In view of the problems of the people in the Corona era, banks are giving many facilities to their customers. During the Corona period people did not have to break their fixed deposits. In view of this, State Bank of India (SBI) has given the facility of Multi Option Deposit Scheme (MODS). In this, you can withdraw money from the ATM whenever you want, without breaking the FD.
Rupees can be withdrawn from MODS
MODS is a type of term deposit that is linked to a savings or current account. In such a situation, if the customer wants to withdraw money from that linked account and that money is not present in the account then the money can be withdrawn from MODS. The same interest is available on MODS, which is on a common FD in SBI. After withdrawal, the interest continues to meet the remaining amount in the MOD.
Minimum investment of 10 thousand rupees will have to be invested
In SBI MODS, you can get a minimum FD of Rs 10,000. After opening an FD account, you can deposit money in this scheme in multiples of Rs 1,000 and there is no maximum investment limit in this scheme.
Knowing about the scheme
- SBI MODS can be opened for a period from 1 year to 5 years. It also has the facility of premature withdrawal.
- Loan facility and nomination facility are also available on MODS. It can be transferred from one branch of SBI to another.
- It is mandatory for a custormer to have a minimum monthly average balance in a linked savings account.
- In the event of break of MOD, interest will be paid along with penalty on the interest rate applicable for the period in which the account was held and the remaining rate will remain applicable on the remaining amount
- If there is a mark in a particular account, then further units will not be allowed to be broken.
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