SBI MULTI OPTION DEPOSIT SCHEME | Features & Benefits

The Multi Option Deposit (MOD) Account is a combination of Savings Bank or Current Account with Term/ Special Term Deposit Accounts, so that one can securely write cheques upto the balance in the MOD account or upto the drawing power available as overdraft in the Current account.Withdrawals through ATMs can also be conveniently made.

Exclusive Features:

  • Complete Liquidity.
  • Convenience of Overdraft.
  • Earns a higher rate of interest on your deposit, without the dilemma of locking it for a long period.
  • At the time of need for funds, withdrawals can be made in units of Rs.1,000/- from the Deposits by issuing a cheque from Savings Bank Account or through overdraft facility from Current account.
  • Flexibility in period of Term Deposit from 1 year to 5 years.
  • You can open a MOD account with SBI for a minimum amount of Rs. 10,000/- only.
  • MOD Scheme is available at all SBI Branches
  • Easy and convenient access of 24X7 information at SBI Internet Banking
  • Nomination Facility – Available.

Other Facilities:

Type of Deposit

Linked to Account Type

Facilities

Term Deposit

Savings Bank Account

  • A Term Deposit (Interest paid monthly or quarterly) under MOD is linked with a Savings Bank account permitting to withdraw funds from Term Deposits in units of Rs.1000/- by issuing a cheque on Savings Bank Account
  • Additional interest can be earned by routing your interest receivables from Term Deposit to your Savings Bank Account

Term Deposit

Current Account

A Term Deposit (interest paid monthly or quarterly) under MOD scheme is linked with a Current account with overdraft facility permitting you to withdraw funds upto the available Drawing Power.

Special Term Deposit

Savings Bank Account

A Special Term Deposit (interest compounded quarterly) under MOD is linked with a Savings Bank account permitting to withdraw funds from Special Term Deposits in units of Rs.1000/- by issuing a cheque from Savings Bank account.

Special Term Deposit Current Account

A Special Term Deposit (interest compounded quarterly) under MOD is linked with a Current Account with overdraft facility permitting you to withdraw funds upto the available Drawing Power.

  • Tax Implications

Tax Deductible at Source as applicable to Term Deposits/ Special Term Deposits.

  • Automatic Renewals

As applicable to Term Deposits/ Special Term Deposits.

 

  • Premature Withdrawal

As applicable to Term Deposits/ Special Term Deposits.

  • Regular Updates

A quarterly statement showing the value of the deposits including interest, is issued.

  • Nomination Facility - Available.

Most Important Terms & Conditions

  1. Combination of SB / CA account & TDR / STDR
  2. Deposits are completely liquid
  3. Withdrawals in multiples of Rs. 1000/-
  4. Flexibility in Period of Term Deposit 1 Yr. to 5 Yrs.
  5. MOD account can be opened with a minimum balance of Rs. 10,000/-
  6. TDS deducted at prevalent rate
  7. Nomination facility available