SBI MOD Scheme Interest Rate, Deposit Amount, Eligibility and Other Details

The State Bank of India is the country's largest lender, offering innovative products like the SBI MOD account (multi-option deposit scheme). SBI MOD is a term deposit scheme that is linked to an individual's savings or current account. Unlike traditional term deposits, which require full liquidation in order to withdraw the accumulated sum, MODS allows for partial withdrawals while also earning interest on the balance at the designated rate. Here is all you need to know about SBI MOD Scheme.

What is SBI MOD Scheme?

SBI Multi Option Deposit Scheme (MODS) is a term deposit linked to a savings or current account (individual). MODS accounts, as opposed to traditional Term Deposits, can be withdrawn in multiples of 1000 as needed. Your MODS account balance will continue to earn the Term Deposit rates that were in effect when you made your initial deposit.

Eligibility for SBI MOD

The SBI MOD is available to both Indian residents and non-resident Indians on occasion. This deposit may be available to HUFs, companies, organisations, and a variety of other individuals.

Amount of Deposit for the Scheme:

To open an SBI MODS account, a minimum term deposit of Rs.10,000 is required, with subsequent deposits in multiples of Rs.1,000. An SBI MODS account has no maximum term deposit amount.

Interest Rate

SBI MOD interest rates in 2023 (for deposits of less than Rs.2 crore) are comparable to regular SBI FD rates. For tenures ranging from 7 days to 10 years, the latest interest rate ranges from 3.00%-6.50% p.a. to the general public and 3.50%-7.50% p.a. to senior citizens.

How to Open an SBI MOD Account?

Step 1: Access the SBI App or portal via the internet.

Step 2: Navigate to the FD section and select e-TDR/e-STDR (FD).

Step 3: Select e-TDR/e-STDR from the MOD menu and then click Proceed.

Step 4: Enter your information, such as your debit account number, MOD, deposit tenure, and MOD tenure, and then click submit.

Step 5: Finally, you must confirm your SBI MOD opening request.

Premature Withdrawal

Early withdrawal is permitted in an SBI MODS account, and the penalty for early withdrawal on FDs up to 5 lakh is 0.50 percent. The applicable penalty for FDs exceeding 5 lakh but less than 1 crore is 1%. On deposits held for less than seven days, no interest is paid.

Points to keep in mind-

• The minimum term for an SBI MODS account is one year, and the maximum term is five years.
• MODs are also available through the auto sweep feature in Savings Plus accounts.
• TDS is levied at a standard rate.
• MODs are also available through the auto sweep feature in Savings Plus accounts.
• There is a nomination option available.