SBI HOLIDAY SAVINGS ACCOUNT
Advance planning and regular saving will ensure that your holiday does not remain just a dream but turns to reality! State Bank of India in association with Thomas Cook India presents a unique savings plan for holiday goers. Under this scheme you can save monthly amounts in the form of a recurring deposit with the Bank in order to avail a vacation packagelisted under Holiday Savings Account packages on Thomas Cook website.
How it works:
Visit the Thomas Cook HSA website and choose a package of your choice.Click here
The cost of the package you choose will be divided by 13. You will be redirected to the OnlineSBI portal where you can setup an e- Recurring Deposit (e-RD) account for 12 monthly instalments.
Your e-RD will earn interest as per the prevailing interest rates for the 12 month period.
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 i.e. the 13th installment to purchase your package after factoring in the accrued e-RD interest.
Enjoy your holiday!
Disclaimer and Terms & Conditions for SBI Holiday Savings Account
This 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.
This e-RD account in INR will be generated in the name(s) of the account holder(s) as the account from which it is funded.
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.
e-RD account with additional rate of interest for Senior Citizens will be issued if option for "Senior Citizen" is selected by the customer and age of customer is 60 yrs or above, on the date of creating the recurring deposit, as per date of birth recorded with the Bank.
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.
The Bank will not be liable for any issues/ complains/ loss arising due to non-fulfilment of terms by Thomas Cook India.
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. The application of TDS may reduce the amount of funds transferred to Thomas Cook at the time of maturity and hence it will be the sole responsibility of the Depositor to pay the difference to Thomas Cook.
