Saving Plus Account: A Comprehensive Guide

The Saving Plus Account is a great way to save money and earn interest on your deposits. The account requires a minimum balance of $1,000 to avoid monthly maintenance fees.

You can open a Saving Plus Account online or in-person at a bank branch. The account comes with a debit card and checks, making it easy to access your money.

The interest rate on the Saving Plus Account is competitive, with rates ranging from 1.50% APY to 2.00% APY. This means you can earn up to $20 in interest per year on a $1,000 balance.

To avoid fees, it's essential to keep your balance above the minimum requirement.

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The Saving Plus Account offers a range of convenient features to help you manage your money effectively. You can make deposits via payroll allocation, and earn more with high-yield variable rates. Convenient access is available using Savings Plus checks, online banking, or in-person services.

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You can access your account up to six times per month using Savings Plus checks, but be aware that you cannot withdraw funds through an ATM. With competitive rates, you can enjoy attractive returns for your safe and secure investment.

Here's a breakdown of the account's terms and rates:

*APY = Annual Percentage Yield

You can enjoy automatic transfers to term deposits with the MODS scheme, which transfers excess amounts above a certain threshold to a term deposit account.

The SBI Savings Plus Account offers a nomination facility, allowing you to nominate beneficiaries for your account.

To benefit from the MODS scheme, you can either open a new SBI Savings Plus Account or request to shift your existing SBI savings account.

You can choose the maturity period for your FD, ranging from 1 to 5 years.

The auto sweep facility operates twice a week, transferring excess funds to a term deposit account based on the available balance.

The SBI Savings Plus Account allows for seamless cash transfers, withdrawing funds from the savings account first and then from the FD account if necessary.

If your account balance exceeds Rs. 25,000, the surplus will be transferred to the term deposit account in multiples of Rs. 1000.

You can access your account using Savings Plus checks, Dort by Phone, Dort Online, or in-person services, but be aware that you can only use six checks per month to clear the account.

Note that you cannot access or withdraw funds through an ATM.

The Platinum Money Market account is a great option for those looking for a higher-yielding account with easy access to their money.

You can make deposits via direct deposit, and earn more with these high-yield variable rates.

One of the best features of this account is that it has convenient access through online and mobile banking, making it easy to manage your finances on the go.

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There are no monthly account fees or minimum balance requirements, so you can use this account without worrying about extra costs.

Here's a breakdown of the interest rates and APYs for the Platinum Money Market account:

*APY = Annual Percentage Yield

Fees and charges are an important aspect of the SBI Savings Plus Account. You'll be charged Rs. 50 per month if you don't maintain the average quarterly balance.

If you need to issue a multi-city cheque book, be prepared to pay Rs. 3 per cheque leaf. You get 20 free cheque leaves, so use them wisely.

The cost of issuing a duplicate passbook is Rs. 112, which includes the latest balance. If you want to add previous entries, it's another Rs. 112.

You can stop payment on an instrument for up to 3 leaves for Rs. 51 per instrument. This can be a lifesaver if you've made a mistake with a payment.

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Account closure charges vary depending on how long your account has been open, ranging from Rs. 112 to Rs. 337. This is a one-time fee, so factor it into your plans.

If a standing instruction fails, you'll be charged Rs. 253. This is a reminder to double-check your instructions before setting them up.

The cost of issuing a demand draft varies depending on the amount, ranging from Rs. 25 to Rs. 50. This is a convenient way to make payments, but be aware of the fees.

If you need a balance certificate, it'll cost you Rs. 169. This is a one-time fee, but it's worth it if you need to prove your balance.

Signature verification also costs Rs. 169 per instance. This is an important service, especially if you're using your account for business purposes.

If you need an interest certificate, the first copy is free, but every additional copy will cost you Rs. 169. This is a useful document to keep track of your interest earnings.

Non-financial transactions beyond the set limit will cost you Rs. 6 per transaction. This is a small fee, but it's worth being aware of to avoid surprise charges.

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International cash withdrawal transactions come with a minimum fee of Rs. 112, plus 3.93% of the transaction amount. This can add up quickly, so factor it into your plans.

If you deposit an out-of-town cheque with RBI and it's returned unpaid, you'll be charged between Rs. 112 and Rs. 225, depending on the amount, plus out-of-pocket expenses. This is a hassle, so try to avoid it if possible.

Transferring your account to another bank will cost you Rs. 112. This is a one-time fee, so factor it into your plans.

If you need an emergency cheque, it'll cost you Rs. 3 per leaf. This is a convenient service, but be aware of the fees.

If you're looking for a savings account that can help you grow your money, consider the BOI Savings Plus Scheme. This account is a mix of a savings bank account and a term deposit account, designed to maximize your earnings without sacrificing liquidity.

The BOI Savings Plus Scheme has a minimum balance requirement of Rs.1,00,000/- in the SB portion and Rs.25,000/- in the Term Deposit Portion. Any excess amount in the SB portion will be automatically swept out into the SDR or DBD portion in multiples of Rs.25,000/- on a daily basis.

You can invest in the SDR portion for any period from 15 days to 179 days, and in the DBD portion for any period from 180 days to 364 days, as per your choice. Upon maturity, the principal in the SDR/DBD portion will be automatically renewed for an equal period, while the interest will be credited to the SB portion on the due date.

Here are the key features of the BOI Savings Plus Scheme at a glance:

This account also offers nomination facility, TDS norms, and all benefits of SB Diamond account scheme. The BOI Savings Plus Scheme is a great option for those who want to earn more and have easy access to their money.