SBI pays same interest on a multi option fixed deposit account as a fixed deposit account.SBI or State Bank of India, country's largest lender, offers option of opening a Multi Option Deposit Scheme (MODS) account under its personal banking portfolio.
SBI Multi Option Deposit Scheme is a type of fixed deposit or term deposit scheme.
A fixed deposit is a secure financial instrument offered by banks which fetches guaranteed returns.
Unlike normal term deposits which are fully liquidated anytime you need funds; you can withdraw from a MODS account in multiples of Rs.
1,000 according to your needs, according to bank's website.
The balance amount in multi option deposit account continues to earn fixed deposit interest rates applicable at time of initial deposit.The minimum fixed deposit amount for multi option deposit account is Rs.
10,000.
Any deposits above this amount are required to be in multiples of Rs.
1,000, according to SBI.However, there is no upper limit.
For SBI's Multi Option Deposit Scheme, minimum tenure is one year and maximum tenure is five years.SBI pays same interest on a multi option fixed deposit account as a fixed deposit account.
SBI revised its interest rates on retail fixed deposits in November.
The following FD interest rates are for deposits below Rs.
1 crore:TenorsRevised For Public w.e.f.
28.11.2018Revised for Senior Citizens w.e.f.
28.11.20181 year to less than 2 year6.87.32 years to less than 3 years6.87.33 years to less than 5 years6.87.3Customers also get facility of premature withdrawal.
Rules of premature withdrawal of a fixed deposit (FD) account are applicable on multi option deposit account, according to SBI.Nomination and loan facilitiesare also available with SBI's fixed deposit scheme, bank noted.