The State Bank of India offers a Multi Option Deposit (MOD) account which is also called an SBI Saving Plus Account. It is a term deposit account like (FD) linked to your regular saving or current account. It has a separate unique account number that allows customers to make a term deposit automatically.
But, for the auto sweep facility, the minimum Threshold Balance & Minimum Resultant Balance should be Rs 35,000/- and Rs 25,000/- respectively. And minimum Sweep amount of Rs 10,000/- in multiples of Rs 1000/-.
This account (MOD) allows customers to get higher interest rates as a fixed deposit account. State Bank also gives you the facility to withdraw multiples of Rs1000/- money through cheques, ATMs and INB when you need it.
So, if you maintain the maximum amount on your SBI account on monthly basis or you are a salary holder above Rs.50000/-, then this account will be beneficial for you.
What is SBI MOD Account?
The State Bank’s “Multi Option Deposit” (MOD) is a scheme that is like a Term Deposit linked to your Savings or Current Account.
Unlike normal Term Deposits (fixed deposits) which are fully liquidated anytime you need funds; You can withdraw money from your MOD account in multiples of 1000 as per your fund need.
So, Multi Option Deposit (MOD) is a product offered by the State Bank of India to its customers. But, you have to choose a tenure of a maximum of five years and a minimum of one year. If you do not select the tenure, then it will automatically be fixed for one year.
Similarly, you have to choose to receive your interest rates either monthly, quarterly, half-yearly or annually on your account savings or current account.
How to Open an SBI MOD Account Online?
There are three ways, but two ways you can open online an SBI MOD (Multi Option Deposit) account with the State Bank of India. These options are Internet Banking, the YONO Lite app, and By visiting the SBI Branch.
Note: You must have an account (regular savings or current account) with the State Bank of India to open an SBI MOD account online. But, for the first time, you need to follow the same procedure as opening a regular savings account with the State Bank.
- Online SBI (Internet Banking)
- YONO Lite App
- SBI Branch
Method 1:
By Visiting the SBI Branch:
- Visit the SBI branch and ask for the multi-option deposit (MOD) application form. For the first time, You need to open an SBI Savings Plus or Current Account.
- Attach all required documents along with your application form and submit it.
- If you are already a customer, fill out the MOD Account form with your financial details. Like Tenure, Amounts, Deposits, etc.
- Pay the required amount and the bank official will process your application for opening your SBI MOD account.
Method 2:
Through SBI Internet Banking:
This is the easiest way to open an SBI MOD account through the SBI internet banking platform. You must have a Username and Password to log in. Follow the steps given below to open an SBI MOD account online.
- Visit the official website of SBI and log in to your account by entering your username and password.
- Click on the “Deposit and Investment” tab and then select the e-TDR/e-STDR Multi Option Deposit. Click on Proceed.
- Select the details on the screen instruction, like your debit account, debit account number, tenure of deposit and MOD type. Click on Submit.
- Choose the interest payout in your account i.e. monthly or quarterly. Tick mark the check box and click on Submit.
- Review the details on the next page, and finally click on Confirm.
Method 3:
Via YONO Lite App:
This is also the same process as internet banking, you need to install the YONO Lite app and log in with your internet banking credentials.
Step 1: Download YONO Lite App and complete the basic steps to log in. Choose the e-Deposits option on the home screen.
Step 2: Select “Open Multi Option Deposit” on the next screen.
Step 3: Choose your debit account, account number, amount, tenure of deposit and MOD type. There are two types of MOD – e-TDR and e-STDR. Select e-TDR to receive interest rates periodically and e-STDR on maturity.
Step 4: Next, select the interest payout such as monthly, or quarterly. Tick mark the terms box and Proceed. Review the details and select Confirm.
So, this is how you can open an SBI MOD account online through the YONO Lite application.
SBI MOD Account minimum balance
There is an auto sweep facility is available in the SBI Savings Plus Account (MOD Account) which offers the same rate of interest as a Fixed Deposit. For the ‘Auto Sweep’ facility, the minimum threshold balance and minimum resultant balance are Rs 35,000/- and Rs 25,000/- respectively. And here the minimum sweep amount is Rs 10,000/- in multiples of Rs 1000/-.
SBI MOD Account Features
Features of the SBI MOD account are given below:
- SBI MOD account is a combination of Term Deposits/Special Term Deposits with linked to your Savings Bank or Current Accounts.
- Deposits are fully liquid and can be withdrawn in multiples of Rs1000 any number of times through Cheque/ATM/INB.
- TDS is applicable at the prevailing rate.
- The tenor of deposits for 1 to 5 years.
- A nomination facility is available.
- There is no annual fee for SBI MOD accounts.
SBI MOD Account Interest rates 2023
The auto sweep amount in your MOD account will continue to earn fixed deposit interest rates as applicable at the time of the initial deposit. Below are the tentative interest rates for SBI MOD Account, which are subject to change over time:
| Period of Investment | Interest Rates (general customers) | Interest Rates (senior citizens) |
|---|---|---|
| 7 – 45 days | 2.90% | 3.33% |
| 46 – 179 days | 3.95% | 4.30% |
| 180 – 210 days | 4.30% | 4.80% |
| 211 – 364 days | 4.30% | 4.80% |
| 365 – 729 days | 5.10% | 5.50% |
| 730 – 1,094 days | 5.20% | 5.65% |
| 3 – 5 years | 5.45% | 5.65% |
| 5 – 10 years | 5.55% | 6.25% |
How to Check SBI MOD Balance by SMS?
You can check your SBI MOD balance in a few seconds, you just need to send an SMS.
Send an SMS from your registered mobile number, Type “MODBAL” and send it to – “919220055222″. You will receive your MOD balance on your registered mobile.
How to Transfer MOD Balance to Savings Account Online?
To transfer money from your SBI MOD account to your savings account, you need to use the following steps:
- Log in to your SBI online banking and click on the Deposit and Investment tab.
- On the next page, choose Partial Closure of MOD Accounts.
- Select your account number, and enter the amount that you want to transfer. Select purpose and click on Submit.
- Review the details of the SBI MOD transfer and click on the “Submit” button to complete the process.
You have successfully withdrawn the SBI MOD amount and it will be credited to your savings account.
FAQs
A: SBI MOD account is a term deposit account like (FD) linked to your regular saving or current account. It also offers good interest rates like fixed deposits.
A: The minimum threshold balance and minimum resultant balance are Rs 35,000/- and Rs 25,000/- respectively.
A: Send an SMS from your registered mobile number, Type MODBAL and send it to – 919220055222.
Conclusion
State Bank of India offers MOD account facilities to its customers and it’s like a fixed deposit that will be linked to your savings or current account. Customers can open an SBI MOD account online through the official website or by using the YONO Lite app.
So, It is a term deposit offered by the State Bank of India where account holders can earn good interest rates on their deposits.
The minimum threshold balance and minimum resultant balance are Rs 35,000/- and Rs 25,000/- respectively. There are various Interest payout modes available which can choose the customers.
