Premium Saving Account in SBI (State Bank of India)
State Bank of India (SBI) is the leading public sector bank in India. It offers a number of products and services that are often unmatchable by other financial institutions. Not only in India, but it has its presence in many countries across the world.
One of the services it offers is the Premium Saving Account. This is a special kind of saving account in which customers gets an enriched version of saving account and comes with several add-ons and special concessions. The scheme/account is best suited for individuals who have a high net worth or come under the affluent class.
Features of Premium Saving Accounts in SBI
Following are the brief features of Premium Saving Accounts with SBI:
- Any Indian Resident above the age of 18 years is eligible to open a Premium Saving Account
- The account can be opened by a single person as well as jointly with survivor benefits applicable on the account
- The premium saving account is linked to Multi-Option Deposit Account, also known as MOD.
- The account enjoys auto sweep facility for unitized break up facilities and term deposits
Availability of Premium Saving Accounts at SBI
Premium Saving Accounts can be opened at any branch across India which has a central banking system.
Minimum Balance in Premium Saving Accounts
Just like a saving bank account, a minimum balance has to be maintained in the premium saving accounts too. The minimum saving bank component for premium saving account in SBI is Rs 25,000 and the MOD component for the premium saving account is as per the applicability of term deposits of the tenure, whatever chosen by the customer.
The Auto-Sweep Facility for Premium Saving Accounts
- Auto Sweep facility comes into operation at monthly intervals
- In the units of Rs 1,000 and a minimum of Rs 10,000, Special Term Deposits and Term Deposit are created under the MOD scheme
- Deposits can be withdrawn conveniently through unitized break ups available with premium saving accounts
- Term Deposits and Special Term Deposits would be opened for a period ranging from 01 to 05 years.
Other facilities available for Premium Saving Accounts in SBI
There are a number of other facilities that are available for premium saving account customers. Some of them are listed below:
- Up to 100 cheques in a given financial year are issued with no additional charge on the account
- Up to 25 multi city cheques are available in a given financial year with no additional cost
- The numbers of debits are unlimited for any half-year
- A Gold Card (Master/Visa) is issued per account with ATM-cum-Debit facility at no additional charge
- Premium Saving Account holders can enjoy internet banking facilities free of cost
- Anywhere banking is available with premium saving accounts
- Check collection and draft issue facilities are available with just 50% charges
- There is no service charge pertaining to NEFT/RTGS transactions
At the same time, there are few penalties that are levied on the account in event of non-adherence to the minimum balance of the account. A quarterly charge of Rs 500 is charged on the account in the account holder fails to maintain the minimum balance.
Last but not the least, a saving account in SBI can be anytime converted to a premium saving account at any branch, subject to the fact that the account holder agrees to maintain the requisites of the premium saving account. Features like standing instructions, transferability, etc. as applicable to premium saving account quite similar to the way they are in normal saving accounts.