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.
Here are the features:
Know the eligibility norms for the State Bank of India Savings Plus Account:
Here are the things to consider:
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.
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.
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.
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.
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