What is Savings Plus account in SBI?

What is Savings Plus account in SBI?

According to SBI, SBI Savings Plus Account is a savings bank account linked to the Multi Option Deposit Scheme (MODS), in which surplus funds from the Savings Bank Account are automatically transferred to Term Deposits in multiples of Rs. 1000 maintained in any SBI branch.

How does SBI Saving Plus account work?

SBI Savings Plus Account works like a flexi fixed deposit, that is, when the money in the account exceeds a certain limit, it gets transferred to the fixed deposit.

How much interest does SBI savings account give?

Interest Rates on Savings Bank Deposits

Savings Bank deposit slabs Existing Rate of Interest
SB Deposit accounts with balances upto Rs. 1 lakh 2.75% p.a
SB Deposit accounts with balances above Rs. 1 lakh i) 2.75% p.a. for balance upto Rs. 1 lakh ii) 2.75% p.a. for balance above Rs. 1 lakh.

What is the interest rate for mod balance in SBI?

Features of the SBI Multi Option Deposit

Account Type Single and Joint
Rate of Interest Min: The minimum interest rate that can be earned on MOD is 2.90% per annum. Max: The maximum interest that can be earned is 5.40% per annum. The interest rates will depend on the tenure of the deposit and the amount that is deposited.

How can I convert my saving account to saving plus in SBI?

SBI saving plus Account creation through offline

  1. The customer should visit the nearest branch of their locality.
  2. Discuss with the banking official in opening an SBI saving plus account.
  3. Present the application form, Form 60, Nomination form and other essential documents required for account opening.

Can I open double account in SBI?

There is nothing illegal for a person to have two Bank accounts with SBI with same identity proof. Accordingly you can apply to open a new account in another branch of SBI without any hesitation and remember to write the previous account number in the exact field in the form to take the advantages.

Which savings account is best in SBI?

SBI Savings Account Interest Rates & Minimum Balance Required

Savings Account Interest Rate Minimum Balance
Basic Savings Bank Deposit Small Account 2.70% p.a. Nil
Savings Bank Account 2.70% p.a. Nil
Savings Account for Minors 2.70% p.a. Nil
Savings Plus Account 2.70% p.a. Nil

What is SBI interest rate?

SBI currently offers 6.25% interest rate to the general public while senior citizens can enjoy 6.75% interest on FDs below Rs.2 crore for 1-year tenor to less than 2-years tenor. For FDs maturing between 46 days and 179 days, the FD rates for the general public and senior citizens are 6% respectively.

What is mod scheme of SBI?

SBI Multi Option Deposit Scheme (MODS) are Term Deposits connected to a Savings or Current Account at SBI (individual). Unlike traditional Term Deposits, which must be fully liquidated if funds are required, a MODS account allows you to withdraw funds in multiples of 1000 as needed.

What is mod in SBI?

Can I have 2 accounts in same bank?

You can open multiple savings accounts at the same bank or at several different banks. There are many reasons having multiple accounts can be useful, and it doesn’t impact your credit, so there’s little reason not to open extra savings accounts if you find it helpful to do so.

What is the minimum deposit for SBI Savings Plus account?

The eligibility for SBI Savings Plus Account is the same as it is for a Regular Savings Account. The minimum term of the deposit is 1 year, and the maximum term of the deposit is 5 years. The minimum term deposit amount for MOD creation is Rs.10,000, and after that, it is done in multiples of Rs. 1000 each.

Is the SBI Savings Plus account linked to mods?

SBI Savings Plus Account by State Bank of India helps customers to maximize the surplus fund in their savings bank (SB) account. Here, the SB account is linked to MODS (Multi Option Deposit Scheme). The surplus fund over a minimum limit from the savings account gets transferred automatically to Term Deposits.

How to open savings plus account in India?

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. Minimum amount of transfer to MOD Rs. 10,000/- in multiples of Rs 1,000/- at one instance.

Who is eligible to open SBI savings account?

Account eligibility: SBI’s account can be opened by any individual who is eligible to open a regular savings bank account. One can do it singly or jointly. 2. Interest rates: SBI offers the same interest rate on savings plus account as those on regular savings bank accounts.

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