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.

Features SB Plus Account


Any individual eligible to open Savings bank account.

Monthly Average Balance (MAB) requirement

As applicable to the location of the branch :

  Metro* Urban Semi-Urban Rural
MAB Rs. 3000/- Rs. 3000/- Rs. 2000/- Rs. 1000/-

* As per RBI guidelines for identifying census centre

The customer has to maintain MAB. The system does not break MOD to do so.

Mode of Operation

Singly, jointly, or with Either or Survivor, Former or Survivor, Anyone or Survivor, etc. facility.

Rate of Interest

As applicable to Savings Bank Accounts.

Minimum threshold limit for transfer to MOD

Rs 35,000/-

Minimum amount of transfer to MOD

Rs10,000/- in multiples of Rs 1,000/- at one instance.

Choice of break open of TDRs

The customer has to specify whether’ First in First Out” or “Last in First out” principle should be applied for break opening of deposits. In absence of any mandate the “last in First out” principle will be applied.

Period of deposit

1-5 Years

Facilities offered

All facilities offered to savings bank account holders such as ATM card, mobile banking, Inter Net banking, SMS alerts are available in this account.

Loan against MOD deposits


Most Important Terms & Conditions

1. Savings Bank linked to Multi Option Deposit (MOD) account, for auto sweep, for issue of Term Deposits and unitised break-up facilities.Any surplus funds retaining a minimum of Rs. 25000/ in Savings Bank (to be set up by the customer) will be transferred as Term Deposit with a minimum of Rs. 10,000/- and in multiple of Rs. 1,000/- at one instance

2. w.e.f 01.11.2018, In case of the balance falls below Rs 3,000/- MODs will be broken to maintain a balance of Rs 3,000/ in the account

3. If sufficient balance in MOD is not available, on account of which the system is unable to maintain the minimum balance of Rs 3000/- in the account, the customer is liable to pay charges on non- maintenance of AMB as applicable to the geographical location where the account is maintained.