SBI Customer Those looking to earn some extra money without taking the risk of putting their money in risky investment instruments can explore the option of opening a State Bank Of India Savings Plus Account. This savings account offers an interest rate higher than the 2.7 per cent annual return offered by the bank on normal savings accounts. As per the information available on SBI’s official website, the Savings Plus account is linked to the Multi Option Deposit Scheme (MODS), in which surplus funds from savings bank accounts are automatically transferred to fixed deposits opened in multiples of Rs 1,000. The tenure of deposits under MOD is between 1 to 5 years.
Features of SBI Savings Plus Account
– The minimum limit limit for transfer to MOD has been fixed at Rs 35,000 and the minimum amount of transfer to MOD is allowed in multiples of Rs 10,000 – in one go.
The customer will be entitled to receive 25 check leave books per year and subsequent checks will be charged a fee.
– Like the normal SBI savings account, the savings plus account also comes with a host of services like ATM card, net banking, mobile banking, internet banking and SMS alerts.
– Customers can also avail loan against their MODS account.
– There is no maximum balance limit in this type of account.
– There is no monthly average balance account.
Eligibility Criteria for SBI Savings Plus Account
– Every person with valid KYC documents is eligible to open this Savings Bank Account in any branch.
Interested customers can open this Savings Plus account individually, jointly or with any one or survivor, former or survivor, with anyone or with survivor.
The customer shall also mandate whether the principle of ‘first in first out’ or ‘last in first out’ should be applied for opening of deposits. If that doesn’t make the choice clear, the “last in first out” principle will be applied.
read all Breaking News, today’s fresh news and coronavirus news Here
.