| 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
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.
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.
