Product Details
Bank Name
State Bank Of India
Account Name
SBI Savings Plus Account
Account Type
Savings
Interest Rate
Balances less than Rs. 10 Crore - 2.70% p.a.
Balances Rs. 10 Crore & Above - 3.00% p.a.
Free Debit Card
ATM Card
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Account Opening Fees
0
Annual Maintenance Fees
Nil
Minimum Account Balance
Nil
Debit Card Charges
0
NEFT Charges
NIL
IMPS Charges
NIL
Fees and Charges
SBI Savings Plus Account
Special Features
Savings Plus Account is a Savings Bank Account linked to MODS (fixed deposit), wherein surplus fund above a threshold limit of INR 35,000 from the savings account is transferred / sweeped-in automatically to fixed deposits opened in multiples of INR 1000.
Eligibility Criteria
All individuals having valid KYC documents are eligible to open a Savings bank account. Singly, jointly, or with Either or Survivor, Former or Survivor, Anyone or Survivor, etc. facility.
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
Free Rupay debit card.
25 free cheque leaves per annum.
Restriction-free withdrawals based on Monthly Average Balance maintained with the bank.
Higher interest through the sweep-in fixed deposit earning interest up to 7%
Cons
Low interest rate in comparison to fixed deposits offered by NBFCs with similar credit rating and tenure.
Minimal value add features.
SBI Savings Plus Account
The account comes with low interest rate and minimal value add features.
Abhijeet Saxena
Abhijeet Saxena
Nalsar University of Law
Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi
Ex - Khaitan & Co. Bengaluru,
Ex - National Stock Exchange, Mumbai,
Ex - Argus Partners, Mumbai
Product Review
Account Opening and Procedure
How to open an Account?
You can open an SBI Savings Plus Account in two ways:
1. Online (Video KYC):
Download the YONO SBI App: Get it from the Google Play Store or App Store.
Initiate Account Opening:
Open the app and find the "New to SBI" button.
Click "Open Savings Account."
Select "Without Branch Visit."
Choose "Insta Plus Savings Account."Provide Details: Enter your Aadhaar and PAN details.
Verify Aadhaar: An OTP will be sent to your Aadhaar-linked mobile number. Enter it for verification.
Schedule Video Call: Choose a convenient time for the video KYC call.
Complete Video KYC: During the call, show your original PAN and Aadhaar to the representative. They will capture your photo.
Account Activation: Your account will be activated for debit transactions after verification.
2. Offline (Branch Visit):
Visit your nearest SBI branch.
Collect the account opening form. Fill it out accurately.
Submit the form and required documents: These may include proof of identity and address.
Account Activation: Once your application is processed, your account will be activated.