Looking for what is SBI Holiday Savings Account? Or SBI Holiday Savings Account reviews online? In this article I will share everything about this new savings account and how one can plan their travel in advance with SBI & Thomas Cook collaboration.
In fact Thomas Cook has collaborated the same recurring deposit account with ICICI Bank, Kotak Mahindra bank, Indusind Bank to provide this service to various banking customers. You can follow the process for SBI as well as other banks also.
What is SBI Holiday Savings Account?
Thomas Cook is a very popular travel planning website and I am sure you might have aware about this. Anyway, Thomas cook has collaborated with SBI and launched a new kind of recurring deposit account which will help you to plan your travel in advance and also get a good travel.
Generally people are planning their holiday travel in last minute and this further lead to more spending. If you are planning your travel in advance then you are definitely a smart person, but this SBI Holiday Savings Account will also help you to save more money on your next holiday trip.
How SBI Holiday Savings Account works:
First of all you have to visit Thomas cook website and look for the travel plans available with them. Click here to visit Thomas Cook HSA website and choose a package of your choice.
The travel of your selected trip will be divided into 13 and your recurring deposit installments will be calculated. Now out of this 13 installments, you have to pay only 12 and remaining 1 or the last installment will be paid by Thomas cook.
When you will try to book the trip, you will be redirected to the OnlineSBI portal where you can setup an e- Recurring Deposit (e-RD) account for 12 monthly installments.
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. That means you are actually saving the last installment and that is a good deal.
Here you will get the hotel booking and food only. That means you travel cost you have to bear only.
Is SBI Holiday Savings Account worthy?
If you love to travel every year then I think its good for you as you can plan your trip in advance with a very good deal. And both SBI and Thomas Cook is experience player in this segment, so no need to worry about the assurance of the travel plan.
Anyway you can easily find various terms & conditions about this SBI recurring deposit before subscribing for this. Did you avail this SBI Holiday Savings Account, then share your experience here by writing a simple comment below.