Savings Plus Account

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Savings Plus Account

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.

Features

  • Period of deposit is 1-5 Years
  • ATM card
  • State Bank Anywhere
  • Mobile banking
  • Inter Net banking
  • SMS alerts
  • Loan against MOD deposits available

  • Minimum threshold limit for transfer to MOD - Rs. 35000

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

  • 25 free cheque leaves per annum. Further cheques will be issued with charges based on Quarterly Average balance maintained by the customer.
  • Restricted free withdrawals based on Monthly Average Balance maintained.

  • Transfer of accounts through Internet Banking

  • Maximum Balance No Limit

  • A Pass Book is issued to record the transactions. Duplicate pass book can be issued if original is lost, on payment of charges. Statement of accounts can also be sent through e-mail.

  • Monthly Average Balance: NIL
  • As per RBI guidelines for identifying census centre

Eligibility

  • All individuals having valid KYC documents are eligible to open Savings bank account.
  • Singly, jointly, or with Either or Survivor, Former or Survivor, Anyone or Survivor, etc. facility.

Choice of break open of TDRs

  • 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.

Most Important Terms & Conditions

  • Savings Bank linked to Multi Option Deposit (MOD) account, for auto sweep, for issue of Term Deposits and unitised break-up facilities.Any surplus funds retaining a minimum of Rs. 25000/ in Savings Bank (to be set up by the customer) will be transferred as Term Deposit with a minimum of Rs. 10,000/- and in multiple of Rs. 1,000/- at one instance

Last Updated On : Friday, 11-02-2022

Interest Rates

8.50%* p.a.

w.e.f. 17.05.2023

*T&C Apply.

 

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