Torus Digital v/s SBI Bank Savings Account
Interest Rates 2025
When choosing a savings account, interest rates are key. Here’s a comparison of Torus Digital Savings Account Powered By Suryoday Small Finance Bank (SSFB) and SBI Bank savings account interest rates across balance slabs to help you decide.
| Savings Account Balance Slab Savings A/c Balance Slab | SBI Bank Savings Account SBI Bank | Torus Digital Savings Account Torus Account |
|---|---|---|
| Up to ₹1 Lakh |  2.70% | 2.50% |
| >₹1L – 5L (incl.) | 2.70% | 4.00% |
| >₹5L – 10L (incl.) | 2.70% | 7.25% |
| >₹10L – ₹2Cr (incl.) | 2.70% | 7.50% |
| >₹2Cr – ₹5Cr (incl.) | 2.70% | 7.50% |
| >₹5Cr – ₹10Cr (incl.) | 2.70% | 7.75% |
| >₹10Cr – ₹25Cr (incl.) | 3.00% | 7.75% |
| >₹25Cr | 3.00% | Contact Branch |
Open your Torus Digital Savings Account Powered By Suryoday Small Finance Bank (SSFB) today and start earning up to 7.75% interest
Open Account NowCharges & Fees
Here’s a quick comparison of the fees and charges for the Torus Digital Savings Account Powered By Suryoday Small Finance Bank (SSFB) and SBI Bank Account to help you decide.
| Charges / Fees Charges / Fees | SBI Bank Savings Account SBI Bank | Torus Digital Savings Account Torus Account |
|---|---|---|
| Minimum Average Monthly/Quarterly Balance | NIL | NIL |
| Non-Maintenance Charges | NIL | NIL |
| Cheque Bounce Charges (Insufficient Funds) | NIL | NIL |
| Cheque Bounce Charges (Technical Reasons) | NIL | NIL |
| Cheque Return | NIL | ₹200 |
| Cheque Book Charges | 10 free cheques per financial year | 20 leaves free per quarter, additional cheque fees- ₹2 per leaf |
| Account Closure Charges | No charge if account closed within 14 days or after 1 year; ₹500 + GST if closed after 14 days and before 1 year. | NIL |
| ATM Withdrawals | Withdrawals only using withdrawal form at Branches or through ATMs. | Limit: ₹1,00,000/day |
Features of Saving Account
The SBI Savings Account offers a traditional banking experience with access to SBI’s vast branch and ATM network. It is suitable for individuals looking for a basic savings account with cheque book facilities and branch-based services. On the other hand, the Torus Digital Savings Bank Account, part of Torus Digital’s 3-in-1 Account, provides a fully digital, high-interest savings account with zero balance requirements and seamless integration with trading and investing.
Below is a comparison between the SBI Savings Account and Torus Digital Savings Account Powered By Suryoday Small Finance Bank (SSFB):
| Feature Feature | SBI Bank Savings Account SBI Bank | Torus Digital Savings Account Torus Account |
|---|---|---|
| Interest rate | Up to 3.00% p.a. | Up to 7.75% p.a. |
| Interest payout | Quarterly | Monthly |
| Minimum balance requirement | Nil for standard accounts | No minimum balance requirements |
| Penalty for non-maintenance | No penalty | No charges |
| Cheque book facility | 10 free cheques per financial year | Not applicable |
| Debit Card | Classic, Gold, Platinum options available | Digital RuPay Debit Card |
| Investment Feature | Not applicable | ‘Invest Your Interest’ feature to invest earned interest in selected ETFs |
| Stock Market Transactions | Not applicable | Block Funds Facility – trade in stocks directly from the savings account while earning interest |
| Fund Transfers | NEFT/RTGS/IMPS/UPI (charges applicable) | NEFT/RTGS/IMPS/UPI (free) |
| Cash Withdrawals | Free withdrawals at SBI ATMs | Digital-first approach |
| Banking Process | Physical & Online | Fully digital process, account opens in 6 minutes |
Open your Torus Digital Savings Account Powered By Suryoday Small Finance Bank (SSFB) today and enjoy smarter banking with higher interest and zero hassle!
