SBI Savings Plus Account with MOD High Interest Scheme – Details & Review



In one of my earlier post, I did explain how you can earn upto 9% interest on your Savings account. (Read the post here). Many members asked me about whether such facility available with SBI. So in this post, I am providing details regarding Sweep-in facility in SBI and how can you earn more from your idle Saving Account balance.

SBI Savings Plus Account is a Savings Bank Account linked to MODS (Multi Option Deposit Scheme), wherein you can earn high interest from your idle funds in Savings Account.

Sweepin Facility – The surplus funds in your savings account (above a threshold limit) is transferred automatically to Fixed Deposits and earns higher interest. When you need the money, the amount will automatically come in Savings Account from FD.


Some of the features of this account are as follows:

1)       You can either open a new Savings Plus account or request to re-designate the existing savings bank account.

2)     Monthly Average Balance (MAB) requirement –  As a normal rule, you need to maintain the minimum balance as required. However, the rules have been reled since 2018. See below:

  • 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
  • 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.

3)    Minimum threshold limit for transfer to MOD –  Rs 35000  (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)

4)    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.

5)   Period of deposit :  1-5 years :  You can choose the maturity for FD –  1 to 5 years . By default, SBI will create FD for 1 year  maturity period.

6)       Auto-sweep facility will be operative twice a month, based on the balance in Savings Plus account at the start of day on the 10th and 20th of every month.

7)       When the customer withdraw money or draws a cheque, the amount will come fromt heSavings plus Account first. If the balance in insufficient, the money will seamlessly come from Fixed deposit account. By default, SBI will follow the principle of `last in first out’. This means it will break the latest SBI MOD deposit by an amount (in multiples of Rs 1,000) that is adequate for the payment of the cheque / withdrawal.

9)       An overdraft limit or a demand loan facility is not available against the SBI MODS TDRs/STDRs created under the Autosweep facility.


SBI Savings Plus Account Interest Rate

1)       SBI MOD Balance Interest rate – Interest paid on term deposits created through the Autosweep facility will be as per published interest rates for TDRs and STDRs for the various maturities. (current FD rates 5.75% to 6.8%)

2)       If the FD is sweep-out before original maturity date, the interest shall be 0.50% below the rate applicable for the period the deposit has remained with the Bank or 0.50% below the contracted rate

So for e.g if you choose the tenure for 1 year, you will get an Interest for 6.8% .

However, it is likely that you withdraw money before 1 year. Suppose you withdraw money after 3 months. In that case, you will get the Interest rate applicable for 3 months minus 0.5% = 6.25 – 0.50 = 5.75%  ( which is still better than 4% interest on Savings Account)

3)       The interest on balances in Savings Plus accounts will be the same as that on savings bank accounts and will be calculated and applied in the same manner.


Tax Aspects of Savings Plus MOD Account

1)       Like Normal Saving Account, Interest earned in Saving plus account is also Taxable. However, you can claim a deduction upto rs 10000 u/s 80TTA

2)       Like Normal FD, Interest earned on MOD FD is taxable and subject to TDS (if more than Rs 10000 in an year)

 3)       Read my other post – How to avoid TDS on FD Interest.


How to open SBI Savings Plus Account (with MOD scheme) / Application form

The scheme is operative in all SBI Branches and all you need is give an application to convert your present Savings Bank into MOD account by undertaking to keep the minimum balance of Rs.10000 always or you can open a separate MOD Savings Bank Account.

If you have already SB Account with them, no extra formalities are required. However, they may ask you again your identity proof, address proof and pass port size photo.


High Interest – SBI Saving Plus account with MOD is good option for people to earn high interest on their idle money lying in Savings Account.  If you keep money for atleast 7 days, you will earn a minimum Interest of 6.5% and upto 9.25%  ( which is better than 4% earned in normal savings account)

Liquid – The money is available as and when needed (like normal savings account) and you will not feel any difference when withdrawing or drawing cheque.

Flexible – While comparing to other bank’s sweep-in facility, the SBI savings Plus MOD is very flexible which allows you to choose the threshold limit as well as FD duration.

Important thing to note:  One of the drawback is that you need to maintain and keep track of the minimum account balance requirements. The systems will not automatically take money from MOD to maintain minimum balance. I would have like to have an option to sweep-out money from MOD to maintain the minimum balance.

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  1. Hi,

    I have normal Savings Account with Online Banking facility with SBI.

    I do not want to shift to savings plus account of SBI. as I have understand I can use the e-TDR/ e-STDR (MOD) multi option deposit in my online banking website. and i can get more interest than normal savings account. Only drawback of this is I have to remember the maturity period of FD and when it passed maturity, I have to again manually enter the amount in FD by using the website.

    If I’m making mistake kindly correct me.


      • HOw to make a second transaction for MOD through online transaction…?

        i am not seeing any option to deposit amt to MOD. pLEase help.

      • I did not understand creating FD manually our own …

        in the post you mentioned Term deposits/FD can be automatically opened if account contains amount more than minimum term amount …

        Please clarify me if I am wrong

        • yes, FD can be automatically created once the amount reaches above threshold. However, if you want you can create FD manually without any threshold and activate the sweep out on that FD.

      • HI

        Can i withdraw the money in MOD account from ATM Debit Card.?
        Is there any option to cancel this auto sweep in/out facility in NET banking?

        • Yes, you can withdraw only as usual form your saving account atm card. In the background, money will flow from MOD FD account to saving account.

          For all purposes, treat as all the money is in your saving account.

    • How to start auto sweep in sbi
      How to set threshold limits
      I have a saving account in sbi
      The product coad is SBCHQ-SBP-GEN-PUB-IND-ALL-INR is this saving plus account
      Please tell

      • Hi Abdur, Just visit your brancha nd ask them whether the account you have is the Savings plus account. It is possible that they will ask you to open a new relevant account.

  2. If I have 30000 balance in my SBI saving plus account out of which as explained by you SBI would put 10k into normal saving account and 20k in FD on which I get 9% interest.
    Now if take out 5K out of it, this money would be taken from normal saving account or FD account.
    If they deduct money from normal saving account am I liableto give Rs 50 as now balance has gone lower than Rs 10k.

    • Hi Nitish, Normally when the amount is withdrawn from Saving account, the system will automatically transfer money from FD Account to Saving account.

      Minimum balance charges will not apply.

      • Yes, you will be charged 112:rs in bank of baroda. I am facing this issue and also compplaint. Manager says it is common problem and he will write a letter

  3. Dear Sir,

    I have saving account in SBI. If i open a saving plus account for 1 year with rs 25000 after that if i used to add rs 5000 per month (less or more) in my saving account. Are they autometically transfered to saving plus account? also should i get the same intrest for adding these monthly amounts.

    Tarun Thakur

  4. i have sb accout in sbi and have net banking. how can i active sb plus account online? can i active sweepin lsweepout fascility online.please advise me the full procedure.

    • For activating auto sweepin/out, you need to convert your normal saving account to Savings plus account. you just need is give an application to convert your present Savings Bank into MOD account

  5. Hello sir, i have opened mod account in sbi through internet banking with 10000 rs for 1 year.
    Still Do i need to link my saving account to saving plus or it will be connected by bank automatically?
    will this 10000 be added in threshold of 25000 or do i need to add 25000 rs more as threshold?

    • Hi Abhijit, If you have selected option – e-TDR / e-STDR (MOD) Multi Option Deposit in the Internet Banking, then you donot need to do anything else. The MOD will auto link to the Saving account from which it is funded.

      It is different from Savings Plus Account as in Savings plus account autosweepin/out is automated.

  6. HI,


    THERE IS 1. STDR (Cumulative – Interest paid at maturity) 2. TDR (Non-Cumulative – Interest paid at selected intervals) OPTION. PLEASE DEFINE THIS OPTIONS PROPERLY.

  7. Hi,

    1. I have Rs 20000 in MOD balance and Rs 25.5K in Savings. Suppose I have to withdraw money like Rs 200. From which account it will be deducted?
    2. Suppose in January 2015 I have only 25.5K balance in my Savings account. Will it sweep any money then to my MOD account?
    3. Can I withdraw money from MOD account from ATM? Please give me a example will you? It would be very helpful.
    4. What is LIFO concept here in MOD balance? Can you please give an example?

    It would be highly appreciated if you clarify my queries..

    • 1. It will be deducted from Savings
      2. You can withdraw money from ATM like Normal and in background money will flow from MOD to Savings
      3. LIFO concept will work to determine which MOD FD will break first if you withdraw money.

