May 17, 2024
Savings Plus Account is a savings bank account linked to MODS, where surplus funds above a threshold limit are automatically transferred to term deposits.
Image Source: ET Online
The customer has to specify whether the' First in First Out' or' Last in First Out' principle should be applied for break opening deposits. In the absence of any mandate, the' last in First out' principle will be applied.
Image Source: ET Online
Minimum threshold limit for transfer to MOD - Rs. 35000.
Image Source: ET Online
The minimum transfer to MOD is Rs. 10,000/-in multiples of Rs 1,000/-at one instance.
Image Source: ET Online
Loan against MOD deposits can be availed.
Image Source: ET Online
10 free cheque leaves per annum. Further cheques leaves will be issued with charges.
Image Source: ET Online
All individuals having valid KYC documents are eligible to open Savings bank account.
Image Source: ET Online
Period of deposit is 1-5 Years, as per the website.
Image Source: ET Online
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