SBI Multi Option Deposit Scheme (MODS) are Term Deposits connected to a Savings or Current Account at SBI (individual). Unlike traditional Term Deposits, which must be fully liquidated if funds are required, a MODS account allows you to withdraw funds in multiples of 1000 as needed. Your MODS account balance will continue to earn the Term Deposit rates that were in effect at the time of your first deposit.
SBI Multi Option Deposit (MOD) Scheme Details
An initial deposit of 10,000 is required to start an SBI MODS account. The balance of an individual's SBI MOD account is accessible, and they can withdraw amounts in multiples of 1,000. The SBI MOD account has no upper limit. SBI MOD has a minimum and maximum tenure of 1 and 5 years, respectively. The SBI MOD account is subject to tax deducted at the source.
Individuals can take out a loan against their SBI Multi Option Deposit. Until the linked savings account or current account has a minimum balance of 35,000, an auto-sweep of $10,000 takes effect.
How to Check SBI MOD Balance & Statement through net banking?
Step 1: Log in to sbi net banking account: https://retail.onlinesbi.com/retail/login.htm
Step 2: Click on Account Summary
Step 3: UnderDeposits section, you can view all your MOD accounts.
Step 4: Click on "Click here for balance" option
Step 5: MOD balance will be displayed
How to Check SBI MOD balance through YONO App?
Step 1: Download and log in Yono App
step 2: Tap on e-deposits - eDeposit inquiry
Step 3 or Click on MY Relationship
Step 4: Click on My deposits
Step 5: Select your MOD account number
How to close SBI MOD Account?
Step 1: Login your SBI net banking
Step 2: Click on "Fixed Deposit"
Step 3: Click on "e-TDR / e-STDR (FD)"
Step 4: Click on the circle of "e-TDR / e-STDR (MOD) Multi Option Deposit and Proceed
Step 5: Click on the tab of "Close A/c Prematurely"
Step 6: Select your MOD account and Proceed
Step 7: Enter a high-security OTP password
Step 8: You will receive your amount in your linked savings account.
To close a MODS account, the customer must send a written request to the branch, requesting that the account be closed and the Auto-sweep function that triggers the MODS be terminated.
SBI MOD Premature Withdrawal Details
An SBI MODS account allows for early withdrawal. The penalty for premature withdrawal on FDs up to 5 lakh is 0.50 percent (all tenors). The applicable penalty is 1% for FDs worth more than 5 lakh but less than 1 crore (all tenors). When a MOD is broken, the interest is paid with a penalty at the applicable rate for the period the broken amount has run, and the remaining amount earns the original rate of interest. On deposits that are kept for less than seven days, no interest is paid.
If you request a premature closure of your MOD account between 08:00 AM IST and 08:00 PM IST, you can use the 'close a/c' option under the e-TDR/e-STDR (MOD) link will close your MOD account promptly. Requests received after this time will be scheduled for the next operating hours, which are 08:00 AM IST. The maturity funds will be automatically paid to your debit account, which was used to fund your MOD account when it was first opened.
In the e-TDR/e-STDR, senior folks can get a higher interest rate (MOD). For age computation, the date of birth on file with the Bank will be used.
The Bank will determine the minimum days and amount for the increased rate of interest for senior persons. Only the first account holder qualifies for the senior citizen benefit in the case of joint accounts