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: Premium savings account is designed to meet the needs of HNI customers
Easy liquidity and high returns are every saver’s preference. Premium savings account is a value-added version of savings account which is linked to the multi-option deposit (MOD) account. This account then offers savers many concessions and value-added features. This is a suitable option for the high net worth individual. Its key features are as follows:

Mode of holding. Single or joint.
Minimum balance. 1. Savings account component: Rs 25,000 (in case of SBI); 2. MOD component: For each MOD Rs 10,000 (varies from bank to bank).
Rate of interest. 1. Saving bank component: As applicable to savings bank account; 2. MOD component: As applicable to the term deposit of the tenure opted for by the customer.

Period of deposit. MOD component: one year to five years (varies from bank to bank).
Penalties. If the minimum balance is not maintained, a penalty is charged which again varies from bank to bank. The minimum balance is calculated on a quarterly average balance basis (the balances at end of the day for a quarter is added and is divided by the number of days in the quarter, i.e., 90 days).