At present, the interest rates on most bank savings bank accounts are quite low. Rather, at this time the interest rates on savings account have come down to the lowest level ever. In such a situation, the country’s largest bank State Bank of India (SBI) has come up with a special savings account for its customers, from which you can earn more interest. From this account, those people who keep more money than the minimum balance required in their normal savings account can earn more interest. At present, SBI customers get 2.70 percent interest on their savings account balance. Know the details of SBI’s Savings Plus account.
Linked to Multi-Option Deposit Scheme
SBI’s Savings Plus Account is a special savings account, which can help savers to earn higher interest on their savings account balance. SBI Savings Plus account is linked to the Multi Option Deposit Scheme (MODS), in which money deposited in a savings bank account above a limit will be automatically transferred to a fixed deposit (term deposit) in multiples of Rs 1000.
How long is the period
As per the information available on the official website of SBI, the tenure of this fixed deposit is from 1 year to 5 years. For more details you can visit this link (sbi.co.in). You can also take a loan against these fixed deposits at the time of need. SBI Savings Plus account works like a flexi fixed deposit account, in which money lying in the savings account in excess of a limit is transferred to a fixed deposit, which earns more interest than a normal savings account.
Know what are the benefits of this account
First of all, know that if the balance in your savings account falls below the required limit, then money from the fixed deposit is transferred to your savings account to meet this amount. You will get mobile banking and ATM card facility on this account. Along with this internet banking facility will also be provided.
At least how much money will be transferred
You will also get SMS alerts on this account. Keep in mind that the minimum limit for transfer in the Multi Option Deposit Scheme is Rs 35000. At the same time, you can deposit money in this account in a minimum of Rs 10000 and then in multiples of Rs 1000. There is no maximum limit for transferring money from this account to the scheme.
Get free check
You will be given 25 free checks annually. You will have to pay a charge for checks exceeding this. That too will be based on the average balance you maintain in the quarter. Transfer between accounts can be done through Internet Banking. A pass book will be issued to record the transactions. If the original passbook is lost, a duplicate passbook will be issued to you on payment of some fee.
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