SBI MODS scheme is similar to any other fixed deposit scheme. However other fixed deposit schemes do not allow you to withdraw anytime, whereas this sheme allows you to partially withdraw your funds. One can receive interest on the MOD balance in SBI at the stated rate.
What Is MOD Balance In SBI Scheme?
On a regular fixed deposit scheme, if you want to withdraw any deposit it’s allowed but after deduction of charges. In SBI MOD balance, investors 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?
It is also known as SBI multi-option deposit account which can be opened online via the SBI portal or one can visit the nearest SBI branch to open it.
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Withdraw Money Via ATM
Withdrawing money is very easy in this scheme, as investors can withdraw it through cheque or ATM the same way you withdraw it for your savings account. Amount can be withdrawn in multiples of Rs 1,000.
SBI MODS Scheme Interest Rate
SBI MOD scheme offers 7 per cent interest to investors.
SBI MODS Interest For Senior Citizens
In this scheme, senior citizens get an extra 0.5 per cent interest.
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SBI MODS Eligibility
The scheme is available to both Indian residents and non-resident Indians. This deposit may be offered to HUFs, companies, and many others.
