Link your Savings Bank account to Multi Option Deposit account and earn higher interest on surplus money! Visit: https://t.co/Mw00HXZX1N— State Bank of India (@TheOfficialSBI) April 10, 2018
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|
(Also read: All About SBI Savings Account: Interest Rates, How To Apply And Other Details)
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.
(Also read: SBI Savings Accounts Compared To Post Office Savings Accounts)
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.