SBI’s Multi-Option Deposit Scheme



SBI Multi Option Deposit Scheme (MODS) are Term Deposits linked to the Savings or Current Account (individual). Unlike normal Term Deposits which are fully liquidated anytime you need funds; you can withdraw from a MODS account in multiples of 1000 as per your fund need. The balance amount in your MODS account will continue to earn the Term Deposit rates applicable at time of initial deposit.

You can create a MODS Account through OnlineSBI or by visiting your nearest branch.

Here are key things to know about SBI’s multi option fixed deposit account:

1. Minimum amount: The minimum fixed deposit amount for the multi option deposit account is Rs. 1,000. Any deposits above that are required to be in multiples of Rs. 1,000. However, there is no upper limit on the amount that can be deposited in this type of fixed deposit account

2. Tenure: The minimum tenure for which this deposit can be opened is 1 year whereas the maximum term for SBI’s multi option FD deposit account is five years.

3. Interest Rate: SBI pays the same interest rate on a multi option fixed deposit account as a fixed deposit account. SBI revised its interest rates on retail fixed deposits with effect from July 30. The following FD interest rates are for deposits below Rs. 1 crore:
Term Interest rate for general public w.e.f. 30.07.2018 Interest rate for senior citizen w.e.f. 30.07.2018
1 year to less than 2 year 6.7 7.2
2 years to less than 3 years 6.75 7.25
3 years to less than 5 years 6.8 7.3

 

4. Premature withdrawal: Premature withdrawal is allowed in SBI’s multi option deposit account. Rules of premature withdrawal of a fixed deposit (FD) account are applicable, said SBI.

Source: NDTV


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