SBI Savings Account Interest Rates
SBI Savings Account Interest 2020-21
6th August 2020 – RBI keeps Repo Rate unchanged at 4%
| 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% |
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:
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 |
SBI Savings Account Products
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.
✅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 Account | Master or Visa ATM cum Debit Gold Cards |
| Savings Plus Account | Basic ATM cum Debit Card |
| Yuva Savings Plus Account | ATM cum Debit Card |
| Basic Savings Bank Account | Basic RuPay ATM cum Debit Card |
| Small Savings Account | ATM cum Debit Card |
| Savings Account for Minors: Pehla Kadam and Pehli Udaan | Photo 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 4 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
- 2020-08-06 : SBI reports Q1FY21 net profit of Rs. 4776.50 crore
State Bank of India reported a net profit of Rs.4776.50 crores for the period ended June 30, 2020, as against a net profit of Rs.6909.95 crores for the period ended March 31, 2020. The Bank posted a total income of Rs.87984.33 crores backed by retail loans like home, personal, car, two-wheeler, and gold loan along with the business and mudra loans. Further, the bank total deposits which include FD, RD, current and savings account grew at 15.96 per cent YoY. - 2020-06-30 : SBI launches YONO branches
State Bank of India launched YONO branches in Navi Mumbai, Indore and Gurugram. YONO is a digital bank platform of SBI, the branches will enable and empower customers to adopt digital banking to enjoy all banking services with ease. - 2020-06-12 : Open SBI instant saving account purely online
State Bank of India has relaunched Insta Saving Bank Account. The account can be opened online instantly without submitting any documents. It was introduced to facilitate contactless interaction during the current coronavirus pandemic. - 2020-06-05 : SBI reported Q4 net profit of Rs 3,581 crore
State Bank of India reported a net profit of Rs 3,581 crore in the March quarter of FY20. The profit grew 326.93% from Rs 838 crore clocked in the year-ago quarter. The profit was bolstered by a one-time gain of Rs 2,731.34 crore from the stake sale in SBI Cards done during the quarter. - 2020-04-27 : SBI urged account holders to follow six tips while banking online
State Bank of India sent a mail to its current and saving account holders titled , A letter for your safety. The mail was sent with an aim to aware the account holder about the essential tips that customers must follow while banking online. SBI has laid out six necessary protocols that the customers must follow in order to safeguard their personal information from fraudsters.
