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.
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Features |
SB Plus Account |
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Eligibility
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Any individual eligible to open Savings bank account.
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Monthly Average Balance (MAB) requirement
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As applicable to the location of the branch :
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Metro* |
Urban |
Semi-Urban |
Rural |
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MAB |
Rs. 3000/- |
Rs. 3000/- |
Rs. 2000/- |
Rs. 1000/- |
* As per RBI guidelines for identifying census centre
The customer has to maintain MAB. The system does not break MOD to do so.
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Mode of Operation
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Singly, jointly, or with Either or Survivor, Former or Survivor, Anyone or Survivor, etc. facility.
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Rate of Interest
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As applicable to Savings Bank Accounts.
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Minimum threshold limit for transfer to MOD
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Rs 35,000/-
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Minimum amount of transfer to MOD
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Rs10,000/- in multiples of Rs 1,000/- at one instance.
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Choice of break open of TDRs
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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.
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Period of deposit
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1-5 Years
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Facilities offered
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All facilities offered to savings bank account holders such as ATM card, mobile banking, Inter Net banking, SMS alerts are available in this account.
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Loan against MOD deposits
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Available
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Most Important Terms & Conditions
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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.
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