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

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.