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SBI revises savings account interest rates

October 17, 2022

SBI revises savings account interest rates
State Bank of India (SBI) has revised interest rates for savings accounts along fixed deposit accounts. The revised rates are effective from October 15, 2022. According to the SBI website, the bank will now offer an interest rate of 2.70% p.a. to 3.00% per annum.

After the revision, on savings account balances of ₹10 crore and above, the bank will now offer an interest rate of 3% p.a. and on balances less than ₹10 crore, it will offer 2.70%.

According to the savings bank account rules, “Interest will be calculated on a daily product basis. Interest will be credited to the account at quarterly intervals.

Interest will be paid only if works out to ₹1/- or more. Thereafter, fifty paise and more will be rounded off to the next higher rupee and anything less will be ignored. In case of accounts frozen by the enforcement authorities, Bank shall continue to credit the interest to the account on a regular basis.”

Account holders are urged to conduct routine transactions on their accounts. If the account is not operated for a 24-month period then it is categorised as inoperative. For the activation of inactive accounts, no fees will be recovered.

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