Advance planning and regular saving will ensure that your holiday does not remain just a dream but turns to reality! State Bank of India in association with Thomas Cook India presents a unique savings plan for holiday goers. Under this scheme you can save monthly amounts in the form of a recurring deposit with the Bank in order to avail a vacation packagelisted under Holiday Savings Account packages on Thomas Cook website.

How it works:
  • Visit the Thomas Cook HSA website and choose a package of your choice.Click here

  • The cost of the package you choose will be divided by 13. You will be redirected to the OnlineSBI portal where you can setup an e- Recurring Deposit (e-RD) account for 12 monthly instalments.

  • Your e-RD will earn interest as per the prevailing interest rates for the 12 month period.

  • At the end of 12 months, the maturity proceeds will be transferred to Thomas Cook to pay for your pre-selected holiday package.

  • Thomas Cook will fund the balance amount i.e. the 13th installment to purchase your package after factoring in the accrued e-RD interest.

  • Enjoy your holiday!

Disclaimer and Terms & Conditions for SBI Holiday Savings Account
  • This e-RD account is opened for enrolling in Holiday Savings Account scheme of Thomas Cook and therefore information on this account will be shared with Thomas Cook.

  • The tenor for this product is fixed at 12 months and the amount is decided by Thomas Cook based on the package chosen by the customer.

  • This e-RD account in INR will be generated in the name(s) of the account holder(s) as the account from which it is funded.

  • If this e -RD account is closed prematurely, the proceeds will be credited to the account from which the e-RD account was initially funded.

  • e-RD account with additional rate of interest for Senior Citizens will be issued if option for "Senior Citizen" is selected by the customer and age of customer is 60 yrs or above, on the date of creating the recurring deposit, as per date of birth recorded with the Bank.

  • Premature closure of this e-RD account is allowed and the Bank’s applicable premature withdrawal penalty will be applied.

  • Penalty in case of delay in payment of instalment of RD shall be Rs 1.50 for every Rs. 100, per month.

  • On maturity of e-RD account, the maturity instruction set for the account will be executed and the proceeds will be transferred to Thomas Cook unless customer changes the maturity instruction to be credited to the Savings Account from which the e-RD account was funded.

  • The Bank will not be liable for any issues/ complains/ loss arising due to non-fulfilment of terms by Thomas Cook India.

  • This e-RD account is subject to TDS. The TDS is applicable on the Customer Information File (CIF) value and the amount of TDS applicable cannot be ascertained beforehand. The application of TDS may reduce the amount of funds transferred to Thomas Cook at the time of maturity and hence it will be the sole responsibility of the Depositor to pay the difference to Thomas Cook.


1. Can I open a recurring deposit account through Internet Banking?

Yes, if you have internet banking username and password, and at least one transaction account mapped to the username.

2. What is the tenure for the deposit?

The period of deposit shall be 12 months.

3. How is my instalment amount calculated?

Instalment amount depends upon the holiday package amount. The total package cost is divided by 13 and rounded off to a multiple of 100 to form the monthly RD instalment value.

4. What are the interest rates for a recurring deposit?

The interest rates vary from time to time. You can view the latest interest rates by clicking on "View current interest rate" link provided in e-RD request page.The interest rate as applicable at the time of booking the RD will be fixed during the entire tenure of the scheme.

5. In whose name will the Recurring deposit (RD) account be opened? What is the mode of operation?

It can be opened in Individual or Joint names. However, it will be same as the name in debit a/c, from which RD a/c is funded.

6. How is the maturity amount calculated? Can I make enquiry before opening e-RD?

The maturity amount is based on the instalment, tenure & type of a/c selected by the customer. The maturity value of RD is rounded off to the nearest rupee and paid after 30 days /one month deposit of last instalment or on the expiry of the period, for which the deposit was accepted, whichever is later. You may enquire the maturity amount, maturity date and rate of interest, without opening RD through “Enquiry” tab available in RD page.

7. What are the types of accounts from which I can debit an amount for the deposit?

You can debit a savings, current, or OD account to open RD account. The account selected for debiting should be valid transactional a/c through Internet Banking channel and should not be a stopped / dormant / locked account.

8. Can I transfer the maturity money to any of my accounts?

No, maturity amount or the amount payable before maturity can be set online to be transferred only to the travel partner’s account or to the savings account of customer(debit a/c from which RD is funded) as opted by customer. However, customer has the option of going to the branch to change the maturity mandate to go to other accounts. This cannot be done online. The maturity mandate can be changed at any time before date of maturity.

9. Can senior citizen avail additional rate of interest on recurring deposit?

RD with additional rate of interest for Senior Citizens will be issued if option for "Senior Citizen" is selected by the customer and age of customer is 60 Yrs or above, on the date of creating the recurring deposit, as per date of birth recorded with the Bank.

10. How can I add nominees in Recurring Deposit a/c?

While opening an e-RD, you will be provided with an option to retain the nominee(s) for recurring deposit a/c as in debit a/c from which it is funded.

11. Is there any cut off time for creating RD online?

Yes. RD can be created online from 8:00 AM IST to 8:00 PM IST. Requests initiated beyond this period will be scheduled for the next opening hours.

12. How can I cancel my standing instruction for RD?

You may cancel your standing instructions, which are set through Internet Banking, by "View/Cancel" tab, under Request ->Standing instruction link.

13. Can I close my RD account online?

Yes, you may close your RD a/c online through "Close A/c" tab. However, SBI will not be liable to cancel the holiday package with travel partner in case RD account is closed.

14. What are the charges for RD pre-mature closure?

For Deposits up to Rs 5.00 lacs the prepayment penalty will be ‘NIL’provided the deposits have remained with the bank for at least 7 days.

For Deposits above Rs 5.00 lacs but less than Rs 1 crore, the prepayment penalty will 1% for all tenors

Note: In case of pre-mature closure, maturity proceeds will go to customer’s savings account irrespective of whatever the maturity mandate may be.

15. What is the penalty for default in instalment payment?

Whenever a depositor fails to pay the instalment on due date for three consecutive months the account shall not be closed and service charge of Rs 10/- is applicable. The penalty charged on delayed payment of instalment shall be Rs 1.50 for every Rs 100 per month.

16. Is TDS applicable to RD?

The RD account is subject to TDS. Customer has the option of selecting which account to debit for payment of TDS on internet banking under ‘e-Fixed Deposit’ tab -> ‘TDS account linking’.

17. Where can I view my account online?

The account can be visible under ‘e-Fixed Deposit’ tab -> ‘My Holiday Savings A/c’ in internet banking website.