INSUBCONTINENT EXCLUSIVE:
The minimum fixed deposit amount for SBI multi option deposit account is Rs
1,000.State Bank of India (SBI) offers a type of fixed deposit or term deposit scheme called Multi Option Deposit Scheme (MODS)
The scheme is linked to the savings or current account, according to country's largest lender's website - sbi.co.in
Unlike in usual fixed deposit accounts, which are fully liquidated, MODS account holder can withdraw in multiples of Rs
1,000 as per his/her needs
The balance amount in the multi option deposit account continues to earn the fixed deposit rates applicable at the time of initial
deposit.Here are 5 key things to know about SBI's multi option fixed deposit account:1
Minimum amount: The minimum fixed deposit amount for the multi option deposit account is Rs
Any deposits above that are required to be in multiples of Rs
However, there is no upper limit on the amount that can be deposited in this type of fixed deposit account2
Tenure: The minimum tenure for which this deposit can be opened is 1 year whereas the maximum term for SBI's multi option FD deposit account
Interest Rate: SBI pays the same interest rate on a multi option fixed deposit account as a fixed deposit account
SBI revised its interest rates on retail fixed deposits with effect from July 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
Premature withdrawal: Premature withdrawal is allowed in SBI's multi option deposit account
Rules of premature withdrawal of a fixed deposit (FD) account are applicable, said SBI.5
Other features: Nomination facility, loan facility are available with the MODS account
One also needs to maintain MAB (Monthly Average Balance) in the linked savings bank account.
