INSUBCONTINENT EXCLUSIVE:
There is no limit for a maximum term deposit amount for MOD creation, said SBI.State Bank of India or SBI's Multi Option Deposit (MOD)
account is a type of fixed deposit (FD) account linked to the savings or current account
Unlike in fixed deposits (FDs), which are fully liquidated, an MOD account holder can withdraw in multiples of Rs 1,000 at the time of need,
according to SBI's website- sbi.co.in
The withdrawal can be done by issuing a cheque from savings bank account or from ATM or branch or through any other channel
The sum of available balance in the savings account and MOD balance can be used for issuing cheques or withdrawal or for making any other
The minimum term or fixed deposit amount needed for MOD creation is Rs 10,000
Any deposits above this amount are required to be in multiples of Rs 1,000, as mentioned on SBI's website- sbi.co.in2
There is no limit for a maximum term deposit amount for MOD creation, according to country's largest lender's website.3
For SBI's multi option deposit account, the minimum tenure is one year and the maximum tenure is five years.4
SBI 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 May 9, 2019
interest earned on the deposit is more than Rs
10,000 during the financial year, according to SBI.
