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Multi Option Deposit (MOD) Scheme

Last Updated 26th Jul 2021

  • SBI MOD 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 SBI MOD account.
  • The minimum and maximum tenure of SBI MOD is 1 and 5 years, respectively.
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What is SBI MOD Scheme?

SBI Multi Option Deposit Scheme is Term Deposits linked to the Savings or Current Account of an individual. Normal Term Deposits are fully liquidated anytime an individual needs funds, in case of SBI MOD individuals can withdraw from a MOD account in multiples of 1000 according to his requirement. The balance amount in your MOD account will continue to fetch the Fixed Deposit rates applicable at the time of initial deposit. The accessibility and moderate interest rate of SBI MOD make it a lucrative instrument for investors.

SBI MOD Interest Rates

The interest rate 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 5.00% 5.50%
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 Online SBI 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

SBI MOD account can be opened by anyone. Individuals can be a:

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


What is MOD balance in SBI?

The Multi Option Deposit or account is an amalgamation of an individual’s debit account and deposit account. It is Time Deposit but at the time of need for funds, withdrawals can be made in units 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 then 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.

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