State Bank of India or SBI offers a number of accounts, such as savings account, fixed deposit (FD) account, savings plus account, among others. According to SBI’s website- sbi.co.in, SBI’s savings plus account is a type of savings bank account linked to the multi option deposit (MOD) account. In an SBI savings plus account, any surplus fund above a threshold limit from the savings bank account is transferred automatically to a fixed deposit (FD) opened in the multiples of Rs. 1,000, according to the lender.
Here are salient features of SBI savings plus account:
Eligibility and mode of operation
SBI’s savings plus account can be opened by any individual who is eligible to open savings bank account. The mode of operation can be single, joint or with either or survivor, former or survivor, anyone or survivor, according to SBI.
The period of deposit is 1-5 years, according to SBI’s website.
The rate of interest for SBI’s savings plus account is same as applicable to SBI’s savings bank account. Currently, SBI offers an interest rate of 3.5 per cent on deposits balance up to Rs. 1 crore. The lender offers an interest rate of 4 per cent on deposits above 1 crore……..Read More>>