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SBI Savings Account Interest Rates

SBI Savings Account Interest 2020-21

Last Updated 15th Jan 2021

Saving Account Interest Rate
Premium Savings Account 2.70% - 2.70%
Savings Plus Account 2.70% - 2.70%
Yuva Savings Plus Account 2.70% - 2.70%
Basic Savings Bank Account 2.70% - 2.70%
Savings Bank Account For Minors 2.70% - 2.70%
Small Savings Account 2.70% - 2.70%
Savings Account for Minors: Pehla Kadam and Pehli Udaan 2.70% - 2.70%
Apply for Savings Account

SBI Bank Savings Accounts Interest Rate

SBI offers an interest rate ranging between 2.70% to 2.70% on the minimum average balance maintained in the savings account. It calculates the interest rate on savings bank accounts on a daily basis. However, the interest is paid to the account holders every quarter. With SBI Savings Account youth and minors can get additional benefits on their Savings Account.

Features

SBI Savings Account helps you to save money by providing interest on your idle money deposited in the savings accounts. The rate of interest on SBI Savings Account varies as per the Savings Account product. Some of the key features and benefits of SBI savings account are:

  • It offers interest rates from 2.70% to 2.70% p.a. You can easily access SBI Savings Account anywhere through a large network of branches and ATMs.
  • If you want to transfer funds from SBI Savings account to any other bank account, you can do it through modes such as RTGS, IMPS, NEFT and UPI facilities.
  • To maintain SBI Savings account, you require a minimum balance of NIL.
  • SBI personalized account number and cheque book enhances security and ensures your money is safe.
  • You can get SMS Alerts and e-statement facilities with SBI Savings Account.
  • With Auto Sweep Facility of SBI, your account can be linked to Multi Option Deposit MOD account.

SBI Savings Account Rates

Saving Account Interest Rate Minimum Balance
Premium Savings Account 2.70% - 2.70% NIL
Savings Plus Account 2.70% - 2.70% NIL
Yuva Savings Plus Account 2.70% - 2.70% NIL
Basic Savings Bank Account 2.70% - 2.70% NIL
Savings Bank Account For Minors 2.70% - 2.70% NIL
Small Savings Account 2.70% - 2.70% NIL; Maximum amount is Rs. 5,00,000
Savings Account for Minors: Pehla Kadam and Pehli Udaan 2.70% - 2.70% NIL; Maximum amount is Rs. 5,00,000

Banks Offering NetBanking Services

SBI Savings Account Products

  • Premium Savings Account: SBI offers interest rates ranging between 2.70% to 2.70% on Premium Savings Account.You can open a Premium Savings Account in SBI by depositing NIL amount as minimum balance.
  • Savings Plus Account: If you have deposited your excess funds in a Savings Plus Account, you can get interest at 2.70% to 2.70% on your account. This account can be opened by anyone with a minimum age of 18 years.
  • Yuva Savings Plus Account: SBI provides interest rates ranging between 2.70% to 2.70% on Yuva Savings Plus Account. The minimum balance requirement to open this account is NIL.
  • Basic Savings Bank Account: You can get interest at 2.70% and 2.70% respectively on Basic Savings Bank Account in SBI. The account can be opened in SBI by depositing NIL amount.The debit card available for this account are Basic RuPay ATM cum Debit Card).
  • Savings Bank Account For Minors: If you have deposited your excess funds in a Savings Bank Account For Minors, you can get interest at 2.70% to 2.70% on your account.
  • Small Savings Account: You can get interest at 2.70% to 2.70% in Small Savings Account. This account can be opened in SBI by depositing a minimum amount of NIL after an age of 18 years.
  • Savings Account for Minors: Pehla Kadam and Pehli Udaan: The interest that you can earn on Savings Account for Minors: Pehla Kadam and Pehli Udaan is in the range of 2.70% to 2.70% respectively.The debit card available for this product isPhoto ATM cum Debit Card

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FAQs

How much interest is charged by SBI on Savings Account?

SBI offers an interest rate of 2.70% to 2.70% on Savings Account.

What is the minimum amount required for opening Savings Account in SBI?

The minimum amount required for opening Savings Account in SBI is NIL.

What are the balance non - maintenance Charges on SBI Savings Account?

The Balance Non Maintenance Charges on Savings Account by SBI are None.

What are the SBI ATM Transaction charges on Savings Account?

SBI ATM Transaction charges on Savings Account are Rs. 5 to 20 plus GST.

How does SBI calculate interest charged on Savings Account?

Interest on Savings Account is calculated on Quarterly basis. The following formula is used by SBI to calculate interest on Savings Account.

Monthly interest=Amount (Daily balance)*(No of days)* Interest/Days in the year

Does SBI offer Debit Card to the account holder?

Yes, various Debit Cards are offered, differing according to the product. Some of the popular savings account products of SBI with the type of Debit Card offered are listed in the table below.

Premium Savings AccountMaster or Visa ATM cum Debit Gold Cards
Savings Plus AccountBasic ATM cum Debit Card
Yuva Savings Plus AccountATM cum Debit Card
Basic Savings Bank AccountBasic RuPay ATM cum Debit Card
Small Savings AccountATM cum Debit Card
Savings Account for Minors: Pehla Kadam and Pehli UdaanPhoto ATM cum Debit Card

Interest rate on all SBI deposits products listed in the table above is 2.70% to 2.70%.

What is the withdrawal limit of the account?

The withdrawal limit offered in SBI is Maximum 10 withdrawals in a month

What is the eligibility criteria to open a savings account in SBI?

Eligibility criteria for SBI savings account -

  • This account is for resident Indians of 18 years of age and above

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SBI News - Jan 2021
  • 2020-12-10 : SBI goes easy on a plan to spin off Yono
    State Bank of India is going slow on its plans to divest its stake in digital platform Yono, YONO is a digital initiative by SBI and stands for “You Only Need One”. YONO helps customers to apply for retail loans like home, personal, gold, two-wheeler and car loan along with business and mudra loans digitally. Further, it also helps in investing in FD and RDs. The special digital tool also provides the facility to apply for the current and savings account.
  • 2020-11-11 : SBI to focus on financial inclusion
    SBI is planning to increase the share of its newly created business vertical, financial inclusion and micro-markets from the current 12% to 20% by March 2022. The bank recently created a separate FI&MM vertical within the bank with an aim of financial inclusion of rural and semi-urban areas to improve customer experience in the hinterland.
  • 2020-11-05 : SBI net profit rises to ₹4,574 crores in Q2
    SBI September quarter net profit jumped 52% year-on-year to Rs 4,574.16 crore as the provisions declined during the quarter. Credit growth for the bank logged an improvement of 6.02% over the previous year driven by home, personal, car, two-wheeler and gold loan along with mudra and business loan. Total advances at the end of Q2 were at Rs 23.83 trillion. Further, total Deposits which includes fixed and recurring deposits grew at 14.4% on a yearly basis to Rs 34.70 trillion, out of which current account deposit grew by 8.55% YoY while saving bank deposits grew by 16.28 per cent YoY.
  • 2020-09-03 : SBI shares safety tips to eliminate online fraud
    SBI shared tips to stay safe and to recognise fraudsters. The bank, in a short video clip shared on SBI official Twitter handle, warned that the financial service sector is increasingly becoming a target for cybercrime. Further, the bank shared some ways to avoid getting scammed which includes guidelines such as never click on suspicious links, Change your account passwords constantly etc.
  • 2020-08-20 : SBI waived off SMS charges on all savings accounts
    SBI waived SMS charges on Saving accounts. The move will benefit over 44 crore savings accounts holders.
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