INSUBCONTINENT EXCLUSIVE:
The minimum term or fixed deposit amount needed for MOD creation is Rs 10,000.State Bank of India's multi-option deposit scheme (MODS), a
type of fixed deposit (FD) or term deposit scheme, is linked to the savings or current account of an individual
A fixed deposit is a secure financial instrument offered by banks, which fetch guaranteed returns
Unlike normal fixed deposits which are fully liquidated anytime you need funds; you can withdraw in multiples of Rs 1,000 from MODS account,
How To Invest, Interest Rates, Tax Benefits)Minimum/maximum investmentThe minimum term or fixed deposit amount needed for MOD creation is Rs
Any deposits above this amount are required to be in multiples of Rs 1,000
However, there is no limit for a maximum term deposit amount for MOD creation, according to country's largest lender's website.TenureFor
SBI's multi option deposit scheme, the minimum tenure is one year and the maximum tenure is five years.( What Is SBI Annuity Deposit
Scheme Key Things To Know)Interest ratesSBI pays the same interest on a multi option fixed deposit account as on a fixed deposit account
SBI revised its interest rates on retail fixed deposits with effect from November 28, 2018
The following FD interest rates are for deposits below Rs
1 crore:TenorsRevised For Public w.e.f
28.11.2018Revised for Senior Citizens w.e.f
28.11.20181 year to less than 2 year6.87.32 years to less than 3 years6.87.33 years to less than 5 years6.87.3(As mentioned on SBI's
website)Tax Deducted At Source (TDS)Tax deducted at source (TDS) is applicable on SBI's multi option deposit scheme
The government has in Interim Budget 2019-20 proposed to increase the limit for tax deduction at source (TDS) on interest income earned on
bank deposits from Rs 10,000 to Rs
The proposed change in TDS rules will come into effect from April 1, 2019.Premature withdrawalPremature withdrawal is allowed in SBI's
multi option deposit account
Rules of premature withdrawal of a fixed deposit (FD) account are applicable on the multi option deposit account, mentioned SBI.
