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SBI MOD

State bank of India (SBI) - it is the largest lender in the country in terms of asset volume and customer count. SBI keeps offering innovative products like the SBI MOD account (multi-option deposit scheme). It is to stay aligned with the changing consumer behaviour. SBI SMP MOD is a term deposit scheme that is linked to the savings or current account of an individual.

Unlike the traditional term deposits, you will need to liquidate fully in order to withdraw the accumulated sum; MODS comes with a partial withdrawal amount but also earn them interest on the balance at the designated rate. '

Meaning of State Bank of India (Multi Option Deposit Scheme)

The SBI Multi Option Deposit Scheme (SBI MOD Scheme) is a deposit scheme offered by SBI. These are term deposits that are linked to a person's personal savings or checking account. A normal term deposit allows you to liquidate whenever you need money, but at a cost. The depositor, on the other hand, can withdraw money from the SBI MOD account in multiples of Rs.1000 anytime funds are needed. The interest rate on balance in the SBI MOD account will remain the same as it was at the time of the first deposit.

An SBI Multi Option Deposit Account can be opened either online through the SBI portal or in person at a branch.

Attributes of SBI MOD

Mentioned below are the features of SBI MOD:

Amount of Deposit for the Scheme:

The minimum amount of investment in the scheme is Rs. 10,000, and if further deposits are being made, they need to be multiplied by R. 1,000. Also, the bank has not assigned an upper limit on the amount that can be invested in SBI MO.

SBI MOD Balance Interest Rate:

The minimum interest rate that could be earned with the scheme is 2.90% for a year, and the maximum interest that could be earned is 5.40% for a year on the deposited amount. Also, the interest rates depend on the tenure of your deposit and the amount that you decide to deposit.

Investment Tenure:

The minimum period of investment for the scheme could be for a year, and the maximum tenure for MOD is five years, which is different from other fixed deposit schemes.

Taxes on SBI MOD Interest Rates:

The taxes can be deducted at the source when the interest earned on the deposit is known to be more than Rs. 10,000 during a financial year.

Loan Opportunity Against MOD Balance in SBI:

You can also get a loan against the amount that is available in the account.

Renewability of the Scheme:

The scheme cannot be renewed after a period of 5 years.

Transfers:

Your SBI MOD account can be transferred from one branch to another easily.

Option of Nomination:

You will also get to nominate someone for the deposit.

 

Access to fixed deposits
of various banks
Invest without opening
a new bank account
Avail high interest rates
of up to 6.5%
OPEN FD ONLINE

Eligibility for SBI MOD

The SBI MOD has the same eligibility requirements as all other Fixed Deposits. This is a product that is offered to all Indian residents, as well as non-resident Indians, on occasion. This deposit may be available to HUFs, companies, organizations, and a variety of other individuals.

SBI MOD Interest Rates 2022

Period of Investment

Interest Rates for General Customers

Interest Rates for Senior Citizens

7 - 45 days

2.90%

3.40%

46 - 179 days

3.90%

4.40%

180 - 210 days

4.40%

4.90%

211 - 364 days

4.40%

4.90%

1 - 1 years 364 days

5.10%

5.60%

2 - 2 years 364 days

5.20%

5.70%

3 - 5 years

5.45%

5.95%

5 - 10 years

5.50%

6.30%

Senior folks can earn 0.50% more than the current interest rates with this fixed deposit. Depositors who work for SBI or who have retired from the company earn interest at a rate that is 1% higher than the current rates.

How to Open an SBI MOD Account?

You could open your SBI MOD account right from where you are, through the internet, and the steps of the procedure are written below:

Step 1: Log in to the SBI App or portal online.

Step 2: Open the FD section and click on e-TDR/e-STDR (FD).

Step 3: Now - under the option of MOD, choose e-TDR/e-STDR and then click on proceed.

Step 4: Choose the details such as debit account number, MOD, deposit tenure, tenure for MOD, and then click on submit.

Step 5: Lastly, you will have to confirm your opening request for SBI MOD.

Comparison of FD rates

Name
Tenure
Highest Interest Rates
1
2
3
4
5

FAQs

Q1. Is it possible to make money out of this fixed deposit before it matures?

Yes, depositors have the option of making a premature withdrawal. Such withdrawals, however, will be subject to the TDR and STDR restrictions.

Q2. What factors influence the deposit's manner of operation?

The manner of operation is determined by the associated savings account. If the account is a joint account, the MOD will also be administered as a shared account.

Q3. What happens to the money in this FD when it matures?

The maturity money can usually be moved to an account of your choice. MODs, on the other hand, only deposit the maturity amount into the account to which the FD is tied.

Q4. Is it possible for me to open and terminate this account online?

While an SBI MOD can be opened and closed online, it cannot be closed online.

Q5. Can I create a MOD with any type of account?

No. MODs can only be opened if they are linked to a savings bank account, and even then, the account must be current; dormant or discontinued accounts will not be accepted.

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