Open this special bank account in SBI, surplus amount are going to be automatically transferred to FD.
In SBI Savings Plus Account, the Excess amount automatically transfers to the Fixed Deposit (FD) once it exceeds the desired limit. Together with this, loans can even be taken on multi-option deposits. Let's know the specialty of SBI Savings Plus Account.
The country's largest bank, State Bank of India (SBI), offers a variety of accounts to customers under its personal banking portfolio. Among these, SBI Savings Plus Account is a special account. It is a savings bank account linked to the Multi Option Deposit Scheme (MODS). In this, the surplus amount automatically transfers to the Fixed Deposit (FD) once it exceeds the specified limit. Along with this, loans can also be taken on multi-option deposits. Let's know the specialty of SBI Savings Plus account.
Who can open an account?
SBI's Savings Plus account can be opened by anyone who is eligible to open a savings account with the bank. It can also be opened as a single, joint account.
What amount will be transferred?
The amount above Rs 25,000 is transferred to a Savings Plus account in a fixed deposit which is a minimum of Rs 10,000 and is in multiple of Rs 1000. This means that the minimum threshold limit for transfer to a multi-option deposit account is Rs 35,000.
Minimum balance not mandatory :-
It is not mandatory to keep a monthly average balance (MAB) in this account. Savings Plus account gets the same interest as savings bank account of SBI. Internet banking, mobile banking, ATM cards, SMS alerts are also available with this account.
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