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Personal Finance

This SBI account automatically transfers surplus funds to fixed deposits

Updated : September 17, 2020 03:30 PM IST

Savings plus is a savings bank account linked to multi option deposit scheme (MODS), wherein surplus fund above a threshold limit from the Savings Bank Account is transferred automatically to term deposits opened in multiples of Rs 1,000.
SBI offers the same interest rate on savings plus account as those on regular savings bank accounts.
In case of the balance falls below Rs 3,000, MODs are broken to maintain a balance of Rs 3,000 in the account.
This SBI account automatically transfers surplus funds to fixed deposits

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