Open Account NowWhich Account Offers the Best Interest Rate? Torus Digital Savings Account Powered By Suryoday Small Finance Bank (SSFB) vs SBI Bank Savings Account
When it comes to interest earnings, Torus Digital clearly takes the lead. While the SBI Savings Account offers a flat 2.70% p.a. up to ₹10 crore and 3.00% for balances above that, Torus Digital provides a tiered interest rate going up to 7.75% p.a.—significantly higher across most balance slabs. For savers aiming to maximise returns on their deposits, especially on higher balances, the Torus Digital savings account presents a more rewarding option compared to the SBI bank savings account.
Documents Required
To open a savings account, whether with Torus Digital Savings Account Powered By Suryoday Small Finance Bank (SSFB) or an SBI Bank account, having the right documents ready can make the process quick and hassle-free. Below is a comparison of the key document requirements to help you get started smoothly.
| Documents Required Documents Required | SBI Bank Savings Account SBI Bank | Torus Digital Savings Account Torus Account |
|---|---|---|
| Account Opening Form | Printed Account Opening Form (AOF) | No physical form needed — all details filled digitally in the app |
| Proof of Identity & Address (Any one) | Driving License, Voter ID, Passport, PAN Card, Aadhaar Card, NREGA Card | Aadhaar Card (mandatory), Original PAN Card (mandatory); Aadhaar used for both ID & address verification verification |
| Proof of Address | Income/Wealth Tax Assessment Order, Bank Statement, Ration Card, Letter from public authority or employer, Utility Bills (Electricity, Telephone), Credit Card Statement, Salary Slip | Aadhaar Card used for address verification |
| Photographs | Two recent passport-sized photographs | Not needed separately — live selfie captured digitally during onboarding Video KYC |
| Minors | ID proof of the person operating the account if minor below 10; regular KYC if minor operates independently | Not applicable |
| KYC Verification | Physical document submission required | Fully digital Video KYC |
Eligibility Criteria
When choosing between a Torus Digital Savings Account Powered By Suryoday Small Finance Bank (SSFB) and an SBI savings account, it’s important to understand the eligibility criteria for each. Knowing who can open these accounts helps you decide which option best fits your banking needs.
| Eligibility Criteria Eligibility Criteria | SBI Bank Savings Account SBI Bank | Torus Digital Savings Account Torus Account |
|---|---|---|
| Residency | Individual must be an Indian resident | Resident Individual (Single) |
| Age Requirement | Individual must be 18 years of age | Age is no bar |
| Existing Bank Relationship | Should not have existing relationship with the bank | N/A |
| Mandatory Documents | Must have valid Aadhaar and PAN card; Aadhaar must be linked with registered mobile number | Aadhaar and PAN mandatory |
| Account Limitations | Individual must have one Insta Savings account and no other account at a time | N/A |
| Residency Status | Indian resident | Resident individuals only |
Why Choose Torus Digital Savings Account Powered By Suryoday Small Finance Bank (SSFB)?
The Torus Digital Savings Account, powered by Suryoday Small Finance Bank (SSFB), offers a range of innovative features designed to give you the best banking experience with attractive returns and complete convenience
- High Interest Rates: Earn up to 7.75% p.a : Best in class interest rates available on savings accounts today.
- Monthly Interest Credit: Enjoy the benefit of monthly interest being credited directly to your account, helping your savings grow faster.
- Zero-Balance Account : Say goodbye to minimum balance requirements and maintenance fees - enjoy the freedom of a truly zero-balance account.
- Invest Your Interest : Boost your savings with the unique ‘Invest Your Interest’ feature, allowing you to invest your interest earnings in ETFs starting at just ₹27, potentially earning up to 15% extra.
- Digital RuPay Debit Card : Shop online and make secure transactions easily with the Torus Digital RuPay Debit Card, powered by SSFB.
- Block Funds Facility : Combine liquidity with growth by trading stocks directly from your savings account while still earning monthly interest.
- Instant Fund Transfers : Seamlessly transfer funds to your trading account without any delays.
- 24/7 Customer Support : Get round-the-clock assistance whenever you need help.
- Fully Digital Process : Open and manage your account entirely online quick, hassle-free, and paperless.
