SBI MODS scheme: This SBI fixed deposit scheme allows customers to withdraw funds anytime without any fee, check interest rates
SBI MODS scheme: This scheme is similar to any other FD scheme. Unlike regular term deposits, the State Bank of India MOD offers partial withdrawals. One can so receive interest on the MOD balance in SBI at the stated rate.
SBI MODS scheme: SBI Multi Option Deposit Scheme or SBI MODS scheme is a fixed deposit (FD) scheme provided by the state lender. This scheme currently offers 7 per cent interest to investors.
What is the SBI MODS scheme?
This scheme is similar to any other FD scheme. Unlike regular term deposits, the State Bank of India MOD offers partial withdrawals. One can so receive interest on the MOD balance in SBI at the stated rate.
How does MOD balance in SBI work?
A typical term deposit allows you to liquidate anytime you need money but at a fee. In the case of an SBI MOD balance, the depositor can withdraw money from the account in multiples of Rs 1000 whenever they need it. The interest rate on the MOD account balance will stay the same as at the time of the first deposit.
How to open an SBI MOD account?
An SBI multi-option deposit account can be created online via the SBI portal or in person at the bank.
Withdraw money through ATM
Through this scheme, you can withdraw money through cheque or ATM also just like the way you withdraw money from a savings account. This amount can be withdrawn in multiples of Rs 1,000.
Extra interest for senior citizens
In this scheme, senior citizens get an extra 0.5 per cent interest.
Eligibility for SBI MODS
This is a product that is occasionally made available to both Indian residents and non-resident Indians. This deposit may be offered to HUFs, companies, and many others.