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While most banks' interest rates on savings bank accounts have fallen to record lows, State Bank of India, the country's largest lender, offers customers who maintain a higher balance in their savings account the opportunity to earn a higher rate of interest than a standard savings account. Customers of SBI are currently earning 2.70 percent on their savings account balances. Savings Plus Account is a special savings account offered by SBI that enables savers to earn a higher rate of interest on their savings account balance. The SBI Savings Plus Account is linked to the Multi Option Deposit Scheme (MODS), under which surplus funds from the savings bank account are automatically transferred to term deposits in multiples of Rs 1000. According to information available on SBI's official website — sbi.co.in — the term of this term deposit is between one and five years. Additionally, one can obtain a loan against these fixed deposits. SBI Savings Plus Account operates similarly to a flexi fixed deposit account in that excess balance in the savings account is transferred to the fixed deposit, which earns a higher rate of interest than the standard savings account. If the balance in the savings account falls below the threshold, the balance in the fixed deposit is used to cover the shortfall. Primary features of the SBI Savings Plus Account. 1] The deposit period is between one and five years; 2] Banking via mobile device; 3] Debit card; 4] Interbank electronic commerce 5] SMS notifications; 6] Loans secured by MOD deposits are available; 7] The minimum amount that can be transferred to the MOD is Rs 35000; 8] The minimum amount that can be transferred to the MOD is Rs10,000 in multiples of Rs 1,000/- in a single transaction; 9] Each year, you are entitled to 25 complimentary cheque leaves. Additional cheques will be issued with charges based on the customer's quarterly average balance; 10] Internet banking can be used to transfer funds between accounts; 11] There is no limit to the maximum balance. 12] To keep track of transactions, a Pass Book is issued. On payment of fees, a duplicate pass book can be issued if the original is lost. Account statements can also be sent via email; and 13] Average Monthly Balance: NIL. Eligibility criteria for the SBI Savings Plus Account: The following people, according to the SBI website, are eligible to open an SBI Savings Plus Account. 1] Anyone with a proper set of KYC documents is eligible to open this account. 2] This account can be created in the following ways: individually, jointly, either or survivor, former survivor, or anyone survivor. For KYC purposes, the customer must choose whether the “First in First Out” or “Last in First Out” concept should be used for deposit break opening. In the absence of a mandate, the concept of "last in, first out" will be followed. If the savings account balance falls below the threshold, the last FD account formed will be broken first.

Zomato is preparing to do an initial public offering (IPO) valued Rs 9,375 crore. Since SBI Cards and Payment Services' Rs 10,341 crore IPO in March 2020, this would be the largest IPO. According to the stock exchange filing, Zomato raised approximately Rs 4,196 crore (Rs 41,96,51,86,380) from 186 anchor investors in exchange for 55,21,73,505 equity shares at Rs 76 apiece. The Zomato initial public offering comprises of a Rs 9,000 crore fresh issuance of equity shares and a Rs 375 crore offer for sale (OFS) by existing selling shareholder Info Edge. The price band for Zomato's IPO has been set at Rs 72-76 per equity share. The IPO will begin accepting subscriptions on July 14 and close on July 16. Investors can bid for as few as 195 equity shares and as many as 195 equity shares after that. Retail investors can apply for shares worth a minimum of Rs 14,820. An investor can book a maximum of Rs 1,92,660 shares at a higher price band of Rs 76 per equity share. The retail investor's quota The IPO price for Zomato is set at 10% of the net offer. At least 75% of the quota has been set aside for Qualified Institutional Buyers, while 15% has been set out for NIIs. By July 27, the popular food aggregator is expected to be listed on the stock exchanges. The basis of allotment is expected to be finalised by July 22. By July 23, the reimbursement will be processed. The Global Coordinators and BLRMs are Kotak Mahindra Capital Company, Morgan Stanley India Company, and Credit Suisse Securities (India). The issue will be managed by BofA Securities and Citigroup Global Markets India. The issue's registrar is Link Intime India. In the fiscal year that ended in March 2021, Zomato reported a consolidated loss of Rs 816.43 crore. During the same period, revenue from operations fell to Rs 1,993.78 crore. Last year, the Covid-19 outbreak had a significant impact on the business.

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