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

Savings Account Popular Pages

Savings Account Trending Pages

Disclaimer

Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

Talk to us!