In the case of an SBI auto sweep Savings Plus account, does the penalty for a minimum balance in a savings account apply?
It does not apply since the threshold balance for the account remains the same i.e 35000. So any amount above 25000 and in multiples of 10000 becomes your MOD and hence the auto debit sweep. With monthly average balance upto 5000 in Metro areas, which is maximum, there should be no problem for the MAB.
How can I associate auto sweep facility with savings bank account in SBI?
You can do the same with online banking facility ..... just ensure that u have registered mobile number and Rs.25,000 + Rs.10,000 as minimum balance ... Rs.25,000 is the minimum balance you need to have in such account and Rs.10,000 is the minimum amount for first sweep in FD and after that amounts in multiple of Rs.1000 will be swept in & out automatically ...
How can you withdraw money from an SBI auto sweep FD account?
SBI Multi Option Deposit Scheme (MODS) are Term Deposits linked to the Savings or Current Account (individual). Unlike normal Term Deposits which are fully liquidated anytime you need funds; you can withdraw from a MODS account in multiples of 1000 as per your fund need. The balance amount in your MODS account will continue to earn the Term Deposit rates applicable at time of initial deposit.Deposits are completely liquid and can be withdrawn in multiples of 1000, any number of times through cheque/ATMs/INB
Which bank offers highest interest rates for a savings bank?
Savings Bank account post demonistization every where earns you 4%.Yes Bank gets you 6% pa if you have 1L+ in your account - but why get 6% with that much money and why put it in a savings bank account?Kotak Mahindra Bank - Earn up to 6% p.a. interest on savings account balance over Rs. 1 lakh and up to Rs. 5 crs. Earn 5% p.a. interest on savings account balance up toRs. 1 lakh and 5.5% p.a. interest on savings account balance above Rs. 5 crs. Applicable for Resident Accounts only.RBL Bank - RBL Bank offers savings account interest rates @ 7.10% p.a. on balances > Rs. 1 Cr upto Rs. 5 Cr. ; 6.50% p.a. on balances > Rs. 10 Lac upto Rs. 1 Cr. ; 6.00 % p.a. on balances > Rs. 1 Lac upto Rs. 10 Lac ; and 5.50 % p.a. on balances upto Rs. 1 Lac on a daily balance basis. For balances above Rs. 5 Cr., please get in touch with your Relationship Manager / Branch Manager.So, it really doesn’t matter whichever bank you have a savings bank account with - you are going to get the RBI mandated 4% pa.Wish you luck in saving for the rainy days of your life.
I would like to open a new account. What are the savings account interest rates available in banks?
Greeting !!!Below Interest rate for saving Bank Account in India. Generally rate of interest for saving is 4% PA.RBL Bank7.1% p.a = Daily balance above Rs.10 lakhs6.1% p.a = Daily balance above Rs.1 lakh5.1% p.a = Daily balance upto Rs.1 lakhYes Bank6% p.a. (On Savings Account balances below Rs.1 crore.)Kotak Mahindra Bank6% p.aLakshmi Vilas Bank5% p.a = Daily Balance Upto Rs.5 lakh6% p.a = Above Rs.5 lakhIndusInd Bank4% p.a = Daily balance upto Rs.1 lakh5% p.a = Daily balance above Rs.1 lakh but less than Rs.10 lakhs6% p.a = Daily balance above Rs.10 lakhs4% p.a = Non-resident NRO and NRE accountsBandhan Bank4.25% p.a = Daily balance upto Rs.1 lakh. Interest paid half yearly.5% p.a = Daily balance above Rs.1 lakh. Interest paid half yearly.HDFC Bank4% p.a = Effective from December 1, 2015Axis Bank4% p.a (applies for all amounts)Be Peaceful !!!
Is an SBI mod account better than the savings account?
YesMOD account or Savings Plus account, all salary Accounts are savings plus Account, normal citizens or who don't have salary account with SBI but have normal Savings Account can get it converted to Savings Plus Account in your Home branch.Now what are the benefits of Savings Plus AccountAmount above the resultant Balance which is 25000 when you convert to Saving Plus Account, gets converted to MOD account, which gives you the interest rate of Fixed Deposit, and you can withdraw it anytime from ATM or Internet Banking or Withdrawal form from Branch, in a simple term it's not FD but provides FD intt rate.Threshold Balance is Rs.35000 for this account that is on that particular day if the balance is above Rs. 35000 then the amt above resultant Balance I.e. 25000 will be converted to MOD Ac.Frequency of MOD creation depends on you.
What is auto sweep in SBI?
You might be having Salary/Savings Plus account in SBI. In these accounts, balance in savings account above Rs 5000 is transferred and fixed deposits in multiples of Rs 1000 are created.For eg, if you have Rs 30000 in your account, Rs 25000 will be transferred and 25 fixed deposits each of Rs 1000 will be created.If you want to withdraw money from these fixed deposits, there is no need to visit branch. Just go to ATM, enter the required amount you want to withdraw; fixed deposits will automatically get closed. Eg: You have Rs 5000 in savings account and 25 no. of fixed deposits each of Rs 1000. Suppose you want to withdraw Rs 12000. Just enter Rs 12000 withdraw from your normal savings account ATM. Rs 7000 ie 7 no of fixed deposits will automatically close and get transferred to your savings account. Thus you will be able to withdraw Rs 12000 (5000+7000).If you want to know what are rewards and risks of using credit card, you should definitely check this small interesting video.If you want to get investment and technology updates, you can see my YouTube channel TarMon Talks
On my Charles Schwab account it says my account value is $700 but I can only withdraw $21 what does this mean?
Your account is broken down between securities (your stocks) and cash. Right now, if your account holds BAC, GM, etc. the $700 represents the value of these stocks (which changes daily) plus whatever cash is in your account. If you have $21 available to pay, either that is the amount of cash in your account, or you may have unsettled funds or funds on hold that will become available later on. Only when you sell your stocks would you change them back into cash and be able to take those funds out of your account or use them toward the purchase of other securities.