      For e.g. Say on Jan 2015 , you make MOD FD for 25000 for 1 year
      Again in Feb 2015 , you made MOD FD for 25000 for 1 year
      When you withdraw money, the money will first come through Feb FD. ( LIFO Basis)

  8. 1st time on 24-12-2013, my savings bank account sweep MOD applied & it has reached the sealing point & the excess of that amount is showing in clear balance and that max. sealing amount in sweep account.. now on this upcoming 24-12-2014, it is maturing because it is completing 1 year period for TDR/STDR.. now SMS showing “give instruction else the deposit amount will be rolled over as per the original term”.. what does it mean? does it mean it will be renewed for the next 1 year i.e. upto 24-12-2015 in the interest rate existing on 24-12-2014 (i.e. 8.9%?).. what is the existing interest rate in it? 8.9%?

    • Sir I am Kumar navneet I am willing to open savings plus account.but after reaching threshold limit when automatically my balance ‘ll get deducted then wheather I ‘ll get any slip or proof for my deposited amount for fd..please clear my doubt about this.

  9. I have converted my saving account to saving plus account.

    Now I have to maintain 10k as minimum balance ?

    If It will be greater than 10k then what will happen I mean when it will send to MOD?

  10. Sir, i am sbi online user can i use internet to invest on MOD ? What are the Drawback if i invest by online ? plz guide me.

  11. Dear Sir,
    I have an SBI saving account. I have not converted it to saving plus account. Always I make FD (e-TDR) through netbanking for 15 days for 7% interest. So how conversion to saving plus account will be profitable for me. So Just guide me to get more interest which will be profitable. Thank you

  12. Hi,
    I Have 2 policy primium in 30000 in every Dec and 22000 in March.

    At same time I cant manage money.

    So i want to go for this scheme and want to take money in every Dec and March.Also i can save monthly 5000/- for this two primium.

    But if i save this in Saving account than only 4% i got but in this scheme how much i will get more if start investing to this Jan-15 and want money in Dec and Next march 16.

    So which is the best maturity period i have to set for it.

    So can give me calculation for this as i save more and earn more.


    • Hi Vimal, In such case, you will get the FD rate as long as money is in your MOD account. (for that period)
      e.g. for amount invested in Jan15, you will get fd interest for 14 months
      e.g. for amount invested in Feb15, you will get fd interest for 13 months
      e.g. for amount invested in Mar15, you will get fd interest for 12 months and so on..

      it will definitely will be better than Saving account.

  13. Sir, recently i came to know about SBI e tdr. I am confused with interest. If i put Rs. 1000 for 7 days how much interest i will get?

    • 1) In Saving plus account, the sweep in FD is created automatically above certain threshold.
      2) While in MOD option, even for your normal saving account, you can create FD with MOD option. whereby if there is any shortfall, the money will automatically come out of that FD.

    • 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.
      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. 10000/- and in multiple of Rs. 1000/- at one instance
      Account holder has the flexibility to choose the period of deposit from 1 year to 5 years.
      Payments in excess of available balance in the Savings bank Account can be made by breaking MODs Last In First Out.

      2) Premium Savings Account provides an enriched version of Savings Bank account consisting of various concessions and add-ons. It has similar features for SBI Saving plus.

      Auto-sweep facility will be operative at monthly intervals.
      Term Deposits (TD)/ Special Term Deposits (STD) would be created under the MOD scheme, in units of Rs.1,000/-, subject to a minimum amount of Rs. 10,000/-.
      Unitised break-up available for withdrawing the deposits conveniently.
      TD/STD shall be opened for a period of 1 year to 5 years.

      Additionally, it has following features

      Unlimited number of debits.
      ATM-cum-Debit Gold cards (Master/ Visa) will be issued, free of cost.
      0% concession in draft issue charges and cheque collection charges.
      Bankers Cheques will be issued free.
      No service charges in respect of outward RTGS/ NEFT transactions.

      3) So Premium Saving account has features similar to SBI Savings Plus account and also additional benefits.

  14. Hi,
    Can you please tell me how I can put a stop to SBI automatically sweeping money into my MOD account? What to do if I do not want to make use of the MOD feature? I have no idea how what my threshold limit and how do I increase my threshold limit? Thanks a lot.

    • Do you have the Savings plus account ?
      I think the default threshold limit is Rs 10000. If you need to change, you can contact your SBI branch.

      by the way, why do you want to stop the MOD feature?

  15. Sir,
    I have an saving joint account with my son and also have a pension account in the same bank. I wish to use a mods facility in my pension account but representative of the same bank is informed me to close your joint account firstly for use a facility of mod scheme. Please guide me, is this correct.

    • In case of MOD saving FD, you just need to use that as normal saving account funds. You can withdraw from ATM, Cash, cheque and the money will flow from MOD to Savings automatically.

  16. i have sbi dsp std with mod for 1 yrs.thershold limit 35k.Above the amount goes to mod mod ac has created and mod balance is is ok. but again when i diposite 1 lakh then above35k amount does not go to mod ac ……why plz answar.

    • Hi Charan, I think that above threshold the FD will be prepared automatically. if not, please contact the bank’s customer care.

      Also please post here if you get any response from them for benefit of other members.

  17. I have a saving plus account. Please tell me, If I take out money from MOD before maturity, The interest earned will be count in savings interest or FD interest. Weather can I apply this amount under section 80TTA?

      • So now the current interest on savings a/c is 3.5%, based on this if i create a MOD a/c above 2.86 lakhs above, then i will get interst of Rs 10000 by end of the year which is tax free under 80TTA, at the same time if there is extra money in d a/c i will get interst on fd, which has 30% slab rate.

        So do you recommend doing this or create a minm MOD of Rs 10000, where i will get no deduction in 80TTA, and all interest accumulated will be taxed??

        • Hi Abhinav, You will still be better off with MOD. SBI FD rates for 1 year is 6.65% which wmean you will get FD interest of Rs 19K. Assuming you will have to pay 30% tax on that – which will leave Rs 13300 as Interest. which is still better than Rs 10K saving interest.

  18. I have a saving plus account. I want to know, if I withdraw money from MOD account before its maturity period, the Interest I get on that amount will be counted as savings Interest or FD interest? I mean, can I take exemption on that interest under 10000 Rs limit in section 80TTA?

  19. Hi,
    In SBI saving ac balance is above 40k for the last five days, threshold limit is 5000 in saving plus ac but the the balance is not auto sweeped to saving plus account. Plz tell me when it will be transferred to saving plus ac.

  20. Hi Vivek,
    I had around 170000 in MOD account and 40000 in the savings account, there was a sms from SBI that ‘your TDR/STDR no. XXXXX800XXX dated 29/12/2013 maturing on 29/12/2014. Please give instructions or else the deposit will be rolled over for the original term’. But now my MOD balance is showing 0 balance. How is it working??? Im really worried. I stay around 200 kms from my home branch in a remote place. Please inform me.

  21. Hi,

    I have the below queries.

    1) I have created a MOD FD using net banking for an amount of 40,000. I haven’t converted my SB account in to Saving Plus account yet. My SB account is having a balance of 30,000. You said in your previous clarifications that the amount from the MOD FD automatically flows in to the SB account when there is a shortfall and the only difference between Savings Plus and SB account with MOD FD linked is the creation of MOD FDs which will be done automatically by Savings Plus where in, in SB account we manually do.

    But I haven’t set any minimum ceiling for my SB account beyond which the MOD FD need to be broken. In this case, is there any default minimum ceiling will be imposed by the bank or how will it work??? Please clarify.

    2) I have a normal FD created using net banking. Can I link that FD to my Savings Account? Please advise.

    3) I have query in interest calculation. I have created a MOD FD using net banking for an amount of 90,000 on 01 Feb 2015 for the tenor 1 year at 8.75%. My SB account is having a balance of 25,000. If there happens a Cheque withdrawal of 50,000 on 01 May 2015. Then my SB account balance remains 25,000 and the remaining amount in MOD FD is 40,000. Will I be getting the interest for 50,000 for the period 01 Feb 20015 till 01 May 2015? If so, what would be the interest rate? how the caluculation would be? Please advise.

    • 1) In Savings Plus account, the MOD FD will be created automatically above certain threshold but in other case you need to create manual FD.

      Normally MOD FD will be broken in the lot of Rs 1000

      2) You need to create MOD FD

      3) The understanding is not correct. if you have 25000 in Savings & 90000 in MOD, when cheque of Rs 50000 is presented, the money will first come from Savings and then MOD. In that case, your saving will become 0 and MOD will become 65000.
      You will get interest on 25000 ( broken from MOD) for Feb 2015 – May 2015.

      So in manual mode, you need to make sure that minimum amount is then transferred to Saving account to avoid any charges.

      • Will the Savings Plus account work at all the transactions (i.e, ECS, CC payment, Online Transfers, etc,) ? Suppose if I am having 25,000 in my Savings Plus account and if I want to transfer 50,000 thorough online mode (NEFT or RTGS), will it allow to transfer the amount? Or Will it say insufficient amount? Will it work exactly same as the cheque withdrawal? Can you please clarify?

