SBI Multi Option Deposit Scheme (MODS) is a term deposit linked to a savings or current account (individual). MODS accounts, as opposed to traditional Term Deposits, can be withdrawn in multiples of 1000 as needed. Your MODS account balance will continue to earn the Term Deposit rates that were in effect when you made your initial deposit
The State Bank of India is India’s largest lender, offering innovative products like the SBI MOD account (multi-option deposit scheme). SBI MOD is a term deposit scheme that is linked to an individual’s savings or current account. Unlike traditional term deposits, which require full liquidation in order to withdraw the accumulated sum, MODS allows for partial withdrawals while also earning interest on the balance at the designated rate. Here is all you need to know about SBI MOD Scheme.
SBI Multi Option Deposit Scheme (MODS) is a term deposit linked to a savings or current account (individual). MODS accounts, as opposed to traditional Term Deposits, can be withdrawn in multiples of 1000 as needed. Your MODS account balance will continue to earn the Term Deposit rates that were in effect when you made your initial deposit.
The SBI MOD is available to both Indian residents and non-resident Indians on occasion. This deposit may be available to HUFs, companies, organisations, and a variety of other individuals. To open an SBI MODS account, a minimum term deposit of Rs.10,000 is required, with subsequent deposits in multiples of Rs.1,000. An SBI MODS account has no maximum term deposit amount.
SBI MOD interest rates in 2023 (for deposits of less than Rs.2 crore) are comparable to regular SBI FD rates. For tenures ranging from 7 days to 10 years, the latest interest rate ranges from 3.00%-6.50% p.a. to the general public and 3.50%-7.50% p.a. to senior citizens.
A SBI MOD Account can be started through the SBI App or portal via the internet.
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