State Bank of India is offering good schemes for its customers.
New Delhi: State Bank of India is offering a better scheme for its customers. In which the amount of Fixed Deposit (FD) can be withdrawn from the ATM if required. This is SBI’s multi-option deposit scheme. The biggest problem with FD is that there is no option but to break the FD if needed. But SBI MODS account has the facility that the customer can withdraw money from the savings account like current account.
What is SBI MODS Scheme
According to the information available on SBI’s website, SBI’s Multi Option Deposit Scheme is a term deposit i.e. FD. The depositor is linked to a savings account or current account. This means that if needed, you can withdraw money up to 1000 times from a savings or current account. You can also withdraw this money from an ATM. The interest on MODS is the same as the interest on a normal FD account.
How much can an SBI MODS account be opened?
According to the SBI website, the minimum deposit for an SBI MODS account is Rs 10,000. The amount can be deposited in multiples of 1000. There is no limit to the maximum deposit. SBI MOD accounts can be opened for a minimum of 1 year and a maximum of 5 years.
SBI MODS Loan Facility
Loan can also be availed on SBI MODS account. Apart from that, the nominee also has the facility. This account can also be transferred to other branches of SBI.
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