        • Aslong as you have money combined in Saving plus & FD account, there will not be an issue.
          If you try to transfer 50000 online, it will allow you to transfer as long as combined balance (saving + MOD FD) is more than 50000.

      • In an earlier reply u said, while withdrawing a greater amount than minimum balance, from a saving + account, the minimum balance amount will maintained by bank and the shortfall amount will brought back from MOD FD. please clarify.

  22. Sir,
    I have a saving+account i want to know what will be the interest of saving+ account for 1 month up to 12 month (Month wise interest) for Rs 100000/-.
    in 12 months saving + MOD can principle amt and interest reform new MOD automatically aft over MOD fix period.

  23. Sir,
    I have two questions……..
    1. Interest earned through MOD account will come under interest from savings or interest from deposit?
    2. Which interest should be filled in return in case of MOD….accrued interest or paid interest?

    • Hi Hiamnshu,

      1. MOD interest will be treated as Interest from FD.
      2. Both actual paid interest as well as accrued will be treated as Income for that year. it is better to get the TDS certificate from bank at the end of year, sot hat you can show the right amount.

  24. HI,




    • Hi Sonia,

      As per requirement, in Form 15G/H, all FD need to be mentioned. As in MOD FD, thee FD are dynamic, it is better to check with Bank , whether they need separate Form 15 or not.

      2. You need to maintain the minimum balance otherwise penalty will be levied.

  25. Dear Sir,
    Good Evening
    all your posts are really nice
    however i have saving plus MOD account in SBI
    however ,when i check my balances on net banking i found that
    the amount which is getting sweep in my account for payment of cheque is always greater that cheque amount also that extra amount is not reflecting in saving account balance
    for e.g.,
    i have to pay cheque of rs 10000 towards my credit card bill but 10300rs is sweep to my savings account from mod .
    but that extra rs 300 is not added to my saving account balance
    also when i reach to the bank and ask them about this ,they were not ready to give m answer
    i asked them to cancel my MOD but they repetedly try to convince me that it is beneficial for me
    i am confused.
    please clear my doubt sir
    best regards
    vaibhav bhor

    • Hi Vibhor,
      When the amount is sweep in , it also weep in the interest earned on that amount for that period. That’s why you can see the 2 sweepin amount.
      However, it will be added to your saving balance.

      Can you please check again. May be you can send me a screenshot at

  26. Hi I went for MOD facility last yr in Jan 2014 in SBI account. Even after one yr I did not get any interest credited (I saw pass book). Also ledger balance is same as what I deposited. More over interest I got was only on ledger balance not MOD one. How to check my MOD interest balance credited?

    • Hi Vineet, If the saving account balance is less than the minimum balance required, then the charges can be levied.

  27. sir

    1 in saving plus account we will not get fd interest on thershold (10000) amount.and below thershold we have to give panelty.
    2 but in etdr we can make fd of full amount and if we withdraw some money then also we will get fd interst on remaining money only draw back is that it will not deposit money automatically into mod balance . but if we deposit more money than we can open ner etdr manually.and no panelty wil be taken . m i right??
    3. in premium account if we neft other bank than no. charges will apply and 50rs yearly charge of atm is also not apply then primium account is benificial or saving plus account

    • 1. correct. In Savings plus account, on the balance in Saving account ( say Rs 10000) you will get the normal interest 4%. For any MOD FD created you will get FD Interest.
      2. Yes you can create eTDR manually , but you still need to maintain minimum balance required for your saving account.
      3. SBI Premium saving account is also good and have this MOD facility & other benefits.

  28. Dear sir,
    I have mod balance 2,00,000.

    • whenever you are withdrawing money from saving account, and balance is not sufficient, the money will be automatically sweeped out from FD to Saving.

  29. I recently open my saving plus account but i m not able to check my FD amount .
    How can i check my totel balance .

  30. Just one question i have made a mod balance of 2 lakh. Now i have only 15k in my savings. Can i take out more than 15 k from my account

    • Hi Jaipal,

      Please explain your query. There is no requirement to deposit funds monthly.The surplus mount will automatically move to MOD FD account.

  31. I have created e-TDR/e-STDR (MOD) Deposit Acc. Amount 50,000 for 5 years, can I get Income tax benefit on the same.
    If yes under what section I can declare and what proof I need to submit for that.

    • For claiming benefit u/s80C, you need to invest in special 5 year tax saver FD as such FD cannot be broken before maturity. You cannot claim benefit for e-TDR/e-STDR (MOD)

      • Thanks, Okye can I close my MOD account before maturity; I have created for 5 years. If yes, then if I close my account in 6 months, will I get the benefits of MOD account for 6 Months.

  32. Hi,
    Sir i have mod a/c in sbi but it’s not creation thershold limit balance is 15000 & resultant bl is 10000.Befor 3 Month had work but now not.plz suggest me what can i do?

  33. sir i have handsome money in mod balancein sbi,but now it showing 0 balance and i have not withdraw any amount,but i have checked from branch its showing handsome bal in my acc but not showing in atm..plz clearfy the matter..

    • It may not show in ATM slip as it shows only the balance in Saving account & not FD Account. But you can withdraw money.

  34. I read your full post of Saving Plus A/C including all question-Answer part, I think this is the best way of conversation. I want to say thanks to all questioners & special thanks to Vivek Jain. I learned lot abt Saving Plus A/C from this

  35. Hi,

    Sir I have savings account and with a threshold limit of 35K i converted it to savings plus account… As on 05.04.2015 I checked my normal savings account statement and found that interest has not been credited…Is it so that interest on normal savings account is not provided and is provided only for saving plus account? (I CHANGED MY ACCOUNT THROUGH ONLINE BANKING)

    Warm regards,
    Sumit Agarwal

    • Hi Sumit, Interest on Saving bank is credited every 6 months. Interest on MOD will be credited either at time of maturity or at time of sweepout.

  36. Hello Vivek,

    I have opened a savings account in State Bank of Hyderabad in the month of 20th December 2014 and deposited 10 lacks.Which, i got from my retirement benefits, and given a written letter to convert my savings account in to Savings plus account. When, i check my account statement recently as on 31 Mar 2015. i have noticed that the account is not fetching savings plus interest (8.75 %) but it is fetching normal 4% interest rate. When i contacted the State Bank of Hyderabad branch Manager, Madanapalli, Andhra Pradesh and Accountant to check, weather my saving plus account is activated or not, they initially got confused and asked me to come back after one week. When, i checked after one week with them, they replied as i have not given PAN number, they have not converted my account in to saving plus account. And, even the Branch manager tried to convince me that PAN card is mandatory to activate Saving plus account and to fetch 8.75% interest on the deposited amount. To the best of my knowledge PAN card details are not mandatory for Saving plus account. I expect they have missed my written request to convert savings account in to Savings plus account and trying to convince me to provide PAN number for the same. Please help weather is it mandatory to provide PAN number to convert Saving account in to Savings plus account in order to get 8.75% ?. If it the bank manager and account of the branch are lying to whom should i approach or complain on them ?

    • PAN card is not mandatory for the Saving Plus Account, But if PAN card is not there, Bank need to deduct TDS @20% (instead of 10%).

  37. SBI – Does “saving plus” a/c passbook says – Saving Plus ?
    As I have regular saving a/c with SBI. Opened new saving plus a/c too.
    Both passbook . 1st page , a/c type says – Saving a/c
    Doesn’t it should say “Saving Plus” in case of saving plus a/c ? Also since it is autosweep , should it open FD / eTDR automatically ?

    • For saving plus, the FD.eTDS will be opened automatically once the amount reaches the threshold.

      Both tare type of Saving Account

  38. Hi,
    Thx for the post.
    Plz reply to my query.

    I am an NRI though I maintain normal SBI saving plus account with MOD facility.
    Since I need not to pay Income tax on salary, can I claim the tax deducted from my FD in MOD account.

  39. Hi sir,
    Suppose I have saving plus with threshold of 30K.
    If I have 30K in saving account and 30K in MOD.

    1) Now I withdraw 50K and does not do anything after that, will the 10K remain in MOD or will it come to saving account?
    Will I be charged for not maintaining balance?

    2) If after I withdraw 50K, I deposite 10K, where it will go? Account or MOD?

    3) If my tenure for MOD in Saving plus is 1 year and after 1 year I choose not to renew the MODs will it be transferred to Account? Will my account still be treated as Saving plus?

    • 1) When you withdraw 50K, MOD FD will break and the whole money will come to you savign account and your saving balance will become 10K. You will not be charged for not maintaining minimum balance (if it is 10K)

      2)When you deposit additional 10K, it will go to your account. It will only go to MOD, when your saving balance is more than 30K.

      3) The MOD amount will be renewed.

