Multi option deposit is just like fixed deposit, in this, you can also withdraw from ATM if needed

According to the information available on SBI’s website, at least Rs 10,000 can be deposited in Multi Option Deposit (MOD). More than that can be deposited in multiples of 1000.

Money can be withdrawn if needed.

fixed deposit ,Fixed Deposits) is the traditional means of investment. Over the years, it has won the confidence of investors. Under FD, one has to deposit a lump sum amount. Interest can be paid at the same time on maturity or on monthly, quarterly, half yearly and yearly basis. if you term deposit ,Term Deposits If I want to make premature withdrawal, then pre-closure charges will have to be paid. In such SBI Multi Option Deposit ,SBI Multi Option Deposit) is the right investment option. In this, the investor can withdraw money whenever he wants. SBI Multi Option Deposit investors can also withdraw money with the help of ATMs. SBI Multi Option Deposit is linked to your savings account. If there is not enough money in the savings account as you want to withdraw, then the rest of the balance is transferred through MOD. This withdrawal can also be done with the help of ATM. However, it must be in multiples of 1000.

According to the information available on SBI’s website, the eligibility criteria for fixed deposits are the same for multi option deposits. At least 10 thousand rupees can be invested in SBI MOD. More than that can be deposited in multiples of 1000. There is no maximum limit for submission. Talking about the duration of MOD, it can be for a minimum of 1 year and a maximum of 5 years.

TDS will be deducted if interest is more than 10 thousand

If the interest income on the multi option deposit account is more than 10 thousand then TDS will be deducted. In case of PAN card details submitted, it will be 10 percent and in case of non-deposit, it will be 20 percent TDS. Loan can also be taken against MOD account. It also has the facility of nomination. Auto renewable facility is not available. This account can be transferred from one branch to another.

The same interest is available on MODS, which is on a normal FD in SBI. In this, after withdrawal, interest continues to be received on the amount remaining in the MOD. Know what are the special features of this scheme.

  1. SBI MODS can be opened for a period ranging from 1 year to 5 years. It also has the facility of premature withdrawal.
  2. The facility of taking loan and nomination is also available on MODS. It can be transferred from one branch of SBI to another.
  3. It is mandatory for the customer to have the MOD to maintain a minimum monthly average balance in the savings account linked to it.
  4. In case of break of MOD, interest will be paid along with penalty at the rate of interest applicable for the period for which the broken amount remained in the account and the principal rate of interest will be applicable on the balance amount.
  5. If there is a mark for a particular account, then further breaking of units will not be allowed.

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