The country’s largest lender, State Bank of India (SBI), provides different types of accounts where customers can invest their hard-earned money. Apart from the regular savings account, fixed deposit (FD) and recurring deposit (RD) accounts, the bank also offers SBI Savings Plus Account. According to SBI, a savings bank account linked to multi option deposit (MOD) account is called ‘Savings Plus Account’. In this account, the fund above a threshold limit from the savings account is transferred automatically to FD or term deposit opened in multiples of ₹1,000.
Here are minimum balance, interest rates and other key details of SBI Savings Plus Account:
1) Any individual, who is eligible to open savings bank account, can also open an SBI Savings Plus Account.
2) The minimum threshold limit for transfer to multi option deposit (MOD) is ₹35,000.
3) The rate of interest offered by Savings Plus Account is the same as offered in SBI Savings Account.
4) The minimum amount of transfer to MOD is ₹10,000 and in multiples of ₹1,000 at one instance.
5) The period of deposit is 1-5 years.
6) Loan against Multi Option Deposit is available to the customers.
7) A person with a savings bank account in a metro and urban area is required to maintain a monthly average balance of₹3,000. Customers with accounts in semi-urban and rural branches are required to maintain a balance of ₹2,000 and₹1,000, respectively.
8) Facilities such as ATM card, mobile banking and internet banking are also available with SBI’s account.
9) In case of the balance falls below ₹3,000, MODs will be broken to maintain a balance of ₹3,000 in the account.
10) If a minimum balance is not maintained in the account, the customer is liable to pay charges on non-maintenance of AMB as applicable to the geographical location where the account is maintained.