SBI Savings Plus Account

An account holder, opening this type of account, which is linked to multi option deposit (MOD), has to opt for a tenure ranging from one to five years. A minimum amount of Rs. 25000 is retained in the savings account. Any amount over & above the upper limit of the account is transferred to Term Deposits, which can be opened in multiples of Rs. 1000 with a minimum of Rs. 10000.

SBI has revised the charges that will be levied on accounts starting 01.04.2017. This revision comes after major private banks decided to charge consumers on cash transactions.

Features of SBI Savings Plus Account

SB Plus Account


To open this account, any individual is eligible.

Monthly Average Balance (MAB) requirement

According to the location of the branch:


In Metro

In Urban

In Semi-Urban

In Rural


Rupees 3000

Rupees 3000

Rupees 2000/-

Rupees 1000/-

What is the operation mode?

Jointly or Singly, jointly with Either or Survivor, anyone or survivor, Former or Survivor, etc. facility.

Interest Rate Saving Plus Account in SBI

The interest rate is as applicable to Savings Bank Accounts.

Threshold limit for transfer to MOD (minimum)

Rupees 35,000.

Amount (minimum) to transfer to MOD

Rupees 10,000 multiples of Rs 1,000 in one transaction.

Break open TDRs (Choice)

One can specify either ‘Last in First Out’ or ‘First in First Out’ to apply for breaking open of deposits. In case there is no selection made, then ‘Last in First Out’ principle is applicable.

Deposit Tenure Saving Plus Account in SBI

One year to five years.

What are the facilities given?

Mobile banking, ATM card, SMS alerts, internet banking etc.

Is loan against MOD deposits available?

Yes, it is available

Penalties on Saving Plus Account in SBI

SBI is again introducing penalty on accounts without a minimum balance after five years. The minimum balance & penalty amount shall vary from place to place. In metros, an account with less than 75 % of the minimum balance shall attract a penalty of Rs. 100 + service tax, whereas an account with less than 50% of the minimum balance a penalty of Rs. 50 + service tax will be levied.

Charges on Transactions and Withdrawals from Saving Plus Account in SBI

After first three cash deposits in savings account per month, SBI shall charge Rs. 50 for each cash transaction thereafter. In case of current accounts, the penalty on cash transactions could be as high as Rs. 20000.The first five ATM withdrawals from SBI & first three from other bank ATMs will be free.

Following this a charge of Rs. 10 will be levied for withdrawal from SBI ATMs, whereas Rs. 20 in case of withdrawals from other bank ATMs. However, in case of an account having a balance of Rs. 25000, no charges shall be levied on withdrawals from SBI ATMs.

Also, an account with minimum Rs. 100000 balance, no charges shall be levied on withdrawals from ATMs of other banks. All debit card holders with average quarterly balance of Rs. 25000 shall get the facility of receiving SMS alerts for transactions & shall be charged Rs.15 per quarter. No charge shall be levied on UPI/USSD transactions of up to Rs.1, 000.