How can I convert my SBI account to Saving Plus?

How can I convert my SBI account to Saving Plus?

According to SBI:

1. Savings Bank linked to Multi Option Deposit (MOD) account, for limousine sweep, for the issue of Term Deposits and unitised break-up facilities.
2. W.e.f 01.11.

Who can open SBI Saving Plus account?

Any person who is eligible to open an SBI savings account can also open the Savings Plus account. 3. Is there a loan facility? You can take a loan against the Multi Option Deposit as available by the bank.

What is the difference between saving account and saving plus account?

Savings Plus Account is a Savings Bank Account linked to 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.

What is auto sweep facility of SBI?

It allows you to choose your own threshold limit, your own deposit size, your own frequency and your own duration of the deposit. It also allows you to choose whether you want to a LIFO withdrawal or a FIFO withdrawal. Even the minimum threshold limit is pretty reasonable at 25k.

How can I activate auto sweep in SBI online?

Activating auto sweep facility in SBI using Yono mobile application

1. Open the mobile application.
2. Click on e-fixed deposit option.
3. Click on Multi Option Deposit.
4. Select the account which you want to activate the auto sweep facility on.
5. Click on OK or submit.
6. Now you need to enter your transaction password and/or OTP.

What is SBI Mod account?

SBI Multi Option Deposit Scheme (MODS) are Term Deposits connected to a Savings or Current Account at SBI (individual). Unlike traditional Term Deposits, which must be fully liquidated if funds are required, a MODS account allows you to withdraw funds in multiples of 1000 as needed.

How to open a saving plus account in SBI?

As Mr. Manish clarified, Saving Plus Account is available to be used by customer in SBI. You can either visit your bank branch or convert your account into Saving Plus by Services tab in Internet Banking.

How do I Change my SBI mod account to SBI plus?

It can be done by giving an application at your home branch. You can make a request to the branch to convert the SBI account to SBI plus and the same can be also done through the net banking. The conversion will be done immediately when done through net banking. Is an SBI mod account better than the savings account?

How can I convert SB account to current account in SBI?

Banks don’t convert one account into another account. Bank will open a new account and close the old account if you don’t need one. Converting SB account into Current Account is not possible in SBI. You can open a new current account can maintain SB as well as CA Accounts at the same time.

How can I Change my SB account to SB Plus account?

You can convert simple SB account into SB Plus account. You can change either by branch after submitting the application or through Net Banking. After converting you can use your balance to auto create and break MOD FD. Through branch we may have to wait for single day but the Net Banking converts immediately without visiting branch.