Benefits of SBI Saving Account Plus

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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  1. says

    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??

  2. iburi says

    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.

  3. Indra says

    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

  4. ameet says

    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?


  5. Indranil Sadhukhan says

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

  6. says

    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!

  7. Sumit Desai says

    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?

  8. Gautam Sinha says

    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

  9. Devinder C says

    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.

  10. Abhijit Mondal says

    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?

  11. kumar raj says

    I have also opened my account with sbi first they will open a normal saving account
    then you have to give application for converting it to saving plus account….
    minimum balance rs 5000…………………………
    best part is this you excess balance is automatically converted into mod and you get higher intrest then 4%, don’t very you will always get minimum of 4% intesest and yu can also get higher interest in saving plus …..
    but on normal saving plus you will get only 4% interest no matter how much amount is there in your account.

    hope this help…………….

  12. Ashok says

    Currently I am having current account with SBI, how can I change it to Savings account? is it possible or I have to open by new application..?

  13. samson says

    What is the benifit of current account compare to savings account and will there be interest for the funds that i maintain in my current account

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