The State Bank of India (SBI) customers who have been looking to earn some extra money without taking the risk of putting their money in risky investment tools can explore the option of opening an SBI Saving Plus Account. This saving account offers an interest rate higher than the usual 2.7 per cent annual return offered by the bank on general saving accounts. According to the Information available on the Bank’s official website, SBI Savings Plus Account, which is linked to Multi Option Deposit Scheme (MODS), wherein surplus fund above a threshold limit from the Savings Bank Account is transferred automatically to Term Deposits opened in multiples of ₹1000. The term period for deposits under MOD ranges between 1 and 5 years.
SBI Savings Plus Account: Eligibility criteria
All individuals having valid KYC documents are eligible to open a Savings bank account
This account can be opened singly, jointly, or with Either or Survivor, Former or Survivor, Anyone or Survivor, etc. facility.
For KYC requirements, the customer has to specify whether the’ First in First Out” or “Last in First out” principle should be applied for break opening of deposits. In absence of any mandate, the “last in First out” principle will be applied.
SBI Savings Plus Account: Key features
1] Period of the deposit is 1-5 years
2] ATM card
3] Mobile banking
4] Inter Net banking
5] SMS alerts
6] Loan against MOD deposits available
7] Minimum threshold limit for transfer to MOD – ₹35000
8] Minimum amount of transfer to MOD ₹10,000 in multiples of ₹1,000/- at one instance
9] 25 free cheque leaves per annum. Further cheques will be issued with charges based on the Quarterly Average balance maintained by the customer
10] Transfer of accounts through Internet Banking;
11] Maximum Balance: No Limit
12] A passbook is issued to record the transactions. A duplicate passbook can be issued if the original is lost, on payment of charges. Statement of accounts can also be sent through e-mail; and
13] Monthly Average Balance: NIL.