Savings Account Interest Rates | |
---|---|
For Resident & Non-Resident Indians | |
Slabs | Interest Rate per annum |
Balance up to INR. 2 Lakh | 3.5% |
Balance more than INR. 2 Lakh up to INR. 5 Lakh | 4.00%* |
Balance above INR. 5 Lakh upto 5 Crs # | 5.00%* |
# For amounts greater than Rs. 5 Crs, please contact the Branch or your designated Relationship Manager (With effect from July 1, 2021)
* 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
Please note:
The above-mentioned Savings Interest Rate is applicable with effect from June 1, 2021
Disclaimer:
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. Similarly for balance
above INR 5 lacs upto 5 crs interest rate up to 5 % per annum will be applicable for any incremental amount that is maintained 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:
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.