SBI Multi-option Deposit Scheme Strikes Right Chord with Partial Withdrawal Facility
Last Updated : June 4, 2019, 1:58 p.m.
State Bank of India (SBI), the largest lender in India in terms of asset volume and customer count, keeps offering innovative products, such as Multi-option Deposit Scheme (MODS), to stay in line with the changing consumer behavior. MODS is actually a term deposit scheme linked to the savings or current account of an individual.
Unlike the traditional term deposits wherein you need to liquidate fully to withdraw the accumulated sum, MODS comes with a partial withdrawal facility. This will not only help individuals meet their respective needs from the withdrawal amount but also earn them interest on the remaining balance at the designated rate. Quite an interesting offer, isn’t it? Let’s spare time to know SBI Multi-option Deposit Scheme (MODS) in detail.
SBI Multi-Option Deposit Scheme Features
The scheme comes with the following set of features, take a look.
| Deposit Aspects | Details |
|---|---|
| Minimum Term Deposit Amount | ₹10,000 and in multiples of ₹1,000 afterward |
| Maximum Term Deposit Amount | No limit |
| Quantum of Partial Withdrawal Allowed | Withdrawals allowed in multiples of ₹1,000 |
| Interest Rate | As applicable to term deposits |
| Minimum Tenure | 1 year |
| Maximum Tenure | 5 years |
| Premature Withdrawal Facility | Applicable as per rules pertaining to TDR/STDR |
| Tax Deducted at Source (TDS) | Applicable |
SBI MODS Interest Rates April 2024
As it is pointed out earlier that an individual would earn interest on MODS at term deposit rates. You should thus visit the website of SBI to check the rate. Below are some of the steps that you can follow to check the interest rate.
- Visit www.sbi.co.in
- Click on ‘Personal Banking’ and then on to ‘Deposit Schemes’
- Click on Term Deposits’
- Go to ‘Domestic Term Deposits Interest Rates’ located on the left of your screen
- Click on it to see the rates flashing on the screen
- The rates you see will differ based on the deposit amount and tenure
What Else Can You Avail with SBI Multi-option Deposit Scheme?
You can avail a loan facility by maintaining a multi-option deposit scheme with SBI. The interest rates chargeable to the loan could be lesser than a normal loan. The lower rates would thus ensure the EMIs, abbreviated for Equated Monthly Installments, are affordable to pay every month till the time the loan is applicable.
How to Create MOD Account in SBI Online?
You can log in to SBI net banking to create a MOD account. The sum which you want to create an account will be deducted from the savings or current account and get deposited towards MODS.
How to Create SBI MODS Offline?
You can even visit the nearest SBI branch to create MODS. You need to fill up the application form and deposit the sum with which you want to create the account.
P.S. While creating the account, be it online or offline, keep in mind the minimum deposit required as stated above.