INSUBCONTINENT EXCLUSIVE:
The minimum threshold limit for transfer of multi option deposit account is Rs 35,000.
Customers can now link their State Bank of India (SBI) Savings bank
account to multi-option deposit account and earn higher interest, mentioned the official Twitter handle of country's largest lender -
According to SBI, a savings bank account linked to Multi option deposit (MOD) account is called 'Savings Plus Account', wherein surplus fund
above a threshold limit from the savings bank account is transferred automatically to term deposits opened in multiples of Rs 1,000
Customers can add more to their savings with SBI's savings plus account, the tweet added
Any individual eligible to open SBI's savings bank account can also open SBI's savings plus account.2
A monthly average balance (MAB) requirement is applicable for maintaining SBI's Savings Plus account
For metro and urban bank branches, the MAB requirement is Rs 3,000 while for semi-urban bank branches it is Rs 2,000
The MAB requirement for rural bank branches is Rs 1,000, as mentioned on SBI's portal.3
The rate of interest for SBI's Savings Plus Account is same as applicable to SBI's savings bank account
The interest on bank account is between the 10th and the last day of the month
Interest is credited on June 30 and December 31 every year.Sr No.ParticularsRate of Interest1Saving Deposits Balance upto Rs
1 crore.3.50% p.a2Saving Deposits Balance above Rs
Any surplus funds retaining a minimum of Rs
Thus, the minimum threshold limit for transfer of multi-option deposit (MOD) account is Rs 35,000.6
All facilities offered to savings bank account holders such as ATM card, mobile banking, Internet banking, SMS alerts are also available in
The period of deposit is 1-5 years.8
Loan against multi-option deposits are also available.9
The mode of operation can be single, joint or with either or survivor, former or survivor, anyone or survivor, etc.
