SBI New Saving Scheme Offers Higher Interest Rate than Normal Savings Account
State Bank of India New Savings Scheme offers higher rate of interest as compared to normal savings account. SBI customers can open an account in this scheme individually or jointly.
New Delhi. State Bank of India (SBI) has introduced a new scheme for the customers who want to earn more money without taking any risk. The name of this scheme of SBI is Savings Plus Account. This savings account offers an interest rate higher than the 2.7 per cent annual return offered by the bank on normal savings accounts. The Savings Plus account is linked to the Multi Option Deposit Scheme (MODS).
In this, surplus funds from savings bank accounts are automatically transferred to fixed deposits opened in multiples of Rs 1,000. The tenure of deposits under MOD is between 1 to 5 years. Detail information about this scheme is available on the official website of SBI.
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This is the Savings Plus account feature
– The minimum limit for transfer in MOD has been fixed at Rs.35 thousand. The minimum amount for one-time MOD transfer should be in multiples of Rs.10,000.
Under this account, customers will get 25 check leave books per year for free. Subsequent cheques will be charged a fee.
Like the normal SBI savings account, the Savings Plus account also comes with a host of services such as ATM card, net banking, mobile banking, internet banking and SMS alerts.
– Customers can also avail loan against their MODS account.
– There is no maximum balance limit in this type of account.
– There is no monthly average balance account.
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These customers will be considered eligible for the scheme
– Every individual with valid KYC documents is eligible to open this Savings Bank Account in any branch.
Interested customers can open this Savings Plus account individually, jointly.
– Customers have to specify whether ‘First in First Out’ or ‘Last in First Out’ rules should be applicable for opening of deposits. If that doesn’t make the choice clear, the “last in first out” principle will be applied.
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