  40. Hi Vivek Sir,

    My SBI account was opened by my company in which i work. I have salary account in it. I have MOD facility but I dont know what is the threshold value set for MOD facility. Do we have any option in onlinesbi website to check this?

    Also, how to check interest earned from the generated MOD FD to know whether it is exceeding the value of 10,000 or not in the website?

    • Hi Chhaya,

      The default threshold is Rs 25000. FD will be made above that amount for minimum of 10K. so when your account has 35K, an FD of 10K will be made.

      You will be able to see the acrued Interest, paid interest in your bank account online against that MOD FD account.

  41. hi
    sir my money has been deducted from saving account and it is not displaing in saving plus account how much time sbi will take to reflect that money please let me know.

    • As soon as money is moved fro saving account, it will be shown in saving plus account. normally you can see than under FD.

  42. Sir, Thanks a tonne for your valueable post and guidance. I want to know that
    1. What is the significance of setting threshold limit ?
    2. I minimum threshold limit is 10K and above which FD interest will be paid then why Iv would opt say 35K or 40K limit & why not kept it minimum ?

    Plz clarify earliest.
    Thanks a lot …….

    • You are correct. it is better to keep the threshold limit to minimum required (i.e 10000)

      One of the important reason to keep money in Saving account is also that there is tax benefit (sec 80TTA) for Interet on Saving account upto Rs 10000. While Interest on FD is taxable.

    • when you withdraw money from savings, the money will automatically get deducted from MOD.You will not feel any difference than withdrawing money from normal saving account.

  43. I had recently opened Saving Plus account in sbi.
    When the the first MOD is created it was of 10,000/- and I am having 25000/- in my account after MOD is created, when I enquired about that in bank that why whole amount above 10000/- had gone to MOD balance, the officials told me that the minimum limit is raised to 25000/- for Savings plus.
    Is it right ?

    • Sorry,
      but there is some correction in my last query
      I was about to say ” why the whole amount above 10000/- had NOT gone to MOD balance ”

      Sorry for the mistake

  44. Hi Vivek,

    First of all, a great post, solved most of my queries about the MOD and Sweep in/out facility.

    There are 2 doubts I have:
    1. Suppose, I have started one MOD FD of Rs 50K in the month of Jan 15 for 1 year. I have 15K left in my savings ac and If I withdraw 20K on Mar 15 from the savings ac, I understand the 5K will be brought in from MOD FD and the MOD FD balance would be 45K. So will the interest on FD be of 2 months on 50K and for the rest period till Jan 16 (8 month) will be on 45K? I mean is FD and the FD interest will continue for the next 8 months or it is broken completely.

    2. Also will the MOD FD amount show up in my normal SB balance or the savings ac balance will be minus the FD amount. As in the above case FD is of 50K and left balance is 15K, so the total balance in SB ac will show 65K or it will only show as 15K in my online account balance.

    • 1. The FD will not be broken completely. The FD interest on 5000 will be given for 2 months, and the balance FD (45000) will continue till Jan 16.

      2. the saving account balance will be shown as 15K & FD balance will show as 50K

  45. SIR,
    i have a sbi savings bank a/c with MOD facility…one of the deposit account in mod matured on 1.5.2015 but still i did not get that maturity highlighted in my balance….instead when i contacted my sbi branch they informed that the matured account and amount has been renewed for next 1 year….
    i want to know
    1. how to get that matured amount in my balance
    2. suppose my total balance i.e. including MOD balance and available balance is 2lakh… and the matured amount that has been renewed for another 1 year is 50000… if i withdraw 50000 from atm will my total balance be 1.5 lakh or it will be 2 lakh?

    3. after an mod a/c matures, how many days i have in hand to withdraw that amount before the bank branch renews it for another year?????

    thank u

  46. Sir,
    as you told i’ll get minimum 6.25 percent if i kept my mod bal. for 7 days or more.
    But, i almost kept amt. of 21000 in my mod act. for 1-2 month but when i withdraw the 10000 on that amt. i just recieved 28 rs. as an Interest.
    and yesterday i withdraw 1000 rs. on which i got 25 Rs.
    In both the cases the percent of interest isn’t given to me which is 6.25 percent.
    Give me the solution please.

  47. I have started the saving plus scheme for my act. But as you said i’ll get minimum 6.25 percent if i kept amt. above 10000 for more than 7 days.
    But when i yesterday withdraw 1000 Rs. from my MOD on that amt. i just got 25 Rs. as an interest which i almost was kept for 2-3 month.
    Why did not i got at least 6 percent on that ?

    • you need to calculate the interest @6.25% per annum. So if you kep for 3 months, you need to calculate the interest accordingly.

  48. I have just converted my normal Saving account to Saving Plus account and having balance of 35000/-, I understand that it will keep 25000/- in my saving account and will make FD of 10000/-
    I have 2 queries.
    1) Suppose I withdraw 3000/- then, will the FD of 10000/- be broken? or it will not affect until saving balance will become less than 0/- or less than 10000/- (minimum balance limit).
    2) Once I have 15000/- in Saving, then until it is more than 25000/- the automatic sweeping to FD will not happen, it is true?

    • 1) If you withdraw Rs 3000, then it will come from Saving Balance. Your FD of Rs 10000 will not be broken.
      FD will not affect till the saving balance hit the “Resultant balance” e.g. Rs 10000

      2) True, automatic FD will not be created until the balance is more than Rs 25000

  49. First of all, KUDOS Vivek…

    I really appreciate your patience of replying to each and every message.

    I’m new on this site. Actually I was looking for merits and demerits of SBI Saving Plus account. I have got both, but just want to assure that only problem with this account is that you have to keep on maturing of FD tenure. Am I right?

    I’m not much concerned about details as money is idle in my SBI Saving account.

    P. S. You need to ask your site developer to adjust the nested comments atleast for mobile view as after 2-3 comments, new comments are getting completely squeezed.

    • Hi Ankit,

      Thanks for the feedback.

      Re your query, I will need more details. You donot need to mature FD yourself, the FD are matured automatically if needed.

  50. Thanks for the informative post.

    I found that through online banking, I can upgrade to savings plus. However it asks for following four inputs:

    – cycle (either weekly or monthly)
    – start date
    – threshold limit
    – resultant balance

    I can make sense of first 3, but not about the 4th one.

    Please enlighten me about the resultant balance, so that i can make it happen.

    Thanks in advance

    • Hi Shweta,

      Pls clarify the query. You want to transfer money from which bank to which bank (using which bank’s account)>?

  51. i want to transfer money saved in MOD (multi option deposit) of SBI to PNB.

    Is it possible via NEFT transaction?

    If not what is the alternative?

  52. Dear Sir,

    I have saving account in SBI. Tried to submit application in the same branch to convert my saving account into MOD, but bank official said this facility is available only for salary account holders but not for Saving account holders. What to do??

    • Hi Mohit, This is not correct. MOD account is for all account holders. They may ask you to open the new account with MOD features.

  53. my income per month is 160000
    i can save up to 10000 per month
    which deposit schemes is better for me

    • Hi Sujit,
      What kind of investments are you considering ? and what is your time horizon?
      Are you only looking for FD? or open to invest in mutual funds ?

  54. hi sir
    am hoding nre savings account. am I eligible to open mod account.? if yes, then what’s the procedure?
    kindly advice
    thanks in advance.

    • MOD is not available on NRE Accounts. As NRE FD has minimum FD tenure of 1 year. if you break NRE FD before 1 year, you will not get any interest.
      therefore MOD is not available.

  55. when i converted sb to sb plus.. the interest has been credited and debited again. so is it like i lose the interest or will i get it back ??

    • Hi Sunil,

      is it the same amount which is debited and credited. Normally some amount is debited for TDS deduction.

  56. As mentioned by Sunil above, first the interest was credited and then the exact same amount was debited on conversion to Savings Plus account.

    • Hi Nitin, On what date the interest was credited and debited and the amount ? and what is the description written in passbook or statement ?

  57. Please clarify the taxability on the interest shown as accrued interest of the MOD account. It has been considered as taxable and tax deducted. If the accrued interest has been considered as taxable and TDS deducted, will it not be considered again for TDS once it is paid actually leading to double taxation.

    • Hi Rajesh, If the TDS is deducted on accrued interest (normally at year end), then TDS will not be deducted again on interest of that period. TDS may be deducted at the time of payment for the interest after the accrued date. There will be no double tax deduction.

