SBI Multi Option Deposit plan allows customers to withdraw funds anytime; details here

State Bank of India (SBI) serves millions of customers across the country. Like other lenders, SBI’s Fixed Deposit (FD) schemes are one of the safest options to invest in and guarantee a secure future. Furthermore, SBI offers some special benefits under a few of its unique investment schemes. Such a beneficial program is SBI Multi Option Deposit (MOD). As per this special program, the lender allows its customers to withdraw or debit money whenever they wish. Withdrawals can be made through cheques, ATMs or INB. In the SBI Multi Option Deposit (MOD) plan, deposits are fully liquid and can be withdrawn easily in multiples of Rs. 1000, as many times as desired.

The SBI Multi Option Deposit Scheme’s interest rate will be equal to the State Bank of India’s standard fixed deposit rates. Senior citizens have the special opportunity to earn 0.50 percent more than the interest rates that apply to normal individuals. The duration for deposits varies from 1 to 5 years.

Interest will continue to be accumulated on any balance in the SBI Multi Option Deposit Scheme account even after some amount is partially withdrawn. Customers must maintain the monthly balance in their savings or current account balance that is connected to the SBI Multi Option Deposit Scheme. However, there is no upper limit to investing in the SBI MOD scheme.

Customers can also choose MODS through the auto sweep feature in savings plus accounts. The minimal threshold balance and minimum resultant balance for auto sweep services should be, respectively, Rs 35,000 and Rs 25,000. The minimum sweep sum is Rs. 10,000, with subsequent sweep amounts in multiples of Rs 1000. Customers can also utilise the SBI Multi Option Deposit Scheme nomination option. Tax deducted at source (TDS) will be applied at the standard rate that applies to traditional FDs.

Individuals residing in India can register an SBI MODS account individually or jointly, as a minor (directly or through a guardian), as a Karta of a Hindu Undivided Family (HUF), as a firm, as a company, as a local body, or through any government department.

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