Saving Accounts

From: July 15, 2022
Savings Account Interest Rates
For Resident & Non-Resident Indians
Slabs Interest Rate per annum
Balance up to INR 2 Lakh 3.50%
Balance more than INR 2 Lakh up to INR 5 Lakh 4.00%
Balance more than INR 5 lakh up to INR 50 Lakh 5.00%
Balance more than INR 50 Lakh up to INR 5 crore 6.00%
Balance more than INR 5 crore up to INR 10 crore 6.50%
Balance more than INR 10 crore 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

Please note:
The above-mentioned Savings Interest Rate is applicable with effect from July 15, 2022

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:

  • 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.