Customers can add more to their savings with SBI's savings plus account.State Bank of India (SBI), country's largest lender, provides different types of accounts where customers can save and grow their hard-earned money.
SBI's savings plus account, one such product offered by bank, is a type of savings bank account linked to multi option deposit (MOD) account.
In SBI savings plus account, any surplus fund above a threshold limit from savings bank account is transferred automatically to fixed deposit (FD) opened in multiples of Rs 1,000, noted SBI on its corporate website- sbi.co.in.(SBI Zero Balance Account Rule, Interest Rates, Other Details)1.
SBI's savings plus account can be opened by any individual who is eligible to open savings bank account.2.
The mode of operation can be single, joint or with either or survivor, former or survivor, anyone or survivor, mentioned SBI on its website.3.
A monthly average balance (MAB) requirement is applicable for maintaining SBI's savings plus account.
Monthly Average Balance (MAB) is sum of all end of day (EOD) closing balance divided by number of days in that month.
Given below are MAB requirements of SBI savings plus account as per geographical location where account is maintained:(As mentioned on sbi.co.in)4.
The rate of interest for SBI's savings plus account is same as applicable to SBI's savings bank account.5.
Any surplus funds retaining a minimum of Rs25,000 in savings bank (to be set up by customer) are transferred as fixed deposit (FD) with a minimum of Rs 10,000 and in multiple of Rs 1,000 at one instance, lender noted.6.
This means that minimum threshold limit for transfer of multi-option deposit (MOD) account is Rs 35,000.7.
The period of deposit is 1-5 years.8.
All facilities offered to savings bank account holders such as ATM card, mobile banking, internet banking, SMS alerts are available in SBI savings plus account also.9.
Loan against multi-option deposits are also available.10.Customers can add more to their savings with SBI's savings plus account.