SBI Savings Plus Account is a Savings Bank Account linked to Multi Option Deposit Scheme (MODS), wherein surplus fund above a threshold limit from the Savings Bank Account is transferred automatically to Term Deposits opened in multiples of ₹1000
Amid State Bank of India or SBI savings account interest rate sliding below 3 per cent (2.70 per cent annually), SBI customers are looking for options where they can get more returns without changing their risk appetite. For such SBI customers, there is SBI Savings Plus Account, which is linked to Multi Option Deposit Scheme (MODS), wherein surplus fund above a threshold limit from the Savings Bank Account is transferred automatically to Term Deposits opened in multiples of ₹1000. As per the details of this special SBI savings account available at the official website of SBI — sbi.co.in — period of this term deposit ranges from 1 year to 5 years. One can get loan against the MOD deposits as well.
Like flexi fixed deposits, in this SBI Savings Plus account, amount above a threshold is transferred to the fixed deposit (FD). And in case the amount falling short of the minimum account balance, the deficit is transferred from the fixed deposit (FD) to maintain the minimum SBI savings account balance.
As per the official SBI website — sbi.co.in, here are eligibility criteria for opening this special SBI savings account:
1] All individuals having valid KYC documents are eligible to open Savings bank account and
2] Singly, jointly, or with Either or Survivor, Former or Survivor, Anyone or Survivor, etc. facility.
For KYC requirements, the customer has to specify whether’ First in First Out" or “Last in First out" principle should be applied for break opening of deposits. In absence of any mandate the “last in First out" principle will be applied.