  58. I have a savings bank account in SBI (I dont know whether it is premium savings acccount or not as my office opens it on my behalf for disburse salary)as my salary account. It has sweep facility (average amount in the account will automatically transferred as fixed deposit for a particular period as per my average transaction to get more interest). I get Rs. 43461 for the financial year 2014-15 (as per Form 16A). The Bank authority deducted Rs. 4364 as TDS in spite of the fact that I have not opened a separate FD/TD account in the Bank though Bank automatically fixed the same for accruing better interest. It has MOD facility also. Form 16A issued by the bank authority has nothing to say about any fD/TD account number or so. In view of that I want to know whether my savings bank account will be entitled for deduction of Rs.10000 u/s 80TTA of IT Act? If not, please advise.

    • I like to add that I want to know whether rebate of Rs. 10000 u/s 80 TTA was attracted in my case on interest accrued in the saving bank account as mentioned hereinabove.

      Awaiting for your valuable consideration, sir.

      sincerely yours, KVS

    • Hi, As the interest is on FD , the benefit of 80TTA will not be available on that amount. As per the form 16A, bank has shown that interest as FD interest and deducted TDS accordingly.

      Even if you have not opened separate FD, but as the bank creates these FD and the interest is for FD, 80TTA benefit is not available.

  59. Hi Vivek,
    in may 15 My total Balance in my savings plus account was 104854 where savings a/c balance was 45737 but in june after withdrawl rs 500 from atm two balance shows where mod balance is Rs 81444 savings account balance is Rs 25717. why the amount shows so much

    • Hi Amrit,

      it may be possible that above 25000, the amount was moved to MOD, therefore MOD balance increased from 59117 to 81444.
      It is also possible that there are some other transactions in between (like Interest credit etc).
      it is better to check the statement to know the transactions.

  60. Sir,

    I understand the options such as – 1. Threshold 2. Frequency of Sweep (Weekly/Daily?/Monthly) 3. Day of sweep etc., can be set in SBI online.

    The link “Auto Sweep Facility” provided under e-Fixed deposit is throwing “There is no transactional account available with your username which can be converted into SB Plus.”

    For above i have contacted branch, customer care – and no resolution in 2 weeks. Can you help with some idea pls !


    • Hi Sridhar,

      I think you need to visit branch to activate the Sweep option.

      Alternatively, you can e-TDR / e-STDR (MOD) Multi Option Deposit and link to the saving account.

  61. Hi Vivek,
    I open mod acc online.But the problem is that auto sweeping is not activate. when i ckeck by clicking auto sweep facility (which is option on left on online banking window ), the notice is shown :: There is no transactional account available with your username which can be converted into SB Plus.I made complaint twice in last one month regarding this issue but nothing is happen.
    (2.) i want to know about auto sweeping , it auomatically or manully or some time is fixed for sweeping the amount.

    • 1) I think you need to visit the branch to convert the account to Savings Plus Account.
      2) Autosweeping is done automatically depending on the threshold.

    • it will show in your net banking as well as bank statement. Like any other FD balance held with the branch.

  62. Thanks Vivek.

    I had few other queries too not sure if it reached you –
    1. Link for setting parameters on Auto Sweep isnt working i.e., to set frequency (monthly/Daily) sweeps, amount threshold etc.,
    2. Also is there a way to break the MOD manually which is generated through the system.

  63. Thank you so much for your reply….sir i have one more doubt that at the time of maturity of e-tdr/ stdr any documents have to produce to bank and can i take the interests of e- tdr/ stdr by cash.

  64. Hi Vivek,

    I am a simple query. I am having saving plus account. In Transaction Accounts, Available Balance is showing 26,500/- and MOD Balance is 65000/-.
    1) What is MOD Balance. And on what basis it is calculated and showing in my account?
    2) If I want to make FD of 10,000 then do I need to pay upto 65000/- first which is (65000-26500 = 39000 approx.) and then 10000 more ?
    I am confused with MOD Balance and how can I see through net banking what is my Threshold limit?

    Please clarify my queries.

    • 1) MOD balance is amount moved to “Fixed Deposit” on which you are getting FD rate of interest (instead of Saving rate)

      I think total money in your account is Rs 91500 ( 26500 in Saving & 65000 in FD)

  65. sir,
    I have now nearly 24000rs in uco bank fd of kuber dhan yojna (15 yrs old maybe) and it now matured . Should i keep it there or invest in some other saving certificate. i just want to high interest rates. Like 14% kishan vikas patra. kindly suggest fast……..thank you

    • Please note that Interest on KVP is 8.7%

      All the risk free instruments like FD, NSC, KVP, PPF etc will have returns of below 10%.

      • Sir,
        sir could you tell me what is interest rate on uco bank kuber dhan yojna fd. And According to you which is most profitable way to gain interest on 20000 sc,kvp fd anything will do. And i have taken cc on current account on bank of india . Is it possible to turn it into sweep in sweep out account then how……….

        And sir thank you for your insight in financial matters…….if i become rich someday…i will always remember u……thank you

        • FD rates in UCO bank is 8.3% (for 1 year) and 8.2% (for more than 1 year).

          Sweep in/out in not available in current account. it is available in “UCO Star Savings Deposit Scheme”

  66. Hi Vivek,

    I have following Queries regarding SB plus account.

    1)I have 50000 in my SB plus account.Threshold limit is 25000.But Autosweep has not happened on 10 th of the month as mentioned in above article.How we can know when auto sweep happens?
    2)Now SBI has changed the minimum balance to zero.Does it applicable to SB plus account also or 10000 has to be maintained ?


    • Hi Satish,

      1) You need to call their customer care and check. it may be possible that sweep in facility is not activated in your account.
      2) I donot think that zero balance will be applicable in your account.

  67. Sir,
    1) I need 2 know what is tds deduction
    2) i have a salaried account which is a savings plus too. I have earned an interest of approx 8500 in 2014-2015 financial year through savings interest and savings plus FD interest. Do i have to show this interest in my taxable income.
    3) do i have to show my interest gain of any RD account too in my taxable income?

    • 1) TDS is deducted on FD interest when it is more than Rs 10000 in a year.
      2) You have to show all Interest (FD, Saving, RD) in your taxable income. However, you can claim deduction for Saving Interest upto Rs 10000 u/s 80TTA.
      3) Yes RD interest needs to be shown aslo.

  68. Thanks for the response sir. One more thing i need 2 know is which has to be shown- the interest paid or the accrued interest in my taxable income as the sbi’s interest statement which i downloaded on 14 july 2015 shows 2 columns the interest paid and the accrued interest. Many of the mod fd’s in my savings plus account have not matured yet, they are from the 2014- 2015 financial year

  69. Hi sir..
    I have an query regarding tds.
    Suppose i have gained an interest of 13000 through sbi savings plus account. The bank will deduct tds on it, and when on this amount tax has been deducted then do i have to show this amount 13000 again in my taxable income. Please explain it sir. I m totally confused. Thanks in advance…

    • Hi Utkarsh,

      yes you need to show the interest of Rs 13000 as “Income from other sources” and also the TDS deducted amount as Rs 1300 when filing tax return.

      if you are in 10% tax slab, then you may not be required to pay additional tax. but if you are in 20% or 30% slab, you will need to pay additional tax on FD interest (as the TDS is deducted @10% only)

  70. Sir,

    I have savings a/c opened on 25th july 2014, about 4lac rupees is still in my a/c,I am not paid interest till date
    When I am paid ,expected amount of interest.

    • Is this normal saving account or saving plus account.
      If the balnce of Rs 4 lakh still lying in your account, then it seems that it is normal saving account and you will get normal saving interest.
      Normally interest is credited every 6 momths in Saving account. Please check your statement for any interest credit.

      If not, please check with your branch.

    • Ii have SB account and my balace is 408000 convert to MOD account I get higher interest OK so I am debit another 125000 to my account but no interest come from 15 days please help me how I get.

  71. Hello Vivek Ji,

    I am looking for a solution to one of my query related to MOD. Taken help from Branch Manager and SBI customer care, but they could not resolve it. To find the answer, today i started looking on internet for such forums. This is a very impressive forum from where i hope to get positive response through this website.

    Issue i am facing:
    I have kept funds in my SBI savings plus account which get converted to MOD. At present i have four MOD FD’s created automatically through sweep facility above 25000. Following are the dates:
    MOD FD-1: 13 Aug’14
    MOD FD-2: 24 Dec’14
    MOD FD-3: 4 Mar’15
    MOD FD-4: 2 Apr’15

    But, when i open my SBI internet banking, under “View all deposit accounts” menu, i can see only three of my MOD FD accounts and not all four. I am not able to see MOD FD-2 created on 24th Dec’14. However, total MOD balance is showing OK which is sum total of all 4 MOD FDs.

    I have already checked profile section under “manage account display” option also. There no account is available to unhide.

    Please let me know how MOD FD-2 will start appearing in display on internet banking.


    • Hi Ashish,
      It seems to be some technical issue with the SBI net banking.
      Have you receiced any physical statement recently which is showing all 4 MOD FD. You can keep that for security.

