SBI Savings Plus Account

Hi,

I want the SBI Savings Plus Account. How it works?

Hi,

SBI Savings Plus Account is a Savings Bank Account linked to Multi Option Deposit (MOD), 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.

Any individual eligible to open Savings bank account can open SBI Savings Plus Account.

The customer has to maintain MAB. The system does not break MOD to do so. The minimum threshold limit for transfer to MOD Rs 35,000/-

The customer has to specify whether’ First in First Out” or “Last in First out” principle should be applied for break opening of deposits. In absence of any mandate the “last in First out” principle will be applied.

The terms and conditions of the account are:

  1. Savings Bank account is linked to Multi Option Deposit (MOD) account for auto sweep. Any surplus funds will be transferred retaining a minimum of Rs. 25,000/ in Savings Bank (to be set up by the customer). Term Deposit can be opened with a minimum of Rs. 10,000/- and in multiple of Rs. 1,000/- at one instance

  2. w.e.f 01.11.2018, In case the balance falls below Rs. 3,000/- MODs will be broken to maintain a balance of Rs. 3,000/ in the account

  3. If sufficient balance in MOD is not available, on account of which the system is unable to maintain the minimum balance of Rs. 3,000/- in the account, the customer is liable to pay charges on non- maintenance of Average Minimum Balance as applicable to the geographical location where the account is maintained.

Looking for Fixed Deposits? Click here

Cheers,
BB Expert