SBI Holiday Savings Account helps in saving for holidays.State Bank of India in partnership with Thomas Cook has is offering a savings plan for holiday goers which is known as SBI Holiday Savings Account.
The SBI Holiday Savings Account functions in the form of a recurring deposit account with the bank in order to avail a vacation package listed under 'Holiday Savings Account' packages on Thomas Cook website, the State Bank of India said on its website www.sbi.co.in.
SBI holiday savings account earns interest as per the prevailing interest rates for the 12 month period.
On a recurring deposit of one year but less than two years, SBI currently pays an interest rate of 6.80 per cent.Visit the Thomas Cook HSA website and choose a package of your choice.
Thomas Cook offers holiday packages for domestic and international travel, the State Bank of India said.The cost of the package you choose will be divided by 13.
You will be redirected to the Online SBI portal where you can setup an e-recurring deposit (e-RD) account for 12 monthly instalments.At the end of 12 months, the maturity proceeds will be transferred to Thomas Cook to pay for your pre-selected holiday package.Thomas Cook will fund the balance amount that is the thirteenth instalment to purchase your package after factoring in the accrued e-RD interest.Terms and conditions for SBI Holiday Savings Account:The e-RD account is opened for enrolling in Holiday Savings Account scheme of Thomas Cook and therefore information on this account will be shared with Thomas Cook.The tenor for this product is fixed at 12 months and the amount is decided by Thomas Cook based on the package chosen by the customer.If this e -RD account is closed prematurely, the proceeds will be credited to the account from which the e-RD account was initially funded.Premature closure of this e-RD account is allowed and the Bank's applicable premature withdrawal penalty will be applied.
Penalty in case of delay in payment of instalment of RD shall be Rs 1.50 for every Rs 100, per month.On maturity of e-RD account, the maturity instruction set for the account will be executed and the proceeds will be transferred to Thomas Cook unless customer changes the maturity instruction to be credited to the Savings Account from which the e-RD account was funded.This e-RD account is subject to TDS.
The TDS is applicable on the Customer Information File (CIF) value and the amount of TDS applicable cannot be ascertained beforehand.Get the latest election news, live updates and election schedule for Lok Sabha Elections 2019 on TheIndianSubcontinent.com/elections.
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