INSUBCONTINENT EXCLUSIVE:
For SBI's multi option FD deposit account, the maximum tenure is five years.SBI or State Bank of India offers a type of fixed deposit or
term deposit scheme called the Multi Option Deposit Scheme (MODS)
A fixed deposit is a secure financial instrument offered by banks, which fetch guaranteed returns
Unlike normal term deposits which are fully liquidated anytime you need funds; you can withdraw from a MODS account in multiples of Rs 1,000
according to your need, said the country's largest lender
The balance amount in the multi option deposit account continues to earn fixed deposit interest rates applicable at the time of initial
deposit.Here are 10 key things to know about SBI's multi option fixed deposit account:1
Account linked: The scheme is linked to SBI's savings or current account, according to the bank's website - sbi.co.in.2
Minimum amount: The minimum fixed deposit amount for the multi option deposit account is Rs
Any deposits above this amount are required to be in multiples of Rs
Minimum tenure: The minimum tenure for which this deposit can be opened is one year.5
Interest Rate: SBI pays the same interest on a multi option fixed deposit account as 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
Premature withdrawal: Premature 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, said SBI.8
Nomination: Nomination facility is available with the MODS account according to the SBI's webiste.9
Minimum balance: Customers do not need to to maintain a MAB (Monthly Average Balance) in the linked savings bank account.10
Other features: Loan facilities is also available with the MODS account
TDS (tax deducted at source) is applicable on investment in the Multi Option Deposit Scheme, according to SBI.
