SBI Savings Plus Account is a savings bank account linked to the Multi Option Deposit Scheme (MODS), in which the excess amount exceeding a limit is automatically transferred from the savings bank account to the fixed deposit opened in multiples of ₹1000 .
State Bank of India (SBI) savings account interest rate has gone below 3 percent (2.70 percent per annum). SBI customers are looking for options where they can get higher returns without changing their risk appetite. SBI Savings Plus account is a better option for such SBI customers. This SBI Savings Plus account linked to the Multi Option Deposit Scheme automatically transfers the surplus amount over a limit from the savings account to the fixed deposit opened in multiples of ₹1000. As per the details of this particular SBI savings account available on SBI official website – sbi.co.in, the fixed deposit tenure in this is from 1 year to 5 years. Loan can also be availed against MOD deposit.
Like Flexi Fixed Deposit, in this SBI Savings Plus account the amount above a limit is transferred to Fixed Deposit (FD) and in case the deposit amount falls below the minimum balance then to maintain the minimum SBI Savings Account balance Losses are transferred from Fixed Deposits (FDs).
Eligibility for SBI Savings Plus Account
1] All persons having valid KYC documents are eligible to open a savings bank account
2] Individually, jointly or with any one or survivor, former or survivor, anyone or survivor can avail this benefit.
Key Features of SBI Savings Plus Account
1] The period of deposit is 1-5 years
2] ATM Card
3] Mobile Banking
4] Internet Banking
5] SMS Alerts
6] Loan available on MOD deposit
7] Minimum limit for transfer in MOD is ₹35000
8] Minimum amount of transfer in MOD ₹10,000 in multiples of ₹1,000/- at a time
9] 25 free checks per annum. Further checks will be issued with charges based on the quarterly average balance maintained by the customer
10] Transfer of accounts through Internet Banking
11] Maximum Balance: No Limit
12] A pass book is issued to record the transaction. In case of loss of original passbook, duplicate passbook can be issued on payment of fee. Statement of accounts can also be sent through e-mail
13] Monthly Average Balance: Nil.
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