banking User ID, Password, or URN with anyone, as it can lead to unauthorised access to your account. | DIAL 1930 FOR ONLINE FINANCIAL FRAUD. REPORT ANY CYBERCRIME AT WWW.CYBERCRIME.GOV.IN | Dear Customer, in line with RBI regulation, if there are any changes/updates in the KYC documents you previously submitted with the Bank, please provide the updated documents within 30 days of such changes.