SBI has one such scheme of Fixed Deposit (SBI FD Plan). From which you can withdraw your required amount anytime from ATM. You will not have to pay any kind of penalty for withdrawal.
SBI MODS : Fixed Deposits (FD) have guaranteed returns after a certain period of time. This is the reason why many people prefer to invest in fixed deposits despite all the investment options available. But if you break the FD before maturity, you will have to pay penalty. But SBI has such a scheme of fixed deposit (SBI FD Plan). From which you can withdraw your required amount anytime from ATM. You will not have to pay any kind of penalty for withdrawal. Along with this you also get interest on your remaining amount. We are talking about SBI’s Multi Option Deposit Scheme (SBI Multi Option Deposit Scheme – SBI MODS). Know about this plan of State Bank of India..
What is SBI MODS?
SBI’s Multi Option Deposit Scheme (MODS) earns the depositor the same interest as other FDs. Anyone can open an FD account with SBI with an investment of Rs 10,000. It allows deposits in multiples of Rs 1,000 and withdrawals in multiples of Rs 1,000 only. This FD scheme is linked to the savings or current account of the depositor. In such a situation, the depositors get the facility of withdrawing the required amount from the FD through ATM anytime.
Many advantages of this scheme
The advantage of SBI MODS is that if you suddenly need money, you don’t have the tension of breaking the FD and paying the penalty. Being linked to savings or current account, you can easily withdraw FD amount anytime through ATM. It is not necessary to withdraw the entire FD amount, you can withdraw the required amount and deposit the remaining amount. You will continue to earn interest on the remaining amount. It is also not that the withdrawal facility is for one time. You can withdraw multiple times in multiples of 1000.
Loan facility also available
Like normal FD you also get loan facility on SBI MODS account. Apart from this you can transfer this account to another branch. Note that a minimum monthly average balance must be maintained in the savings account linked to the MOD account. If you also want to avail this facility of SBI, you can open the account online or visit any of the nearest branches. SBI MOD account can be opened for minimum 1 year and maximum 5 years. You will have to pay tax on the interest earned on this.
