SURABHI DEPOSIT SCHEME

SBI- SURABHI DEPOSIT

A new Savings Bank / Current Account product,introduced by L&TP Department of SMEBU, launched at all the Core Banking Branches of the Bank to cover non-individual customers like Corporates, Institutions, Trusts, PF Funds etc who have surplus funds for investments, but at the same time need the convenience of liquidity. This is a value added savings Bank account (for those who are permitted to open SB account)/current account with sweep and reverse sweep option.

Surplus funds over athreshold limit (Minimum – Rs. 50,000/-) with an initial deposit of Rs.10,000/- and in multiples of Rs.1,000/- in any one instance, is automatically swept (auto-sweep)to CLTD (Corporate Liquid Term Deposit)Customer has the flexibility to choose the period of deposit from 1 year to 3 years.Rate of Interest for CLTD will be the card rate applicable for the contracted tenure of the deposit.No differential rate of interest is applicable.Minimum Amount of deposit to be maintained for Current Account is Rs.10,000/- and for SB account is Rs.1000/-Whenever any cheque is presented by the customer, in case of inadequate balance in the savings / current account for payment of the cheque, the shortfall amount is broken in ‘last in first out’ basis from the CLTD and the cheque is honoured, without any hassle to the customer, through reverse sweep facility. At present this is available only for withdrawal through cheques, later the facility will be available for withdrawal through ATM cards also.No Loan /Overdraft Facility is available under the Scheme.Rules applicable for premature withdrawal for fixed deposit are applicable for the part amount of deposit broken for withdrawal, through reverse sweep.Usual formalities applicable for opening SB accounts/Current accounts, including KYC procedure, are applicable for opening accounts under the Scheme.