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SBI's Savings Bank Account Vs Savings Plus Account: Monthly Average Balance, Interest Rates Compared

4 August, 2018 9:30 AM
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State Bank of India (SBI) offers savings bank account and savings plus account under it's personal banking portfolio. A savings bank account is a basic account that safeguards customer's money and helps them grow. While SBI's Savings Plus Account 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 1000, as mentioned on SBI's official portal- All facilities offered to savings bank account holders such as ATM card, mobile banking, internet banking, SMS alerts are available in SBI Savings Plus account also.

1. SBI charges an interest rate of 3.5 per cent per annum on saving deposits balance up to Rs. 1 crore. Saving deposits balance above Rs. 1 crore charges 4 per cent per annum interest rates.

2. Savings Bank account can also be linked to Multi Option Deposit (MOD) account for earning higher term deposit interest on surplus money.

3. Under savings account, SBI also offers special salary accounts for employees of corporates, schools, colleges, universities, government establishments/ organisations, railways, police establishments, defense personnel and so on.

4. Pehla Kadam and Pehli Udaan, are SBI's savings bank accounts specially for children that help them learn the importance of saving money and also allow them to experiment with the 'buying power' of money.

1. State Bank of India (SBI) Savings Plus Account can be opened by any individual who is eligible to open Savings bank account.

2. For metro and urban bank branches, the monthly average balance (MAB) requirement for opening SBI's Savings Plus Account is Rs. 3,000 while for semi-urban bank branches it is Rs. 2,000.

3. The MAB requirement for rural bank branches is Rs. 1,000, as mentioned on SBI's portal.

4. The rate of interest for SBI's savings plus account is same as applicable to SBI's savings bank account.

5. The minimum threshold limit for transfer of multi-option deposit (MOD) account is Rs. 35,000.


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