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1st December 2017, 10:51 AM
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Join Date: Aug 2012
Re: State Bank of Hyderabad New Deposit Scheme

Savings Plus Account offered by State Bank of India is a Savings Bank Account linked to MODS, in which surplus finance above a threshold limit from the Savings Bank Account is transferred automatically to Term Deposits opened in multiples of Rs. 1000.

Eligibility
Any individual eligible to open Savings bank account

Monthly Average Balance (MAB) requirement
As applicable to the location of the branch:
Metro Urban Semi-Urban Rural
MAB Rs. 5000/- Rs. 3000/- Rs. 2000/- Rs. 1000/-

One has to maintain MAB. The system does not break MOD to do so.

Mode of Operation
Single, joint or with either or Survivor, Former or Survivor, Anyone or Survivor, etc. facility

Rate of Interest
As applicable to Savings Bank Accounts

Minimum threshold limit for transfer to MOD
Rs 35,000/-

Minimum amount of transfer to MOD
Rs10,000/- in multiples of Rs 1,000/- at one instance.

Choice of break open of TDRs
One has to specify whether First in First Out or Last in First out principle should be applied for break opening of deposits.
In absence of any mandate the last in First out principle is applied.

Period of deposit
1-5 Years

Facilities offered
All facilities offered to savings bank account holders such as ATM card, mobile banking, Inter Net banking, SMS alerts are available in this account.

Loan against MOD deposits
Available


Savings Plus Account under Deposit Scheme State Bank of India




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