  72. I have mod account in sbi. There is an accrual intrest shown in my bank certificate. But this amount of interest not actualy paid to me yet in my saving account statement nor in my mod statemement yet.
    Please tell me when this amount of intrest or money i will actualy received from bank. Or is it any mistake in calculation by bank.
    As this accrual intrest not actualy paid to me yet then how can i show it in my total income for tax calcultation or return file.
    Please resolve this confusion.

  73. i m having saving plus account n got 15000 as interest n tds deducted 1500.while filling income tax return should i deduct 10000 under 80TTA n claim for refund tds 1000.

  74. I already cheked my 26as. Tds is deducted on this accruel intrest amount which is not paid to me and on intrest paid to me both.

    When this amount of accruel intrest i will actualy received??

    Please clear the confusion.

    • Accrued interest will be received at the time of FD maturity. But you need to show the interest income as shown in 26AS.

  75. Dear Sir,

    When I check my bank statement having MOD facility, I found that available balance of Rs,15000/- Deposits amount of Rs.200000/- whereas MOD balance is showing as 205000/-. What is the correct balance figure?

    • Not sure about the figures.
      If MOD balance is 205000 , then it should be the balance of deposits. please check with the branch.

  76. Hi,

    Thanks for the wonderful post and answers to all queries. It will be great if you could help me clear the following confusion:

    I want to track the transactions between my saving account and the MOD account.

    I regularly see statements like ” DEBIT SWEEP to XXXXX” or ” CREDIT SWEEP from XXXX” account in my account summary page.Every moth there is a new no. But when I try to locate that account no. mentioned in the sweep transactions in the Term Deposit page I do not find any with the mentioned account no..

    Where can I find the details for my MOD transaction ?


    • Hi Mamta, Alongwith the saving account statement, you should get the FD statement which includes MOD details. Typically, every new MOD created as new FD and the sweepout happens from that FD and the balance is reduced.

    • Hi Rupesh, What duration are you looking for?

      Ratnakar bank is giving 9% rate.
      Deutsche Bank – 8.75%
      Standard chartered – 8.3%
      HDFC, Yes, Kotak, Axis, ICICI, IndusInd – 7.90 – 8%

  77. Hi Vivek,
    Just the post I was looking for. very nicely explained.

    I have a query here. I opened a SavingPlus Account with SBI ahving MOD facility. Couple of years back, i settled outside india, and hence i need to open a NRE account.

    Is it possible to Open an NRE account with SavingPlus account? Or, Can i link my already active SavingPlus account to NRE account?

    Please advise what would be the best approach for me.


      • Thanks Vivek,

        In that case, can I open a NRE account (Savings), and transfer the amount from my NRE to SavingPlus account. Will that be legal?


        • Hi Vipul, Yes you can transfer money from NRE account to SavingPlus Account.

          Ideally, when you become NRI, you should inform the bank within reasonable time, and the normal saving banks should get converted to NRO account. However, banks donot strictly force this.

  78. Sir,

    I would like to know how much will be taxable amount for 1lakh saving plus account.
    I thought of opening saving plus account in sbi with 1lakh in 1yr tenure.
    Basically i need to know the tax amount that will be charged for 1lakh in 1 yr tenure

    • HI, The tax is charged on the Interest amount. For e.g. If you have 1 lakh FD (in Savingplus account) for 1 year, you can earn interest of approx 8000 (assuming 8% rate).

      On this Rs 8000 interest, tax will be payable based on your tax slab.

  79. Hi Team,

    I had an account with Auto Sweep facility but from 2 months the amount is not auto sweeped even though I have amount > 10 K . Can you please let me know how to enable the auto sweep from online.

  80. Hi,
    Please help me in clarifying following questions related to MOD accounts.
    1. How to check available balance in all MOD accounts as of today. I mean if i have to check what will be total balance in all my MOD accounts if i have to withdraw all money from my MOD accounts and close it.
    2. As my MOD accounts are maturing and I’m getting messages as “Please give instructions or else the deposit will be rolled over for the original term”. What does it mean? Does it mean by far interest calculated in that year will be rolled back and i will be left with deposited amount at end of maturity period?
    3. What will be the procedure if i need to get all money from my MOD account(Deposited + Interest) and cose it?

    • Hi Abhijit,

      1) You can get the total balance (in MOD) either in your bank statement or in your net banking.
      2) When MOD initial duration is getting close to maturity, they send a message around rollover. In that case, total maturity amount will be roll over into new MOD.
      3) You can submit request to bank to pre-mature all your MOD. Otherwise, when you withdraw money, the MOD is automatically close.

  81. hi vivek jain,

    i have seen all the above conversation . but need full confirmation. i have balance of 39k in my account and i have converted it ti savings plus. now please can u explain me wat ll happen.

  82. Sir,

    I have query . I have SBI saving plus account.
    I am already subimitted 15 G form to sbi bank, but on maturaty date of mod account bank will deducted TDS.
    I want to know mod account is taxeable or not ?

    • Any FD interest in MOD account is taxable. But the challeng eis that FOrm 15G need to be submitted for every FD. If form 15g submitted doesnot include the FD under MOD , then the bank may deduct TDS.

  83. Hi,
    Could you please help me understand if the account balance is 15000 and the MOD balance is 100000 and if 75000 need to be transferred to Another SBI account (Intra Bank not Own account) then how it will work.
    Since the MOD amount is not reflecting in the normal account details and when the Debit account is selected as 75000 the amount is only 15000 so will the system take out the remaining 60000 from MOD automatically or the whole transaction is not possible at all? Please suggest.
    Also if I take out 15000 from the ATM will the minimum account balance will be coming from MOD account automatically or what?

    • Hi Vik,

      Yes, when you select to transfer 75000, the system will allow you to transfer, as it consider a total of saving balance + MOD balance.

      If you take out 15000 from ATM, the balance will come from Saving. The shortfall amount will come from MOD if the threshold is not met. Say for e.g. the minimum MOD threshold is 15000, then if the balance goes below 15000, the amount will come from MOD to maintain balance of Rs 15000.

  84. Hello Vivek,,
    How can i release the interest earned by the MOD balance in my salary an another account please tell me the procedure.

  85. hello sir,
    i have a SBBJ account and it was having 0.00 rs yesterday i deposited rs 1000 in my account then today i withdrawl rs 400 from the atm and i found that atm is showing MOD balance rs 600 and available balance 499.71 what does it mean? and now if i want to withdrawl the reamaining money which is rs 600 so can i able to do so ? can i able to withdraw rs 600? plz help mee sir.

    • Hi Manish, Please check the statement, if there are any other charges deducted from your account. You should be able to withdraw all money from MOD account.

  86. 1 I have deposited Rs 3 lac between 10th April 2015 to 3rd July 2015 in sbi saving plus account. Is it beneficial to take out money immediately n deposit in Senior citizens saving scheme or should I wait for maturity n then deposit in scss2004.
    2 amount deposited in scss2004 before 31st March will have same interest rates up to maturity. ?

    • Hi Ramendra, Senior Citizen Saving scheme has maturity of 5 years. It is not comparable with SBI Saving plus where money is readily available.

      The interest rate for SCSS is 8.6% w.e.f 01-April-2016

  87. Dear Sir,
    I am in Muscat .I dnt have SBI account.,I have account in IOB both savings and NRI
    .This MOD facility is available in IOB.If it is there Could you please explain me how to do it.


    • IOB provides the auto-sweep in facility for following accounts
      IOB – Savings Bank Silver II – on balance exceeding Rs.35000/
      IOB – Savings Bank Gold II – on balance exceeding Rs1,25,000
      IOB – Savings Bank Gold I – balance exceeding Rs 65,000

  88. Hi Vivek,
    First of all thanks to sharing lot of useful information, really thanks.
    I want to open an saving plus account, even though I already have a saving account in SBI in which I use to keep all my earnings. I have below few queries :
    1: Suppose threshold amount is 20k then money above than 20k will be automatically treated as FD?
    2: Suppose initially I set FD duration for 1 year and after that if I add more money in my SB+ account so it means all my money above 20k will be treated as FD? (last year FD money with interest + newly added money).
    3: If I withdrawn money from MOD so I wont get interest on only that money not on the entire MOD money till that time?
    4: Last but not least, Is it a good idea to open a new saving account for MOD? because I already have one.


    • Hi Pankaj,

      1) Yes, any amount above 20K will be treated as MOD FD
      2) If you add more money, separate MOD Fd will be created on that date for 1 year.
      3) When you withdraw, money from latest MOD will be withdrawn. You will get interst on the withdrawal amount from date of MOD till date of withdrawal. On the balance MOD amount you will continue getting interest till you withdraw.
      4) Yes if you have account, it will be pretty straight forward to have additional one.

