SBI Savings Plus Account

State Bank of India Savings Plus Account Details
Monthly Balance Requirement
  • Rs. 3,000 (urban and metro branches)
  • Rs. 2,000 (semi-rural branches)
  • Rs. 1,000 (rural branches)
Account Type Savings Account with auto-sweep in and auto-sweep out facility
Interest Rate 2.70% per annum

SBI Savings Plus Account by State Bank of India helps customers to maximize the surplus fund in their savings bank (SB) account. Here, the SB account is linked to MODS (Multi Option Deposit Scheme). The surplus fund over a minimum limit from the savings account gets transferred automatically to Term Deposits. This term deposit is opened in the multiples of Rs. 1,000. Thus, the auto-sweep option allows you to grow your savings, and earn interest on the deposit at the same time.

In this post, we will discuss State Bank of India Savings Plus Account features, eligibility criteria, terms, and conditions, savings account interest rates, minimum monthly average balance, breaking open the TDRs, and FAQs.

Features of SBI Savings Plus Account

Here are the features:

SBI Savings Plus Account Eligibility Criteria

Know the eligibility norms for the State Bank of India Savings Plus Account:

Important Terms and Conditions

Here are the things to consider:

SBI Savings Plus Account Interest Rates

For deposits up to and above Rs. 1 lakh, the interest rate per annum is 2.70%. The interest is credited quarterly or as per the provision of the bank. The interest is calculated on the daily balance at the end of each day.

Minimum Monthly Average Balance Requirement

If you have the SB account in a metro or urban branch, then you have to maintain Rs. 3,000 as MAB. If you have an account in rural or semi-urban branches, then the requirement for the same is Rs. 1,000 and Rs. 2,000, respectively.

Option to Break Open the TDRs

You have to specify the system you wish to apply for break opening the deposit. You have two options - ‘First in First Out’ or ‘Last in First Out’. If you do not provide a mandate, then automatically the alternative ‘Last in First Out’ will apply.

Frequently Asked Questions about SBI Savings Plus Account

Here are the FAQs on this State Bank of India Savings Account:

You need to submit the duly filled and signed savings account application form with the attached recent passport-sized photograph. Along with the form, you need to submit KYC documents such as proof of identity, proof of address, and proof of date of birth. Only government-recognized proofs and documents are accepted at the bank. Make sure the papers are accurate and legitimate for quick processing of the application.

Any person who is eligible to open an SBI savings account can also open the Savings Plus account.

You can take a loan against the Multi Option Deposit as available by the bank.
You can calculate the MAB by adding up the closing balance at the end of every day. Now, divide the sum by the number of days in the particular month. Then you will get the results for MAB.
SBI is again introducing penalties on accounts without a minimum balance after five years. The minimum balance and penalty amount shall vary from place to place. In metros, an account with less than 75% of the minimum balance shall attract a penalty, whereas an account with less than 50% of the minimum balance a penalty. The penalty value varies from Rs. 5 to Rs. 10 + GST for non-compliance with MAB in rural branches.
State Bank India allows a fixed number of cash withdrawals for free at branches. In case this limit exceeds, then charges apply. But charges do not apply for small/no-frill deposit accounts.
  • If you maintain MAB up to Rs. 25,000 then you can undertake 2 free cash withdrawals at the branch.
  • If the same is between Rs. 25,000 and Rs. 50,000, then you can make 10 free cash withdrawals.
  • If the MAB is over Rs. 50,000 and up to Rs. 1 lakh, then you can make 15 free withdrawals for cash at the branch.
  • If the same is over Rs. 1 lakh, then you can make an unlimited number of cash withdrawals for free.