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SB Platinum with Sweep Facility
Period• Minimum 15 days to 180 days
Value added• Interest will be paid at the time of maturity / closure
• Suitable for (HNIs) & Corporate Executives
• Life insurance cover for Rs. 1 lakh for age group 15 to 45 years and Personal Accident Insurance cover for Rs.1 lakh “IB Chhatra”for age group 12 to 70 years.
• Free remittance upto maximum 2 times a year totaling Rs.25,000/-
• No charges for Intra / Inter city transactions
• ATM /Debit card One year from the date of first use – FREE
Salient Features• A Savings Bank Account with an option to convert your excess funds in the account to Term Deposit on a daily basis.
• Daily sweep available min Rs.5000 and multiples
• Customer can issue the cheque freely upto the balance in the MOD (multi option deposit ) plus the balance in the SB account.
• Push Sweep - Cut off balance for transferring to MOD A/c (threshold balance) will be Rs.50,000 or more, at the option of the depositor. The amounts lying in the Account over the threshold balance, will be transferred to STD automatically in multiples of Rs.5,000.
• Pull Sweep - A cheque received for payment or an ATM withdrawal, and the balance in the SB A/c is not sufficient, on Last In First Out (LIFO) basis, the latest MOD (STD) will be prematurely closed and transferred automatically to SB A/c to meet the payment. The PULL Sweep will be in multiples of Rs. 5,000- only and the customer has no option to change the same.
• Non Maintenance of average Minimum Balance - If the total products are less than 7,50,000 in a month, a penalty of Rs.120/- per month inclusive of Service Tax will be levied.
• Interest Rates - See the interst rate webpage
Min Amt• Minimum monthly average balance Rs.25,000/-
(Total products of Rs.7,50,000 per month i.e. 30 days X Rs.25,000/-)
• Threshold limit Rs.50,000/-
(i.e. Sweep would be effected only when the balance exceeds Rs.50,000/-)
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