What is SBI Holiday Savings Account? How it makes dream trips true
SBI Holiday Savings Account: With the scheme, one can save monthly amounts in a recurring deposit with the bank.
SBI Holiday Savings Account: Are you among those who have the travel bug in them but due to weak financials, the next holiday trip seems far away? Well, the largest public sector bank, the State Bank of India has joined hand with Thomas Cook India to come up with a unique scheme by which one can finally fulfil their dream holiday plan. With the scheme, one can save monthly amounts in a recurring deposit with the bank. This amount will then be utilised to avail a vacation package listed with Thomas Cook.
So to plan your next vacation with the SBI-Thomas Cook, here is what you need to do,
1. Visit the Thomas Cook website and choose the package of your choice.
2. The total cost of the said package will be divided by 13.
3. After this, one is redirected to OnlineSBI portal
4. Here you can set up an e-Recurring Deposit (e-RD) account for 12 monthly installments.
5. The e- Recurring Deposit (e-RD) will earn the interest for the next 12 months. The interest rates are in accordance with the interest rate SBI offers on fixed deposits for various amounts and duration.
6. After the maturity period of 12 months get over, the entire lump sum amount will be transferred to Thomas Cook, which will utilise the said fund for your pre-selected holiday package.
7. Additionally, Thomas Cook will fund for the balance amount which is the 13 installment. This is the installment to purchase your package post the factoring in the accrued e-RD interest.
However, there are certain terms to consider when you get the SBI-Thomas Cook holiday package scheme
1. Senior citizens can avail an RD with rate of interest for Senior Citizens.
2. If there is a default in paying the installment for three months, the applicant will be levied a service charge of Rs 10 and Rs 1.50 per day which is Rs 100 per month.
3. One can close the RD account anytime they want. However, SBI will not be held liable to cancel the holiday package.