How is the State Bank of Indias savings a/c interest calculated?
In SB a/c the interest is calculated on the balance which run from the 10th of the month to the last day of the month, in other words, the minimum of the daily balances arrived from the 10th to the last day of the month. A full months interest will be given for the amount so arrived. The interest rate is 3% p.a and be credited to your account in once in six months Further clarifications: Even if the daily balance is zero, upto the 9 th day, it won’t taken into account and a full months interest will be given for the minimum balance. If your daily balance is Rs.50000/- throughout and on the last day, say 31st the balance is only Rs.1000/- , you can get interest for the month for only Rs.1000/- as it is the minimum of the balances kept for the stipulated days.
