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Sbi Savings Plus Account

SBI Savings Plus Account is a unique Savings Bank Account linked to MODS. In MODS (Multi Option Deposit Scheme), the surplus fund above a certain threshold limit from the savings account will be automatically sent to Term Deposit accounts. This scheme will promote greater savings and also offer a range of benefits to the customers.

Bank State Bank of India
Category SBI Savings Plus Account - linked to MODS
Minimum Balance Requirements (MAB) Minimum Daily Balance of Rs. 10, 000
Interest Rate - SBI MOD Term Deposits SBI MOD Balance Interest rate meaning the interest paid for term deposits through MOD will be as per the prescribed interest rates for STDR and TDR for various terms.
Interest Rate - SBI Savings Plus Account 4% per annum
Debit Card Offered Free Basic SBI Debit Card

Services Offered With SBI Savings Plus Account

Cheque Book 25 cheque leaves free per annum
Passbook and e-Statements Passbook is provided at no extra cost. Free statement of account provided.
Internet Banking Yes
Mobile Banking Yes>
SMS Alerts Yes
Cash Withdrawal 5 transactions free (for non-metro) and 3 free transactions (for metro) for cash and non - cash transactions at other Bank ATMs across India. Free cash and non - cash transactions at SBI ATMs across India (maximum of 5 transactions at own bank ATMs for select SBI debit cardholders)

Features of SBI Savings Plus Account

Automatic Transfer to Term Deposits If the amount in your savings bank exceeds a certain amount, the amount will be automatically transferred to term deposit account, thanks to MODS.
Nomination Facility Nomination facility is offered to SBI Savings Plus Account customers.
Flexibility To benefit from the MODS scheme, you can either open a new SBI Savings Plus Account or request to shift your existing SBI savings account.
Choice of Tenure Customers can choose the maturity for FD as 1 to 5 years.
Auto Sweep Facility The auto sweep facility will function twice a week based on the available balance in SBI Savings Plus Account.
Seamless Cash Transfer If the account holder wishes to withdraw cash, the amount will be sourced from the savings account first and then if the balance is insufficient, it will come from the FD account.
Surplus Transfer The surplus above Rs. 25, 000 will be transferred to the term deposit account with a minimum of Rs. 10, 000 and in multiples of Rs. 1000 at once instance.

Fees and Charges for SBI Savings Plus Account

Charges for Non maintenance of Average Quarterly Balance per quarter Rs. 50 per month
Charges for issue of multi city cheque book Rs. 3 per cheque leaf
Number of free cheque leaves 20 cheque leaves
Charges for issue of duplicate passbook Rs. 112 with the latest balance. Rs. 112 for the previous 0 entries to be added
Stop Payment Instruction Rs. 51 per instrument up to 3 leaves
Account closure charges Rs. 112 to Rs. 337 depending on the number of days that has lapsed after account creation
Charges for failed standing instruction Rs. 253
Issue of Demand Drafts Rs. 25 to Rs. 50 depending on the amount
Balance certificate per instance Rs. 169
Signature verification per instance Rs. 169
Interest Certificate First copy free. Every additional copy will cost Rs. 169
Charges for non financial transactions beyond the set limit Rs. 6 per transaction
Charges for international cash withdrawal transaction Rs. 112 minimum plus 3. 93% of transaction amount
Outstation and local cheque deposited with RBI and returned unpaid by others Rs. 112 to Rs. 225 depending on the amount plus out of the pocket expenses
Transfer of accounts Rs. 112
Emergency cheque request Rs. 3 per leaf

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