How SBI Savings Plus Account Can Help You Earn Higher Interest
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 – @TheOfficialSBI. 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.
All you need to know about SBI’s Savings Plus Account:
1. 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.||Particulars||Rate of Interest|
|1||Saving Deposits Balance upto Rs. 1 crore.||3.50% p.a|
|2||Saving Deposits Balance above Rs. 1 crore.||4.00% p.a|
4. Any surplus funds retaining a minimum of Rs. 25,000 in Savings Bank (to be set up by the customer) will be transferred as Term Deposit with a minimum of Rs. 10,000 and in multiple of Rs. 1,000 at one instance.
5. 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 SBI savings plus account.
7. 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.