OnlineSBI: This SBI savings account will give FD returns on your surplus deposits; we explain benefits of Savings Plus Account

SBI Savings Plus Account: The State Bank of India (SBI) is offering SBI Savings Plus account to all those customers who are eligible for opening an SBI savings account. In this SBI account, an account holder's surplus money will automatically get converted into the fixed deposits (FD) and will get SBI FD interest rate on deposit. Details of the SBI Savings Plus Account are available on the official website of the SBI — onlinesbi.com and sbi.co.in.

According to the onlinesbi.com, SBI Savings Plus Account is available to SBI customers under the multi option deposit scheme of the SBI. In this SBI scheme, one's deposit above a certain limit get converted into a fixed deposit automatically. One can get loan against this multi option deposit scheme of the SBI as well.

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SBI website onlinesbi.com further informs that in SBI Savings Plus Account, one's deposit above Rs 25,000 will get converted into the SBI Fixed Deposit automatically. But, for that, minimum balance in the SBI Savings Plus Account should be Rs 35,000. Means, initial minimum surplus amount should be Rs 10,000 that will get converted into the SBI FD automatically. From there onward, additional Rs 1,000 will get converted into the SBI FD. Means, if you have Rs 35,000 in your SBI Savings Plus account, then Rs 10,000 will get automatically converted into a FD. Later on if you deposit Rs 1500 in your SBI Savings Plus account, then Rs 1,000 will get added in your SBI FD while Rs 500 will reamain in your SBI Savings Account.

There is no penalty on the SBI Savings Plus Account holders if they have balance below Rs 25,000. There is no minimum balance required in SBI Savings Plus Account. Like SBI savings account, SBI Savings Plus Account holder gets SBI net banking, mobile banking, ATM card and SMS alert facility as well.

So, if you want to make more money fom your SBI Savings Accouynt deposits, SBI Savings Plus Account can be a good option.