In SBI, a savings bank account that is linked to a multi-option deposit (MOD) account is called 'Savings Plus Account'
In this account, the fund above a threshold limit from the savings account is transferred automatically to FD opened in multiples of ₹1,000
The country's largest lender, State Bank of India (SBI), provides different types of accounts where customers can invest their hard-earned money. Apart from the regular savings account, fixed deposit (FD) and recurring deposit (RD) accounts, the bank also offers SBI Savings Plus Account. According to SBI, a savings bank account linked to multi multi-options (MOD) account is called 'Savings Plus Account'. In this account, the fund above a threshold limit from the savings account is transferred automatically to FD or term deposit opened in multiples of ₹1,000.
Here are minima um balance, interest rates and other key details of SBI Savings Plus Account:
1) Any individual, who is eligible to open savina gs bank account, can also open an SBI Savings Plus Account.
2) The minimum threshold limit for transfer to multi multi-options (MOD) is ₹35,000.
3) The rate of interest offered by Savings Plus Account is the same as offered in SBI Savings Account.
4) The minimum amount of transfer to MOD is ₹10,000 and in multiples of ₹1,000 at one instance.
5) The period of deposit is 1-5 years.
6) Loan against Multi Option Deposit is available to the customers.
7) A person with a savings bank account in a met and urban area is required to maintain a monthly average balance of ₹3,000. Customers with accounts in semi-urban and rural branches are required to maintain a balance of ₹2,000 and ₹1,000, respectively.
8) Facilities such as ATM card, mobile banking and internet banking are also available with SBI's account.
9) In case of the balance falls below ₹3,000, MODs will be broken to maintain a balance of ₹3,000 in the account.
10) If a minimum balance is not maintained in the account, the customer is liable to pay charges on non-maintenance of AMB as applicable to the geographical location where the account is maintained.
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