State Bank of India or SBI, offers multi option deposit scheme (MODS) account under its personal banking portfolio. SBI's multi option deposit scheme is a type of fixed deposit or term deposit scheme. A fixed deposit is a financial instrument offered by banks which fetches guaranteed returns. Unlike normal term deposits which are fully liquidated anytime when you need money, you can withdraw from a MODS account in multiples of Rs. 1,000 according to your needs, said the country's largest lender on its website, sbi.co.in.
Here are key things to know about SBI multi option deposit scheme:
Amount: The minimum amount for opening the SBI MODS account is Rs. 10,000. Deposits above Rs 10,000 are required to be in multiples of Rs. 1,000, noted SBI. However, there is no upper limit on maximum amount for creation of MODS account..
Tenure: For multi option deposit scheme, the minimum tenure is one year and the maximum tenure is five years, according to SBI's portal.
Rate of interest: SBI pays the same rate of interest on a MODS account as a fixed deposit account. Fixed deposit interest rates for deposits below Rs. 2 crore are:
|Tenors||General public (% p.a.)||Senior citizens (% p.a.)|
|1 year to less than 2 year||6.8||7.3|
|2 years to less than 3 years||6.8||7.3|
|3 years to less than 5 years||6.8||7.3|
Premature withdrawal: SBI offers the facility of premature withdrawal with the account. Rules of premature withdrawal of a fixed deposit (FD) account are applicable on the multi option deposit account, said SBI.
Other facilities: Nomination and loan facilities are also available with SBI's MODS account.