SBI Holiday Package: If you are fond of traveling but due to lack of money this hobby is not being fulfilled, then SBI’s Holiday Savings Account is a better plan to fulfill your hobby. However, under this scheme of the bank, you have to make a travel plan in advance. After this you can improve your holidays with a regular savings. State Bank of India has started a special savings scheme in association with Cogs and Kings. To select a package on the Thomas Book website under Holiday Saving Accounts. After this, whichever package you choose, the entire expenditure on it will be divided into 13 parts. Out of this, e-RD account will be opened for 12 monthly installments. The 13th installment will be funded by Cogs and Kings. In this way a better package will be prepared for your trip and you will be able to enjoy the holidays.
This is how SBI Holiday Savings Account works
- Go to the Cox and King website and choose your favorite package.
- The cost of whichever package you choose will be divided into 13 parts. You will be redirected to the online SBI portal.
- Will be able to open e-RD account for 12 monthly installments on SBI portal.
- Interest will be available for 12 months at the interest rates applicable on this e-RD.
- At the end of 12 months, the maturity amount will be transferred to Cox and Kings for the pre-selected holiday package.
- The 13th installment of the cost of the holiday package will be provided by Cogs & Kings.
Key Terms of SBI Holiday Savings Account
- Information related to the account will be shared with Cox & Kings.
- The tenure of the holiday package is fixed for 12 months and the package amount will be chosen by the customer.
- The e-RD account will be opened in the name of the account holder from whose account the amount is credited,
- If this e-RD account is closed prematurely, then the amount of the account will be credited to the account from which the money was deposited in the e-RD.
- The premature withdrawal of penalty will be levied on closing the E-RD before the scheduled time.
- A penalty of Rs 1.50 will be paid at Rs 100 per month for delay in payment of RD installment.
- In case of e-RD account maturing, if the customer does not instruct to transfer that money to the savings account, then that money will be automatically transferred to Cox & Kings.
- The bank will not be responsible in case of any dispute by Cox & Kings.
- TDS will also be payable on the e-RD account. In such a situation, the amount transferred to Cox and Kings may be reduced due to TDS cut at the time of maturity. In this situation the depositor will pay the reduced amount to Cogs and Kings.