INSUBCONTINENT EXCLUSIVE:
The minimum fixed deposit amount for SBI multi option deposit account is Rs
10,000.SBI (State Bank of India), the country's largest lender, offers the 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 financial instrument offered by banks and other financial institutions which offers 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
Amount: The minimum fixed deposit amount for opening the multi option deposit account is Rs
Any deposits above this amount are required to be in multiples of Rs
Tenure: For SBI's multi option deposit scheme, the minimum tenure is one year and the maximum tenure is five years.3
Rate of interest:SBI pays the same interest on a MODS account as a fixed deposit account
SBI revised its interest rates on fixed deposits with effect from February 22
FD interest rates for deposits below Rs
2 crore are:TenorsRevised For Public w.e.f
22.02.2019Revised for Senior Citizens w.e.f
22.02.20191 year to less than 2 year6.87.32 years to less than 3 years6.87.33 years to less than 5 years6.87.34
Premature withdrawal: Customers also get the facility of premature withdrawal
Rules of premature withdrawal of a fixed deposit (FD) account are applicable on the multi option deposit account, according to SBI.5
Other facilities: Nomination and loan facilities are also available with SBI's fixed deposit scheme, mentioned the lender on its portal.Get
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