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SBI Savings Plus Account Minimum Balance Rules and other details

State Bank of India or SBI offers a number of accounts, such as savings account, fixed deposit (FD) account, savings plus account, among others. According to SBI's website- sbi.co.in, SBI's savings plus account is a type of savings bank account linked to
the multi option deposit (MOD) account. In an SBI savings plus account, any surplus fund above a threshold limit from the savings bank account is transferred automatically to a fixed deposit (FD) opened in the multiples of Rs. 1,000, according to the lender. 

Here are salient features of SBI savings plus account:

Eligibility and mode of operation

SBI's savings plus account can be opened by any individual who is eligible to open savings bank account. The mode of operation can be single, joint or with either or survivor, former or survivor, anyone or survivor, according to SBI.

Maturity period

The period of deposit is 1-5 years, according to SBI's website.

Interest rate

The rate of interest for SBI's savings plus account is same as applicable to SBI's savings bank account. Currently, SBI offers an interest rate of 3.5 per cent on deposits balance up to Rs. 1 crore. The lender offers an interest rate of 4 per cent on deposits above 1 crore.

Monthly Average Balance (MAB) requirement

A monthly average balance (MAB) requirement is applicable for maintaining SBI's savings plus account. Monthly Average Balance (MAB) is the sum of all the end of day (EOD) closing balance divided by the number of days in that month. Given below are the MAB requirements of SBI savings plus account as per the geographical location where the account is maintained:


MetroUrbanSemi-UrbanRural
MAB (Minimum Average Balance)Rs. 3000Rs. 3000Rs. 2000Rs. 1000
(As mentioned on sbi.co.in)
Minimum threshold limit for transfer to MOD
Any surplus funds retaining a minimum of Rs. 25,000 in savings bank (to be set up by the customer) are transferred as fixed deposit (FD) with a minimum of Rs. 10,000 and in multiple of Rs. 1,000 at one instance, the lender noted. This means that the minimum threshold limit for transfer of multi-option deposit (MOD) account is Rs. 35,000.
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