|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
The above-mentioned Savings Interest Rate is applicable with effect from June 1, 2021
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.