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SBI Savings Account Interest Rates

SBI Savings Account Interest 2020-21

Last Updated 11th Aug 2020

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:

  • 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

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 is Photo ATM cum Debit Card

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 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 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

SBI News - Aug 2020
  • 2020-08-06 : SBI reports Q1FY21 net profit of Rs. 4776.50 crore news
    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.
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