  89. Respected sir,
    I have two questions.

    1. My mod is maturing on 08/04/16 and I got a msg from SBI that please provide instructions or your deposit will be rolled on for original terms.
    So I want ask you that interest of previous year mod will get added in this year mod balance or not.? (If I continued my mod for this year also.)

    2. Last day interest rate was 7.25% so for next year I will get interest as 7.25% for whole year or it will start from initial 4.5% for this year.?

    • 1. The new MOD will be created for previous MOD amount + interest on that MOD.

      2. The interest rate on new MOD will be based on the current interest rate going for FD for 1 year.

  90. Whether the Savings plus is not for general public and only for employees in service When I approached my Kalpakkam Branch the Manager said that it is not available for general public. Please clarify.



  91. Is this Plus MOD faciity available on SBI PPF account also because today when I got my passbook updated, I found that SBI has shown my amount in 3 parts: 1) Uncl Bal 2) Clr Bal 3) + MOD BAL. (a part of Clr Bal) I had even not requested for any such facility. Do I need to take up the matter with bank how can the bank put my money that too in PPF in + MOD without my consent. Interest earned on PPF is tax free and interest on + MOD is taxable with TDS. iPlease advise.



    • Hi Sunil, Are you talking about SBI saving bank account or PPF account? There is no such statement for PPF account.

      I am assuming that 3 parts: 1) Uncl Bal 2) Clr Bal 3) + MOD BAL. (a part of Clr Bal) are related to your SBI Bank account and have no link to PPF account balance.

  92. sir,
    i have opened MOD account in SBI on 9 april 2015 but till date interest does not deposited. how to find out when will be interest deposit?

    • Hi Kamlesh, How much money you have put in your saving account. Have you checked your statement? How much amount is shown as MOD Balance?

      • yes i have checked the statements but it does not show the interest credited. MOD balance is above 5 lack.

        • Hi Kamlesh, the interest will only get credited once the MOD is matured. However, on the annual Interest / TDS statament, accrued interest shuld be shown.

  93. Hi Vivek,

    I have created one account to have a MOD account as we can’t create a MOD account without having a SBI savings account.And my threshold limit was 25k after that with min 10k amount new MOD a/c automatically created. So now when i want to transfer my money to the MOD account, can i directly sent it to the newly auto created MOD a/c or the old savings a/c?

    And can i transfer that 25k from my savings a/c to the MOD a/c or not?


    • After the threshold limit of Rs 25000, the balance from the Saving account is automatically transferred to MOD Account. You cannot manually transfer money from saving to MOD.

      You can deposit money in Saving account and it will be automatically transferred into MOD.

  94. Hi Vivek,

    I have query regarding SBI saving + account:

    1) I deposited while opening 100000 in my saving + account, As threshold being 25000, so now MOD FD will have 75K and remaining 25K will remain in my SB account. Correct me If I am wrong.

    2) Now If I withdraw 13K from my account, Then my account balance will become 12K. which is above minimum balance requirement. Correct me If I am wrong.

    3) Now as my balance is 12 K in SB and 75 K in MOD FD, Will any sweep will occur to make my SB balance 25K as it is currently 12K. OR the sweep from FD occurs only to Maintain minimum balance when it is below minimum ie 10K or if an excess is withdrawn.

    4) Also tell me which other banks are having similar facility better than SBI, kindly tell with reference to YES, KOTAK, AXIS, HDFC and what are theses account called namely.


    • 1. Correct
      2. Correct
      3. No Sweep will happen if the balance is above minimum balance.
      4. Other Banks have similar options:
      HDFC SavingMax Account,
      Kotak ActivMoney,
      ICICI Money maximiser
      Yes Bank Savings Select

  95. How can I deposit balance in my mod account.?my fd balance 17000and total mod balance is 57381..
    How can I increase my FD amount.?

    • Hi, You cannot deposit directly in MOD. When the money is above threshold in Saving, it automatically goes to MOD Fd.

  96. Hi sir,
    today morning RS 20,000 from my account is automatically sweep to MOD balance.If i dont take that balance after 1year how much money i wil get?

  97. Hi Vivek ,
    Suppose I set the threshhold limit of 25000 in savings account above which balance will be shifted to MOD account . I plan to carry out my monthly family expense with that threshhold amount of 25000. So when I withdraw an amount of money by atm which is below that threshhold for my routine expense then from which account will that money be deducted ? from my savings account or the MOD account ? And is it that if I withdraw money beyond that 25000 at one go or in instalments then that extra amount will come from the MOD account ? Pls make this clear

    • Hi Rakesh, The money will always come from your savings accounts. In case there is shortfall, then the money automatically comes from MOD FD.

  98. hi Vivek ,

    i have to 200,000 balance in my account with minimum balance of 25,000 also.
    When i will go for fund transfer for 100,000 also it show balance of 25,000.

    If i transfer 100,000 amount it will be transfer online or not .

    • Hi Vikash,

      Even if the balance is showing 25000, you can make further transfer of Rs 100000 as the balance 75000 will automatically come from MOD FD.

  99. Dear Sir,

    I have a doubt regarding the last part of Sec. 80TTA. In the official text of the section, there is a last para called “Explanation” which says that ‘for the purposes of this section, time deposits would mean deposits repayable on expiry of fixed periods’. The sweeping a/c FDs are not repayable on the expiry of fixed periods but rather whenever the a/c holder needs cash, he/she can withdraw the amount. There is liquidity unlike the regular FDs. So, in light of this argument, can I claim deduction under 80TTA? Please reply!

    • Hi Abhishek, Sweepin FD are the FD (tie depsoits) that are repayable after expiry of fixed period. Normally these FD are created for 1 year. However, pre-mature withdrawal is allowed for all FD. and sweep-in utilises this option of premature withdrawal as and when required.

      So, you cannot claim 80TTA benefit for sweep-in FD interest.

  100. Hello Sir,

    I have converted my normal saving account to SavingPlus account and deposited 35k , from which they have transferred the 25k to MOD. I have now 10k in saving account and sometimes i make transaction (withdraw) money from my saving account. I believe it should not affect MOD balance as it is deducting from the saving account.

    My question:

    At what interval will i get the interest in my account. I dont see any interest getting creditted to my account. I dont know about sweeping and how it works.

    My understanding is :

    If i keep 25k in my MOD, then i will be getting interest monthly. Correct I am wrong.

    Please let me know how can i talk to you directly or is there any detailed document so that i can get the correct understaing on this savingplus account.

    Looking forward to hear from you soon.


    • Hi Raju,

      1) You will get the interest credit when the MOD FD is matured (normally 1 year) or when the amount from MOD is deducted (before maturity)

      2) For e.g. If your saving balance is 10K and MOD balance is 25K. Suppose you withdraw 15K, then 10K will come from Saving and 5K will come from MOD. You will then get interest credit on 5K bsed on date of initial MOD & withdrawal date.

  101. sir,I want to know about the interest credited of mod balance as it is not shown in account book.How we can check that ?

    • Hi Upendra, You can check the annual TDs statement provided by the bank and that should show the Interest and TDS amount.

  102. Hello Vivek Sir,

    Thanks a lot for all your reply it is very useful, but still many questions coming up for me when i try to understand Threshold limit and resultant balance in Saving plus account creation.

    My understanding is :

    1. I set my threshold limit as 35K and in my saving account i have 40K balance so now the amount beyond 35k that is 5k will be transferred to MOD.? is my understanding correct?

    2. In sbi website it is mentioned that minimum amount of 10k or above only will converted to MOD. is it true?

    3. Resultant amount is the minimum balance that i wish to maintain in savings bank account, for example i set Resultant balance as 20k. when the balance in the savings bank account goes below 20k then the MOD will sweep out in multiples of 1000 and make the savings account balance as 20K. right?

    please reply

    Thank you,

    • 1. no, only of your account has 45K, additional 10K will be moved to MOD
      2. as per 1 above
      3. Not sure about the resultant amount. Is this available in the form?

      • Dear Sir,

        As you mentioned SB plus accounts need a minimum balance(thresh hold limit) to be maintained.My query is.
        1.Suppose i have Rs.25000 in Saving account and Rs.100000 in MOD account and i want to transfer 50,000 to another account by cheque.My balance after transfer will become 0 in savings acc.and 75000 in MOD account.Now to maintain minimum thresh hold limit of 25,000 in saving acc.,will amount of 25,000 be transfered from MOD to saving accounts?.If not ,is there any charges to be deducted when amount in saving account is zero after transfering money?

        • Hi Priya, Yes the amount of Rs 25K shoudl be automatically transferred to the Saving Account. so that the minimum balance is maintained.

