Current Interest Rates

SBI Savings Account: Revised Interest Rates and Features in 2024

Current Interest Rates

The State Bank of India (SBI) recently revised the interest rates on its savings accounts. Effective from April 30, 2024, all SBI savings accounts will earn an interest rate of 2.70% per annum.

Key Features of SBI Savings Account

In addition to the revised interest rates, SBI savings accounts offer the following features:

• Zero balance account
• Free ATM withdrawals at SBI ATMs
• Free online banking and mobile banking services
• Access to over 22,000 SBI branches nationwide
• FD Calculator for convenient calculation of fixed deposit returns

SBI FD Calculator: Planning Your Fixed Deposits

For individuals looking to invest in fixed deposits, SBI offers a convenient FD Calculator. This tool allows you to estimate the maturity value and interest earnings on your fixed deposits.

To use the SBI FD Calculator, simply enter the following details:

• Investment amount
• Deposit tenure
• Interest rate

Once you input these values, the calculator will provide an estimate of your returns and maturity date. This can help you make informed decisions when investing in SBI fixed deposits.

Comparing SBI Savings Account with HDFC Bank and Post Office

When comparing SBI savings accounts with similar offerings from HDFC Bank and Post Office, it's important to consider the following:

• Interest rates: SBI currently offers a competitive interest rate of 2.70%, while HDFC Bank offers 2.50% and Post Office offers 4.0%.
• Features: All three institutions offer basic savings account features such as zero balance, ATM withdrawals, and online banking. However, SBI stands out with its wide branch network and specific features like FD Calculator.
• Convenience: HDFC Bank may have an edge in terms of mobile banking and online account management, while Post Office offers the advantage of easy access in rural areas.

Conclusion

The SBI savings account with its revised interest rate of 2.70% offers a competitive option for individuals seeking a secure and convenient savings solution. Combined with its extensive branch network and FD Calculator tool, SBI provides a comprehensive suite of services for managing your finances.