Benefits of SBI Saving Account Plus

by Shakti Singh Dulawat on June 23, 2010

If there is a good deal with your money these hard days, it can only be found at State Bank of India with their great benefits in view of saving accounts, specifically their saving account plus.  Actually SBI offers two related types of savings account – the first one is savings account and secondly the savings plus account.  The purpose of the savings account is primarily designed to aid individuals regarding saving money for their future monetary plans.  A free ATM with debit card is provided by SBI to their clients.  Twice a year is the term of giving the interest rate for the savings account type of banking.

The second type of banking namely, the savings plus account provides the easy transaction of savings account together with the term deposit account.  The surplus money in the account of the client exceeding the agreed limit, for the minimum of Rs.10,000 and in multiple of Rs.1000 are deposited separately as term deposit which likewise earns high interest as stipulated in view of term deposits.

The following are generally considered as the best benefits of saving account plus in the State Bank of India:

  • There is a free passbook facility which is always available at home branch for the savings account plus clients.
  • The unlimited free transactions in view of withdrawing cash enquiring for balance, in all bank ATMs & with the use of your Debit Card you can also avail the free and limitless transactionin any other Bank’s ATM.
  • There is also a free Debit Card given to primary account holder.
  • Another is the free cheque book that is free of usage charges.
  • There is also a free Demand Drafts on designated Bank locations of upto Rs. 50000
  • Atnon-home branches, transactions regarding withdrawal or deposit can also be made free of payment by yourself or any authorized person.

There is also a free Transferof National Electronic Funds, Banking via the internet, Phone and Mobile Banking.

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{ 19 comments… read them below or add one }

tsndp July 31, 2010 at 1:44 am

i want to know the number of transactions allowed for Depositing Money

like how many times others can deposit money. for example .can they deposit Rs 200 for 100 times a month?? 200×100 = Rs.20000 a month?? here amount is not the issue, can they deposit those manytimes??

Reply

ssdulawat July 31, 2010 at 12:42 pm

Please call SBI customer care http://www.statebankofindia.com/user.htm for more details.
Thanks

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Narendra kumar November 25, 2012 at 2:06 pm

How i can defined the entrest rate of saving plus account in sbi

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Y.M.SUDHEER November 26, 2012 at 6:47 pm

Is there any condition that the minimum balance has to be maintained in the Savings+ account.
Thanking You

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iburi November 27, 2012 at 11:09 am

5000 is the minimum limit. You will start earning interest for deposits above 15000. While opening the SB plus account itself, you can define the tenure for which you want to keep FDs. Say-if it’s 1 yr 15 days, the amount will be auto-renewed for another tenure of 1yr 15 days.

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Indra November 29, 2012 at 10:19 am

Thanks for the info. Appreciate it.

Do you also know what is the penalty rate for broken FD during reverse sweep? Also in what multiples they will reverse sweep… Thanks

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DhunuDas January 13, 2013 at 9:13 pm

I have account in sbi from last 8 year. And i was unemployed , I want lone for start bessince . What i do i dont know is sbi will help me.

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ameet January 16, 2013 at 10:58 am

what is the rate of interest on premium saving plus account ?
please clear it. I also want to know that if i withdraw money from the Term Deposit at any time than what would be penalty charge?

thanx

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Kamlesh Pandey January 25, 2013 at 12:17 pm

How to change my SBI saving accounts into joint saving accounts plus ?

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Indranil Sadhukhan February 14, 2013 at 5:05 pm

Can we convert Savings account of SBI to SB plus which is in the name of a registered co-operative credit limited.

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online.Casino March 6, 2013 at 9:40 pm

Today, I went to the beach with my children. I found a sea shell and
gave it to my 4 year old daughter and said “You can hear the ocean if you put this to your ear.” She put the shell to her ear and screamed.
There was a hermit crab inside and it pinched her ear.

She never wants to go back! LoL I know this is entirely off topic but I had to tell someone!

Reply

arun kumar s March 18, 2013 at 1:44 pm

hello sir nice to see ur real experience with ur daughter when u was with ur family near beach
always we should think different.

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Badal Kumar Saraf April 14, 2013 at 9:04 pm

what is d disadvantages/demerits of saving plus account?

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Sumit Desai June 1, 2013 at 12:52 am

Once a particular amount has been transferred under saving plus account for a tenure of suppose 1 year and I go on adding funds to my base account every month. So, will they be automatically added under saving plus every month?

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K.R.ROY June 10, 2013 at 7:23 am

Wheather TDS is applicable for Savings Plus A/c.

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Gautam Sinha September 30, 2013 at 3:57 pm

hello I have a savings acc with sbi. Recently i have converted it into savings plus account. Now on 27 th sep I got credit interest and on the same day it has been debited as debit interest. Somebody kindly explain me y the amt has been debited.

Thank you

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Devinder C October 9, 2013 at 3:10 am

1. What Interest i will get on 1st 10000 rupee?
I know anything above 10k in multiple of X000 can be converted into MOD.
where X can be 1 or 4 or 10 so on.

As i opened a saving plus account with 10k and when i check online. it is showng as 4 % interest rate on 10000 rupee. I am not sure now it is saving plus or saving account!
I am not able to visit branch. plz clarify if possible.

2. What if i myself convert 10000 rupee into eMOD? plz help as i am going to put more amount into this account. but not sure whetehr they will make MOD for surplus amount or i need to request everytime as i am not sure type of account opened.

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Abhijit Mondal October 21, 2013 at 6:42 pm

What formalities i have to fulfill to convert my savings a/c into a savings plus a/c at SBI?
What the minimum balance I have to maintain in my savings a/c?
HOW LONG WILL I GET THE BENEFITS OF SAVINGS PLUS A/C?

Reply

Bapan kumar Paul December 20, 2013 at 3:37 pm

to know ?

Reply

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