New Delhi. State Bank of India i.e. SBI has changed the rule of auto sweep scheme associated with the savings account of its customers. The name of this scheme of SBI is Multi Option Deposit. To take advantage of the multi option deposit scheme, now SBI will have to keep at least Rs 50000 in the Saving Bank account. Earlier, SBI customers used to get the benefit of multi -option deposit scheme on keeping Rs 35000 in a savings account. Due to this, many savings account holders of SBI are sure to be shocked.
Under the Multi Option Deposit Scheme, SBI connects your savings account with FD. If the customer has taken SBI’s multi -option deposit scheme, then the amount above a certain amount in the savings account automatically converts to FD. The Customer can also bring that FD to his savings account whenever he wants. The number of FDs of FD of FD for the number of days of FD of additional amount is available to the customer in SBI’s multi option deposit scheme. Now to take advantage of this scheme and SBI has increased the limit of Rs 15000.
The amount which is FD under the Multi Option Deposit Scheme is valid for one year. If needed, it can also be broken in between. SBI says that this scheme helps its customers to get more interest. Also, this scheme is also helpful in reaching liquidity when needed. In the Multi Option Deposit Scheme, SBI pays interest on FD on a quarter or compounding base. Some fine is also taken by SBI for breaking FD in the middle. Actually, this scheme is good for those who maintain money in a long -term savings account. In the Multi Option Deposit Scheme, their money gets more interest than the savings account.