4,80,000 people visited this section in last 30 daysApply Online

Get Cashback of Upto ₹ 1,000* on Loans Apply Online

MyLoanCare Customer Ratings - 4.5/5.0 Apply Online

SBI Savings Account Interest Rate 2021

SBI Savings Interest Rate

Last Updated 07th Jul 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%
Yes Bank
Returns bhi, Rewards bhi
5.5%* interest p.a + up to 1500** YES Rewardz Points on account opening
Earn up to 50k** YES Rewardz Points in 1st year
Exclusive offers on Demat & Lockers
>OPEN YOUR ACCOUNT DIGITALLY NOW
Disclaimer: For balance above INR 10 lcs to INR 1Cr. For YES FIRST customers. Terms and conditions apply. For more details please visit: www.yesrewardz.com
Apply for Savings Account

SBI Bank Savings Accounts Interest Rate

SBI offers an interest rate ranging upto 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. SBI also offers attractive benefits like mobile and internet banking services, free Debit Card and customised savings account depending on different customer profiles.

Features and Benefits

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 upto 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 an 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 the Auto Sweep Facility of SBI, your account can be linked to a 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

Eligibility & Documentation Required for Opening Savings Account in SBI

To open a savings account in SBI, you need to fulfill the following eligibility criteria:

  • You need to have valid KYC Documents.
  • You can open a savings account singly or jointly.

Documents Required

You can open a savings account with prescribed application form and minimum KYC documents, which are mentioned below:

  • Application Form with attested photographs
  • Proof of identity- Passport, Voter ID card, PAN Card, Govt./Defence ID card, Driving Licence etc.
  • Proof of current address- Credit Card Statement, Salary slip, Electricity Bill/Telephone Bill, ration card etc.

How is SBI Savings Account Interest Rate Calculated?

As per the RBI mandate, SBI calculates saving account rate on average balances in the account on a daily basis. The interest can however be paid monthly, annually or quarterly. The following formula is used by SBI to calculate interest on Savings Bank Account on the basis of daily balance in the account

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

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

Check Balance Enquiry Toll Free Number of Top Banks

Know More About Savings Account

Top Applications Offering UPI Facility

Top Banks Providing IMPS Facility

FAQs

How much interest is charged by SBI on Savings Account?

As per the current rates, SBI offers maximum interest rate of 2.70% on Savings Account. SBI provides this interest on the minimum balance maintenance of NIL. The interest rate may however vary across the SBI savings account product.

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

The minimum amount required for opening a Savings Account in SBI is NIL.If you do not maintain the minimum balance requirement in SBI, you are subjected to pay penalty charges.

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

The Balance Non Maintenance Charges on Savings Account by SBI are None.The minimum balance requirement in SBI savings account is NIL.

What are the SBI ATM Transaction charges on Savings Account?

SBIcharges ATM Transaction on Savings Account are Rs. 15+ GST.This charge may further depend upon the savings account product of SBI and the debit card types offered with the bank.

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, SBI offer Debit Cards to the account holders 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

What is the withdrawal limit of the account?

You can withdraw money from your savings account for a maximum 4 free cash withdrawals in a month. times in a month. Withdrawals over and above this limit may impose charges and may lead to deductions from your savings account.The withdrawal limit offered in SBI is 4 free cash withdrawals in a month.

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

To open a savings account in SBI you need to fulfill the following eligibility criteria:

  • This account is for resident Indians of 18 years of age and above
  • You must have your basic KYC done

Notification ×
  • Home Loan

    Home Loan at all-time low rates starting at 6.80%. Cashback of up to ₹ 1,000.

    Apply Now
  • Personal Loan

    Instant Personal Loan starting at 10.25% with Cashback of up to ₹ 1,000 .

    Check Offers
  • Gold Loan

    Instant Gold Loan starting at 7.30% with Cashback of up to ₹ 500

    Apply Now
  • Loan Against Property

    Best Loan Against Property Offers starting @ 8.80%. Cashback of up to ₹ 1,000*.

    Apply Now
  • Business Loan

    Collateral Free Business Loan Rates starting at 14.00% with Overdraft facility.

    Apply Now
  • Fixed Deposit

    AAA rated FDs with returns as high as 6.95%.

    Invest Now
SBI News - Jul 2021
  • 2021-06-30 : Change in service charge for SBI ATM cash withdrawals
    The State Bank of India (SBI) has revised its service charges for cash withdrawals from ATMs and bank branches. The new charges would apply to the chequebook, transfer and other non-financial transactions. The new service charges will come into effect from 1 July 2021 and will be applicable for Basic Savings Bank Deposit (BSBD) account holders.
  • 2021-06-18 : SBI Offers Rs 2 Lakh Free Insurance Cover for Jan Dhan Account Holders
    The State Bank of India (SBI) offers a free accidental cover of up to Rs 2 lakh to all the Jan Dhan account holders who use RuPay debit cards. In order to avail this offer, the Jan Dhan account holders must have done one successful financial or non-financial transaction within 90 days prior to the date of accident, using the Rupay debit card.
  • 2021-05-21 : SBI net profit rises 81% YoY
    State Bank of India’s quarterly net profit rose 81% year-on-year to Rs 6,451 crore for the three months ended March. The bank’s total domestic advances rose 5.67% year-on-year to Rs 21.82 lakh crore. Retail advances which include home, LAP, personal, two-wheeler, car, gold, education and doctor loan stood at Rs 8.7 lakh crore. Further, total domestic deposits for SBI which include FD and RD rose 14.26% from a year ago to Rs 35.7 lakh crore. The current account and savings account deposits rose 16.73% year-on-year to Rs 16.47 lakh crore.
  • 2021-04-27 : SBI introduced video KYC on mobile banking app YONO
    With an aim to improve the customer experience and improve the loan and investment portfolio, SBI introduced KYC on its Mobile banking app YONO. The digital initiative, powered by AI and Facial Recognition Technology, is a contactless and paperless process.
  • 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.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
Loader
Please wait while your information is being processed...