SBI MODS

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Multi Option Deposit

SBI Multi Option Deposit Scheme (MODS) are Term Deposits linked to the Savings or Current Account (individual). Unlike normal Term Deposits which are fully liquidated anytime you need funds; you can withdraw from a MODS account in multiples of 1000 as per your fund need. The balance amount in your MODS account will continue to earn the Term Deposit rates applicable at time of initial deposit.
You can create a MODS Account through OnlineSBI or by visiting your nearest branch.

Features

  • Type of Account : Term Deposit (TD) account / Special Term Deposit (STD) account
  • Minimum Period of deposit - 1 Year,
  • Maximum Period of deposit - 5 Years
  • Minimum Term Deposit Amount for MOD Creation : Rs. 10,000/- (in multiple of Rs. 1,000/- each thereafter.
  • Maximum Term Deposit Amount for MOD Creation : No Limit
  • Rate of interest : As applicable to Term Deposits.
  • Tax deduction at source
  • Nomination Available
  • In case of auto-sweep MODs, the nomination in the account from where the fund is transferred is retained. However, if a customer wants to change nomination in any of the accounts, he may do so by filing Form DA-I.
  • When there is break of MOD, the interest is paid with penalty at the applicable rate for the period the broken amount has run and the remaining amount continue to earn original rate of interest.
  • Loan facility
  • Further breaking of units when lien is marked on a particular account is not allowed.
  • Transferability among our branches allowed
  • A Term Deposit advice is issued to customers. In case of auto-sweep, no advice is issued.
  • Auto-sweep (of Rs. 10000/-) takes place only after the linked (SB/CA) account has a minimum balance of Rs. 35000/-.

Others

  • A uniform minimum balance requirement of Rs 3,000/- for SB Plus accounts (irrespective of location of the branches where the accounts are maintained).
  • Whenever there is shortfall in the balance, system will break the MOD to the extent required to maintain minimum level and credit the proceeds to the SB Plus account.
  • If sufficient balance in MOD is not available, on account of which the system is unable to maintain the minimum balance of Rs 3000/- in the account, the customer is liable to pay charges on non- maintenance of AMB as applicable to the geographical location where the account is maintained.

Eligibility

  • Resident individuals singly of jointly, Minor (himself/herself or through his/her Guardian), Karta of HUF, Firm, Company, Local Bodies and Any Government Department .

Terms and Conditions

  • Premature closure Available.
  • For Retail Term Deposit up to Rs. 5.00 lacs, the penalty for premature withdrawal will be 0.50% (all tenors).
  • For Retail Term Deposits above Rs. 5.00 lacs but below Rs 1 crore, applicable penalty will be 1% (all tenors).
  • The interest shall be 0.50% or 1% below the rate applicable at the time of Deposits for the period Deposit remained with the Bank or 0.50% or 1% below the contracted rate, whichever is lower.
  • However, no interest will be paid on Deposits which remain for a period of less than 7 days.

Interest Rates

6.25%

1 year to less than 2 year

6.25%

2 years to less than 3 years

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