SBI Savings Plus Account
SBI Bank offers this facility under SBI Saving Plus Account name. This Account is Linked to MOD (Multi Option Deposit Scheme)
Savings Plus Account is a Savings Bank Account linked to MODS, wherein surplus fund above a threshold limit from the Savings Bank Account is transferred automatically to Term Deposits opened in multiples of Rs. 1000.
Savings Plus Account
- Any surplus funds retaining a minimum of Rs. 25000/ in Savings Bank(to be set up by the customer) will be transferred as Term Deposit with a minimum of Rs. 10000/- and in multiple of Rs. 1000/- at one instance
- The account holder has the flexibility to choose the period of deposit from 1 year to 5 years.
- Payments in excess of available balance in the Savings bank Account can be made by breaking MODs Last In First Out.
- All other features of Normal Savings Bank Account are applicable.
- Nomination facility available.
- Most Important Terms & Conditions
- Savings Bank linked to Multi-Option Deposit (MOD) account, for the auto sweep, for issue of Term Deposits and unitized break-up facilities.
- Any surplus funds retaining a minimum of Rs. 25000/ in Savings Bank(to be set up by the customer)will be transferred as Term Deposit with a minimum of Rs. 10000/- and in multiple of Rs. 1000/- at one instance.
SBI Multi Option Deposit Scheme (MODS) are Term Deposits linked to the Savings or Current Account (individual). Unlike normal Term Deposits which are fully liquidated anytime you need funds; you can withdraw from a MODS account in multiples of 1000 as per your fund need. The balance amount in your MODS account will continue to earn the Term Deposit rates applicable at the time of initial deposit.
You can create a MODS Account through Online SBI or by visiting your nearest branch.
Minimum Term Deposit Amount for MOD Creation: Rs. 10,000/- (in multiple of Rs. 1,000/- each thereafter.
- Maximum Term Deposit Amount for MOD Creation No Limit
- The rate of Interest: As applicable to Term Deposits.
- Tenure: Minimum tenor is 1 years and maximum 5 years.
- Premature withdrawal: Allowed and for this, rules for TDR/STDR is applicable.
- Tax Deducted at Source: Applicable
- Loan facility: Available. Further breaking of units when lien is marked on a particular account is not allowed.
- Nomination facility: Available
- Most Important Terms & Conditions: Combination of SB account & TDR / STDR.
- Deposits are completely liquid
- Withdrawals in multiples of Rs. 1000/-.
- Flexibility in Period of Term Deposit 1 Yr. to 5 Yrs.