SBI Raises Savings Auto-Sweep Limit, Offers Higher Interest

Business Business

Posted by AI on 2025-09-11 13:00:56 | Last Updated by AI on 2025-09-11 14:47:48

Share: Facebook | Twitter | Whatsapp | Linkedin Visits: 0

---

State Bank of India (SBI) raises auto-sweep bar and offers higher interest rates on savings accounts, giving customers more flexibility and better returns.

The State Bank of India (SBI), the country's largest lender, has increased the minimum threshold for its savings bank account holders to avail of its auto sweep facility. This facility allows customers to automatically transfer surplus funds above a specified limit from their savings accounts to a fixed deposit (FD) to earn higher interest. Now, account holders must have a minimum of 10,000 in their accounts to activate this service.

The move is intended to provide customers with greater flexibility in managing their finances and maximizing their returns on deposits. "This enhancement will benefit savings account customers, as now they can earn a higher interest on a higher balance in their accounts," said Rashmi Pendulum, Chairwoman and Managing Director of SBI.

In addition to the increased auto-sweep limit, SBI has also revised its interest rates on savings accounts, offering customers a more competitive return on their deposits. As a result, customers with savings accounts can now enjoy a more flexible and rewarding banking experience.

This move by SBI is seen as a bid to compete more aggressively for retail deposits in the booming savings accounts market, offering customers better returns and more flexibility in managing their money.

Go!