Let's Change our existing Normal savings bank account to Savings Plus Account. Thought of writing something different today. This past week I was thinking of changing my normal SBI savings bank account to SBI savings plus account and today I implemented my plan. Before discussing the process involved in changing the normal savings bank account to Savings Plus account, let me provide my readers with a brief of the savings plus account. Most of the banks in India (both Government and Private) offers their customers with a facility where they can earn a higher rate of interest than the interest provided in a normal savings bank account while enjoying the liquidity of the normal savings bank account. The facility that is provided is known as SWEEP FACILITY. What happens in the savings account offering the sweep facility is that barring a minimum amount the excess amount becomes a fixed deposit, this in banking terms is known as MOD or Multi Option Deposit. This feature
