INSUBCONTINENT EXCLUSIVE:
Interest rate on SBI's multi option fixed deposit account is same as on fixed deposits.State Bank of India (SBI) offers a type of fixed
deposit scheme, called Multi Option Deposit Scheme (MODS), under its personal banking portfolio
This SBI scheme is a type of fixed deposit (FD) account linked to the savings or current account
Unlike in normal fixed deposit accounts, which are fully liquidated, an MODS account holder can withdraw in multiples of Rs 1,000 as per his
or her needs, according to SBI
The balance amount in the multi option deposit account continues to earn the fixed deposit rates applicable at the time of initial
option deposit account is Rs 1,000
Any deposits above that are required to be in multiples of Rs
There is no upper limit on the amount that can be deposited in this type of fixed deposit (FD) account, according to SBI.3
The minimum tenure for which this deposit can be opened is 1 year.4
The maximum term - or maturity period - for SBI's multi option FD deposit account, unlike a regular fixed deposit (FD) account, is five
Tax can be deducted at source if the interest earned on the deposit is more than Rs 10,000 during the financial year, according to SBI.6
fixed deposits with effect from August 30
The following FD interest rates are for deposits below Rs 1 crore:TermInterest rate for general public w.e.f
30.07.2018Interest rate for senior citizen w.e.f
available with the MODS account.10
Further breaking of units when the lien is marked on a particular account is not allowed, according to the banking major.
