State Bank of India (SBI), which is also the country's largest lender, under its personal banking portfolio is offering its customers an option to open a multi-option deposit scheme (MODS) account. SBI's multi-option deposit scheme is, actually, a fixed deposit or term deposit scheme. Subscribers to this scheme should know that it is a fixed deposit financial instrument offered through banks and other financial institutions which offers guaranteed returns. 

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According to information given on the SBI's official website, sbi.co.in, unlike normal term deposits which are fully liquidated anytime you need funds; you can withdraw from a MODS account in multiples of Rs 1,000 according to your needs. 

Further, the website also informs about other key things about SBI's multi-option deposit scheme: 

Amount: You can open the multi-option deposit account under this scheme with a minimum fixed deposit amount of Rs 10,000. Any deposits above this amount are required to be in multiples of Rs 1,000, according to SBI. However, there is no upper limit. 

Tenure: Those who wish to invest in the SBI's multi-option deposit scheme, the minimum tenure is one year and the maximum tenure is five years.

Rate of interest: Under this scheme, SBI pays the same interest on a MODS account as a fixed deposit account. The lender has revised its interest rates on fixed deposits with effect from February 22. 

Notably, Fixed Deposit interest rates for deposits below Rs 2 crore are as per the revised tenors for public from February 22, 2019. The same has also been revised for senior citizens from the same date. 

1. Those who invest for 1 year to less than 2 years will get an interest of 6.8%, while senior citizens will receive an interest of 7.3%.

2. Those who have invested for 2 years to less than 3 years will get an interest of 6.8, while senior citizens will receive an interest of 7.3%.

3. Those who have invested for 3 years to less than 5 years will get an interest of 6.8, while senior citizens will receive an interest of 7.3%.

Premature withdrawal: Customers under this scheme will also get the facility of premature withdrawal. According to SBI, the rules of premature withdrawal of a fixed deposit (FD) account are applicable on the multi-option deposit account

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Other facilities: Customers will also get the facility of nomination and loan facilities with the SBI's fixed deposit scheme, according to the information given of the website.