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Multi Option Deposit (MOD) Scheme

Last Updated 20th Jan 2022

  • SBI MOD (Multi Option deposits) is a term deposits linked to the Savings or Current Account.
  • The minimum initial deposit for opening an SBI MODS account is ₹ 10,000.
  • The SBI MOD account balance is accessible and an individual can withdraw the amount in the multiple of ₹ 1,000.
  • Open an SBI MOD account either online or by visiting the nearest bank branch.
  • There is no upper limit in a SBI MOD account.
  • The minimum and maximum tenure of SBI MOD is 1 and 5 years, respectively.
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What is MOD Balance in SBI?

The MOD balance in SBI means the remaining amount in SBI MOD account after the withdrawal. Under the SBI Multi Option Deposit Scheme, you can withdraw funds from a MOD account in multiples of 1000s according to your requirement. In addition, if you break your MOD, the interest is paid with the penalty at the applicable rate for the same period. However, the balance amount in your MOD account in SBI will continue to fetch Fixed Deposit rates applicable at the time of initial deposit.

SBI MOD Interest Rates 2022

The SBI MOD interest rates earned on the SBI MOD account is similar to those earned on the regular deposits

Tenure Rate of Interest Senior Citizen Rates
7 days to 45 days 2.90% 3.40%
46 days to 179 days 3.90% 4.40%
180 days to 210 days 4.40% 4.90%
211 days to 364 days 4.40% 4.90%
1 year to 1 year 364 days 5.10% 5.60%
2 years to 2 years 364 days 5.10% 5.60%
3 years to 4 years 364 days 5.30% 5.80%
5 years to 10 years 5.40% 6.20%

Features of SBI Multi Option Deposit

Some of the most important features of SBI MOD scheme are:

  • The minimum term deposit amount required for opening an SBI MODS account is ₹ 10,000.
  • Individuals can deposit amounts in multiples of 1,000 after the initial deposit and there is no limit on the maximum amount.
  • SBI MOD account fetches the same interest which is applicable for SBI FD account.
  • The minimum tenure for an SBI MODS account is 1 year and the maximum is 5 years.
  • Premature withdrawal is allowed in an SBI MODS account.
  • Tax deducted at source is applicable to SBI MOD account.
  • An individual can get Loan against SBI Multi Option Deposit scheme.
  • Individuals can open an SBI MODS account either through SBI Netbanking account or by visiting the nearest branch.
  • Auto-sweep of ₹ 10,000 takes place only after the linked saving account or current account has a minimum balance of ₹ 35,000.

Eligibility for Applying for MODS Account

You can open a SBI MOD account if you fulfill the following eligibility criteria of multi option deposit SBI.

  • Indian Residents
  • Non-Indian Residents
  • Hindu Undivided Family
  • Company
  • Local Bodies and Any Government Department

How to Open an SBI MOD Account Online?

You can open an SBI MOD account online by following the steps mentioned below:

  • Login to SBI online
  • Open the fixed deposit section and click on e-TDR/e-STDR (FD),
  • Now, under the Multi Option Deposit, choose e-TDR/e-STDR (MOD) and click on proceed.
  • Select details like debit account number, MOD amount, deposit options like TDR or STDR, tenure for your MOD, and click submit.
  • Finally, confirm your opening request for SBI MOD.


What is MOD SBI Multi Option Deposit ?

SBI Multi Option Deposit or account is an amalgamation of an individual’s debit account and deposit account. It is a term deposit that allows you to withdraw funds in the multiple of ₹ 1,000.

Can I withdraw the MOD balance in SBI?

Yes, MOD account holders are provided with the facility to withdraw MOD balance in SBI. Individuals can withdraw from a MODS account in multiples of 1000 as per their requirement. The balance amount in the MODS account will continue to fetch the term deposit rates applicable at the time of initial deposit.

Is SBI MOD interest taxable?

Yes, if the individual earns interest more than ₹ 10,000 in a financial year the interest on SBI MOD balance is taxable according to the applicable rates.

Can I add more money to my existing SBI MOD account?

Yes, you can add money to your existing SBI MOD account. There is no limit for a maximum term deposit amount for an SBI MODS account.

How can I get my SBI MOD balance?

You can get your SBI MOD balance anytime by withdrawing the funds in the multiples of ₹ 1,000 through an ATM. However, SBI charges a penalty for premature withdrawal of funds from SBI MOD account.

What is the interest rate for MOD balance in SBI?

The MOD interest rate in SBI balance varies on the term of the deposits. For instance, SBI MOD interest rate 2021 for tenure, 7 days to 45 days, is 2.90%. The rate is 2.90% for 5 years to 10 years.

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