Hello there. I worked at SBI as a Manager for several years. I am well aware of the multi option deposit scheme in SBI and would like to offer you my help with the same. The SBI Multi Option Deposit Scheme are term deposit linked to the savings or current account (individual). Unlike normal term deposits, MODS does not liquidate fully anytime you need funds. Instead, you can withdraw in multiples of 1000 as per your need.
Features of the SBI MOD Scheme
Here are some features you should be aware of:
MODS are a combination of term deposits/special term deposits with linked savings bank/current accounts.
The tenure of deposits ranges from 1 to 5 years.
TDS is applicable at prevalent rates.
Provisions of MODS are available via auto sweep facility in savings plus accounts.
For the auto sweep facility, the minimum resultant balance and minimum threshold balance should be Rs. 25,000 and Rs. 35,000 respectively.
A nomination facility for MODS is available.
The restriction stated above on the threshold limit will apply only for availing auto sweep facility and the individual stand-alone MOD and continue to be opened by the customers including e-MOD with a minimum of Rs.10,000/- irrespective of the Threshold Level. Also, Senior citizens will receive an applicable rate of interest.
You need to maintain the average monthly balance by linking a savings bank or current account.
I hope you now know what is Multi Option Deposit Scheme in SBI Bank.
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What is Multi Option Deposit Scheme in SBI Bank?
preet
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11 months
2025-01-31T17:25:21+00:00 2025-01-31T17:25:23+00:00Comment
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