Banks give you interest on savings account, however, this interest is low, but how good would it be if you can earn returns on this account at the rate of fixed deposit.
SBI Savings Plus Account: We all open savings accounts. This is the first step in basic banking. And if it is a matter of investing, then you have many options for that too, but if you work wisely on the savings account too, then you can avail more benefits on this general account. Banks give you interest on savings account, however, this interest is low, but how good would it be if you can earn returns on this account at the rate of fixed deposit.
SBI Savings Plus Account
SBI Savings Plus Account is a unique savings bank account which is linked to MODS (Multi Option Deposit). There is a limit set in this account, which comes under the savings account and if the surplus amount comes, you get higher returns on it.
Actually, the benefit of Auto Sweep Facility is available in this account of SBI. In the auto sweep facility, if the balance in the savings account exceeds a specified limit, the excess amount is automatically converted into FD. You get FD interest on the amount converted into FD and savings account interest on the remaining balance.
SBI Savings Plus Account Features
1. Deposit period is 1-5 years
2. ATM Card
3. Mobile Banking
4. Internet Banking
5. SMS Alert
6. Loan can be taken against MOD deposit.
7. The minimum amount for transfer in MOD is Rs 35000.
8. The minimum amount to transfer in MOD is Rs 1,000 at a time and in multiples of Rs 10,000.
9. 25 free check leaves are available annually. After this, charges will be levied according to the average balance maintained on quarterly basis.
10. You can withdraw as per your monthly balance without any hassle.
11. Account can be transferred through internet banking.
12. There is no limit on maximum balance.
13. Passbook is available, if the original is lost, a duplicate can be issued by paying a charge. Account details can also be sent through email.
14. Monthly average balance is zero.