Additionally, you can explore the Torus Digital 3-in-1 Account that integrates your savings, trading, and demat accounts into one powerful platform, giving you seamless control over your finances with enhanced convenience.
About Suryoday Small Finance Bank
SSFB began its journey as a microfinance institution in November 2008 and transitioned into a Small Finance Bank in January 2017 after receiving its banking license. With a strong foundation in inclusive banking, SSFB today powers next-gen digital savings solutions through platforms like Torus Digital Savings Account Powered By Suryoday Small Finance Bank (SSFB).
Frequently Asked Questions
1. How can I open a savings account in State Bank of India account online?
- To open a savings account online, follow these steps:
- Visit the official SBI website
- Navigate to the ‘Accounts’ section and select ‘Savings Account.’
- Click on ‘Apply’ and fill in your personal details, including name, date of birth, and address.
- Submit the online application form.
- Visit the nearest SBI branch with your KYC documents for verification.
- After successful verification, your account will be activated within 3-5 working days.
2. How can I open a savings account in SBI offline?
- You can open an SBI savings account by visiting a branch and following these steps:
- Request an account opening form and fill in the required details
- If you do not have a PAN card, submit Form 2.
- Attach the necessary KYC documents for identity and address proof.
- Deposit a minimum amount of ₹1,000 (if required).
- Upon successful processing, you will receive your passbook and chequebook.
3. What are the SBI bank account interest rates for savings accounts?
- SBI bank account interest ratesvary based on the account balance:
- For balances below ₹10 crore, the interest rate is 2.70% p.a.
- For balances of ₹10 crore and above, the interest rate is 3.00% p.a.
- Interest is calculated daily and credited periodically as per bank policies.
4. How can I change my registered mobile number in SBI?
- You can change your registered mobile number in SBI using three different methods:
- Through SBI Net Banking:
- Log in to the official State Bank of India website.
- Go to My Accounts > Profile > Personal Details and select Change Mobile Number.
- Enter your account number and the new mobile number.
- Confirm the number and submit the request.
- A confirmation message will be sent once the update is complete.
- Through an SBI ATM:
- Visit the nearest SBI ATM and insert your debit card.
- Select Registration > Mobile Number Registration > Change Mobile Number.
- Enter your old and new mobile numbers.
- An OTP will be sent to both numbers.
- Send the OTP and reference number to 567676 in the format: ACTIVATE<8-digit OTP><13-digit reference number>
- Through an SBI ATM:
- Visit the nearest SBI branch and submit a Letter of Request for the number change.
- Complete the verification process.
- Once approved, you will receive a confirmation SMS.
5. How can I choose the best Savings Account?
- To select the right savings account, consider the following key factors:
- Assess your financial goals and requirements.
- Compare interest rates offered by different banks.
- Check the minimum balance requirement to avoid penalties.
- Ensure easy access through online and mobile banking.
- Look for additional benefits like debit card features and transaction perks.
6. How can I decide between SBI Savings Account and Torus Digital’s Savings Bank Account?
- When deciding between SBI Savings Account and Torus Digital’s Savings Bank Account, it is essential to consider which features align best with your financial preferences and banking habits. SBI offers a reliable savings account with standard banking features, security, and accessibility. However, for those looking for a more digital, high-interest, and investment-friendly experience, Torus Digital’s Savings Bank Account, powered by Suryoday Small Finance Bank, provides a unique advantage.
- Torus Digital stands out with its industry-leading interest rate of up to 7.75% p.a., which is credited monthly instead of quarterly—ensuring faster growth of your savings. Unlike traditional savings accounts, it has no minimum balance requirement and no penalties, allowing complete financial flexibility.
- Beyond savings, Torus Digital enhances your financial journey with investment and stock trading capabilities. The ‘Invest Your Interest’ feature automatically reinvests earned interest into selected ETFs, offering potential returns of 15% p.a., while the Block Funds Facility enables direct stock trading from your savings account without compromising liquidity. The fully digital onboarding process takes just six minutes, eliminating paperwork and wait times. With a Digital RuPay Debit Card, seamless online transactions, and round-the-clock access, Torus Digital provides a modern, flexible, and investment-friendly banking experience.
