How to Open SBI Saving Plus Account

Author: Iqbal | Guide: SBI |

Do you want to open SBI saving Plus account? The SBI saving Plus account can be opened either through online or through offline mode. Follow the step by step guide

Eligibility Criteria that is followed for SBI Savings Plus Account

  1. The applicant should be a nationality of Indian.
  2. The applicant should maintain a minimum balance of Rs. 10,000 in his/her account.
  3. The applicant should submit the necessary documents that are required for the opening of a new SBI saving plus Account to the concerned branch.

Documents to be carried to open an SBI saving plus Account

  1. Address proof
  2. Driving License
  3. Voter ID
  4. PAN Card
  5. Recent Passport Size photographs

SBI saving plus Account creation through online

  1. Navigate to the SBI official website using a browser.
  2. Click on "Apply Now Online" Button.
  3. Select one option "Digital Savings Account" or "Insta Savings Account".
  4. The customer should type the details that are to be used for the account creation.
  5. A Temporary Customer Number(TCRN) is given to the customer through the mobile registered in the website.
  6. Take a printout of the application submitted online and move on to the nearest branch.
  7. The banking officials will verify the documents to do the needful.

SBI saving plus Account creation through offline

1. The customer should visit the nearest branch of their locality. 

2. Discuss with the banking official in opening an SBI saving plus account. 

3. Present the application form, Form 60, Nomination form and other essential documents required for account opening.

Features of SBI Savings plus Account

1. When a customer holds a savings bank account already and wants to transfer to the SBI savings Plus Account this can be done easily by requisition of the officials in bank. 

2. If the account holds a balance of about Rs. 25,000 then it will be transmitted to Term Deposit retaining a minimum balance of Rs. 10,000. 

3. The account sets a minimum balance amount to be Rs.10000. When the account fails to maintain the minimum balance amount then a service charge of 50 rupees is imposed for each month. 

4. The term deposit period can be selected from 1 to 5 years. SBI selects 1-year duration by default for fixed deposits. 

5. The amount that is to be put into the term deposit can also set by the user. The users are allowed to fix the threshold level up to which level the amount can be transferred to the deposit. 

6. SBI Savings plus Account also offers Auto-sweep facility that functions twice in every month i.e. on 10th and 20th of month. It also checks upon the balance of the account before processing the operation. 

7. When the customer places a withdrawal request either through cheque or credit card. The operation first withdraws the amount from the SBI savings plus account. If the sufficient balance is not available in the account then the amount that is available in MOD balance is withdraw for the transaction. 

8. When the user wants to withdraw the fixed deposit amount before the maturity period then an interest rate of 0.50% will be lower that is related to the time period the amount retained in the bank account. 

9. As like the other account the SBI Savings plus account with retains a MOD balance is also subjected to tax. The individual could raise for the deduction for amount of 10,000 rupees under taxation.

Was this article helpful ?