State Bank of India offers different interest rates for savings and deposits accounts, and any customer having a Savings account in SBI is valid to get offers from various benefits.
SBI Interest Rates
Bank savings interest rate is valid, if the customer maintained the minimum amount in their savings accounts, and the Interest Rate of State Bank of India varies every year based on budget session and thus by having your savings account will also earn you extra money.
This rate is paid by financial institutions based on the deposit done in a once saving account and thus the amount gets added in the current principal savings balance.
Choose better savings accounts in State Bank of India to drive an extra source of income without any risky investments, and the Interest Rate of SBI accounts and Deposits is far different from the SBI Fixed deposits.
SBI Savings Account Interest Rate
At present the following interest rates are applicable for all State Bank of India savings account holders with effect from 31.05.2020
- Balance up to Rs. 1 Lakh will get 2.7% per annum
- All the accounts having a balance above 1 Lakh will also get 2.75% per annum
SBI Deposit Interest Rate
The following are the different types of SBI Fixed Deposit Interest Rate applicable for the general public and senior citizens mentioned against each with effect from 27.05.2020
|Tenor of Fixed Deposit||Interest Rate for General Public||Interest Rate for Senior Citizen|
|7 – 45 days||2.9%||3.4%|
|46- 179 days||3.9%||4.4%|
|180 – 1 year||4.4%||4.9%|
|1- 3 years||5.1%||5.6%|
|3 – 5 years||5.3%||5.8%|
|5 – 10 years||5.4%||6.2%|
History of SBI Interest Rates
For Saving Bank
|Date from||% of Interest||Period|
|03.05.2011||3.50% to 4.00%||Half Yearly|
|31.07.2017||4.00% to 3.50%||Quarterly|
|31.05.2020||Upto 1 Lakh = 2.7%|
Above 1 Lakh = 2.75%
We updated the new interest rates when ever changed by the bank, and you may check the original source sbi.co.in for more information