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» Deposits » Singapore Dollar Deposit » MultiSweep Account
Set your own limits
Benefits & Features
Savings Special Account Linked to multiple sub-accounts with auto sweep to sub-accounts in predefined manner
Attractive & Competitive Interest Rates
Flexibility to choose more than one sub-account
Internet banking facility available
SBI Gold International ATM Debit Card (MasterCard enabled) for the primary account
Joint account facility available
One main Savings Special Account (SSA) will be linked to multiple accounts (Sub accounts) under SSA wherein the customer can set the threshold limit above which sweep to the sub accounts can be effected.
Customer has to define Sweep details in absolute percentage terms for all the sub accounts and frequency of sweep. In case of fraction it will be rounded off to the nearest Dollar.
Credit can be to accounts in the name of depositor, joint account of the depositor or third party
Only Auto sweep facility from the main account to the sub account is permitted and reverse sweep is not allowed
The minimum lock in period for a sub account is one year to be eligible for preferential interest rate.
The primary SSA has a minimum balance requirement of SGD 5,000
Customers can transact using the Bank’s ATMs, Internet Banking, and at Points of Sale (POS) which accept MasterCards.
Cash withdrawals through ATM will be limited to a daily ceiling of SGD 3000 while Internet Banking and POS transactions will be limited to a daily ceiling of SGD 2000 each.
No Cheque Book will be issued. Cash withdrawals through the branch are permitted if the customer makes the requisition in person.
Depositors under the scheme are eligible for SBI ATM cum Debit card. Transactions on SBI ATMs, ATMs under ATM
network in Singapore and at the various Point Of Sale (POS) in Singapore which accept MasterCard are free.
Depositors under the scheme shall be eligible for Internet Banking facility for the primary account.
Primary account deposits are covered under SDIC upto the eligible limit
Individuals of the age of 21 years and above are eligible to open a Multisweep account.
Interest rates are as applicable to Savings Special Account for primary account. The sub accounts will attract higher interest rate over the savings interest rate or as per the margin fixed by the bank from time to time provided it has run for the minimum period of one year.
For the latest Interest Rates,
Interest is calculated on the daily balance as on the end of the day and applied monthly for primary accounts. Interest is applied yearly for sub-accounts.
Penal charge of SGD 10 per month will be levied if the monthly minimum balance in the account falls below SGD 5,000.
SGD 20 will be charged if the account is closed within 6 months of opening.
Free Internet banking facility
SGD 5 will be charged for any change in sweep details
for latest schedule of charges
Singaporeans / Permanent Residents:
- Photocopy of NRIC, both sides (The NRIC should have latest address of the applicant)
Non – Singaporeans
Photocopy of Passport and
Photocopy of Employment Pass / Work Permit / Dependant Pass and
Document proof of address (i.e. utility bill, driving license etc.), if not same as in Employment Pass / Work Permit / Dependant Pass
How to Apply
Download the form to open an account here
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