  103. In the features of SBI savings plus accounts, in item no. 6) above it is written”Auto-sweep facility will be operative twice a month, based on the balance in Savings Plus account at the start of the day on the 10th and 20th of every month”.
    My questions are
    1) whether this is the standard practice in all Savings-Plus accounts in all branches of SBI or not;
    2) if somebody puts some money into the savings plus bank account substantially above the threshold limit, between 20th of a month and 10th of the next month, or between the 10th and 20th of a month, shall the excess money earn simple savings bank interest till 10th or 20th of the month ?

    • 1) Yes this is standard practice.

      2) Yes the FD is created only on next 10th or 20th day whichever is earlier. and the FD interest will be calculated from 10th or 20th

  104. I have a saving account in sbi. I have a bal of RS 8000/- in savings account and in two deposit account of Rs 27000/- Now I dont want to use MOD account and withdraw my MOD account money whenever reqd. Pl reply.

  105. Hi Vivek,

    I have a normal savings account with SBI with a balance of 105000 /-. I deposited 1 lakh amount using online e-TDR/e-STDR, under scheme STD-MOD GEN-PUB IND-2YL3-INR for 2years, now the balance in my savings account is shown as 5000 /-.
    My question is should i maintain any minimum balance in my savings account to meet the threshold as it is not a savings plus account. Also since there is no autosweep option under normal savings account, how to i topup the amount to the existing deposit that i have made.

    Thanks in advance and you are doing a wonderful job, quite helpfull.


    • Hi Arun,

      yes you need to maintain the minimum balance in your saving account.

      You need to create new FD everytime when you have excess amount available.

  106. Hi,

    Good post. Details nicely about MOD account.

    Still i have got below queries-

    1. I wanted to understand how to mention the threshold value?

    2. Is there a way to get to know the amount of interest that i would’ve earned in a specific period of time (say in the FY16)?

    • Hi Darshan,

      1. You need to submit the request in branch in the specified form else the default will apply.
      2. You should be able to see the total annual interest from your netbanking or TDS statement or Form 26AS

  107. sir
    i have a sbi saving plus account and till now 3 mod accounts are linked each having 1 yr maturity period.The accounts are created on sep.oct ,nov 2015 respectively. so for the financial yr 2015-16 do i have to pay tax on the mod account interest which are not yet credited to my account but on mod account i can see the accumulated interest. please clrify at earlieast. no tds has been deducted by the bank as i understand that the interest amount is less than 10000

    • Hi Rakesh,

      If the interest amount accrued for FY 2015-16 is less than Rs 10000, the bank will not deduct TDS. However, you should show that Income as Income from other sources while filing the returns.

  108. I have SBI MOD account and threshold amount is 25k. last it was deducted January 2016. Now my SBI savings account balance exceeds 25k but that amount not transfers to Mod account and creates a new MOD FD account. Previously if my account balance exceeds 25k automatically that amount transfers to Mod account. Kindly let me know what I need to do.


    • Hi Sontu, How much is the balance (in excess of Rs 25000). Please check with the branch in terms of threshold set in your account.

  109. hello sir,
    i have a query regarding “State Bank of India Savings Plus Account”. What actually is the Interest Rate given by the bank on MOD scheme and is there any maximum maturity period for such account.
    Say if I have invested Rs. 130000 on July 2012 then what should be the amount on July 2016 (please calculate the amount for the above period) and when is it maturing.

    • Hi Nicky, In case of MOD account, the FD is created for 1 year and the FD rate for 1 year will be applicble. At the maturity FD will get renewed again for one year.

  110. I have normal saving account in sbi . I want highest intrest in my account and I want to put money for 7 day in fd I having online banking aalso wht I need to do pls help me

    • Hi Pooja, please let me know how much money you want to keep in 7 day FD?

      For e.g, if you keep Rs 1 lakh in 7 day FD in SBI, you will get approx Rs 105. (interest rate is 5.5%). It is better to open account in Yes Bank or Kotak or RBL bank who are given better interest in Saving Account and you donot need to create FD again and again.

  111. I recieved a SMS from SBI and it states that “We are pleased to inform that TDR/STDR/RD No. XXXXXXXXXXX dated 01/12/16 for INR 27,000.00 has been opened.”
    Please, can anyone explain it.

  112. Sir,

    I appreciate the efforts made by you replying so many queries , actually I have opened MOD through e-stdr online under my savings account. Now I see that interest is credited by bank in my savings account linked to e-stdr , what may be the reason , is it correct , as I may loose interest (compound) on FD.

    Please explain.

  113. I Have a SBI savings account, I want to convert it to the MOD scheme, well I read most of your queries they were very helpful, however my doubt is, is there any drawback for this scheme? and if I have the account in a location and I am in another location, how can I go ahead with the application?

  114. Sir Yesterday I converted my Saving A/c into Saving plus account, but I couldn’t get any information that how could i know that my Saving account is convert into Saving plus or not ? Plz tell me the way to check and confirm myself as well becoz I am in dilemma. I went branch but they say yes ur account is converted but they are not telling the way clearly that how I can see?

    • Hi Sushil, When you have sufficient balance, then you will see that the money above threshold is sweep into FD and the saving account balance will reduce.

  115. dear sir,
    I have two accounts in SBI MOD in which one is having 8000 and second is having 14000, there maturity date is coming near. i want to withdraw money form it. How to do it? please guide me.

    • Hi Syed, You can just withdraw like normal saving account by using your debit card or cheque or by vising bank.

      The money will automatically come from MOD account.

  116. I have SBI saving plus MOD account. My annual interest on MOD is 30000 Rs. Am I eligible for rebate of Rs 10000 Under 80 TTA. Please suggest.

    • Monalisha, Section 80TTA is only applicable for Interest received from a “savings” account.

      Although Saving Plus account is a Savings account, the MOD interest is from the “Fixed Deposits” and therefore you cannot claim deduction u/s 80TTA.

  117. What is the minimum balance required for a SBI saving plus account ? After the new rule of maintaining minimum average balance (MAB). In the case of maintaining MOD Balance more than Rs 10,000/- Does the penalty for a minimum balance maintained in savings account apply ?

    • Hi Vijay,

      Unfortunately, the customer has to maintain the minimum balance and the system does not automatically break MOD to maintain balance. That’s a bit frustrating as I would expect system to take care of maintenance of minimum balance.

      Having said that, the Minimum threshold limit for transfer to MOD is Rs 25000. which means only amount above Rs 25000 will be transferred to MOD. Minimum amount to be transferred to MOD is Rs 10K. So, if you have 35K in your account, then 10K will be transferred to MOD. If you have 34K in your account, nothing get transferred to MOD.

      Suppose, You have 35K in account, and then 10K is transferred to MOD. Now new balance in account is Rs 25K. You need to make sure that MAB is maintained. That 10K transferred to MOD is not included in MAB calculation.

  118. hello, your post was very informative. I am a state govt employee and have an account in SBI. I Choose for auto sweep option((MOD) with minimum balance in my saving account of Rs 25000.00) in 2016 and the highest ROI I got for my sweep account was 6.9% in april-2016 and presently I’m getting ROI 6.25%. Now pleas clarify my doubts and also suggest me regarding the following questions:
    1. Is SBI Saving Plus Account is different to my auto sweep/MOD Option, as you have mentioned ROI Of 9%
    2. As I’m a state govt employee, do I have some better option?
    3. Recently, I got to know about SBI salary account. Should I convert my saving account to salary account?

    • Hi Pawan, The ROI is dependent on current FD rate provided by SBI. Also, it depends on till how much time the money was kept in FD. At the time of writing my post, the ROI was upto 9% if the money was kept for 1 year. Currently for Sr Citizen, the return can be upto 7%

  119. I have SB account balance Rs. 400000. I want to maintain Rs. 20000 in saving account and balance Rs. 380000 to convert saving plus. when I need for Rs. 100000, how to withdraw and how to adjust the saving plus. kindly clarify soon.

    • Hi, When you withdraw, the money will automatically come from the savings plus account. You donot need to do anything.

  120. hello, while converting saving a/c to the saving plus , what is the resultant balance asked for and how it is different from threshold amount. Should the two amounts be the same or different. thanx.

    • Hi Amar, Different banks have different requirements. It will always better to check with the bank.

      Normally the threshold limit is higher than the minimum balance needed, For e.g. minimum balance to keep is Rs 10K and threshold is 25K.

  121. Sir I am having SB a/c in syndicate bank, I want to convert t to premium s/b like SBI SAVINGS PLUS ACCOUNT.

    But syndicate bank staff is telling I cannot convert normal Savings Bank a/c to Premium savings bank a/c.
    And for that I have to open new Premium savings bank a/c. Then what about my old normal S/B a/c.. kindly clarify/guide me.

  122. Sir
    whether the sr citizen interest rate is applicable for MOD interest or not.Pl reply.
    If yes in my MOD account which was started after I attained the age of 60 years the interest rate
    mentioned is normal rate only. Is it so?


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