Investors can invest a minimum of Rs 10,000 in the Multi Option Deposit FD scheme.
New Delhi: In India, a fixed deposit scheme is one of the safest investment options. India’s largest state-owned lender, the State Bank of India (SBI), offers various fixed deposit schemes to its millions of customers across the country.
In one such special SBI FD scheme, the banks allow investors to withdraw money whenever they want via an automated teller machine (ATM). The name of the special FD plan is SBI Multi Option Deposit (MOD) scheme.
Read more:SBI customers, Alert! Bank extends deadline for special FD scheme, check details
Investors can invest a minimum of Rs 10,000 in the Multi Option Deposit FD scheme, and thereafter in multiples of Rs 1,000. Investment in the scheme is also very easy as you can open an account by visiting any nearby SBI branch.
Investors receive the same interest rate offered by the bank on its other fixed deposit scheme. There is no cap on the upper limit of the investment. The interest is credited to your Multi Option Deposit account.
Moreover, the best part about the scheme is that you can withdraw your invested funds from ATMs. This feature makes the Multi Option Deposit (MOD) scheme better than various other fixed deposit schemes offered by public and private lenders.
The feature allows investors to take advances from their FD accounts without breaking their FD accounts. If investors want, they can break the FD accounts to receive the money before maturity.
For the comfort of investors, the bank allows investors to break their FDs from home using the mobile app. You can then withdraw money from ATM.
