SBI Offers Multi-Option Deposit Scheme: 5 Things To Know
SBI (State Bank of India), the country's largest lender, offers the option of opening a multi option deposit scheme (MODS) account under its personal banking portfolio. SBI multi option deposit scheme is a type of fixed deposit or term deposit scheme. A fixed deposit is financial instrument offered by banks and other financial institutions which offers guaranteed returns. Unlike normal term deposits which are fully liquidated anytime you need funds; you can withdraw from a MODS account in multiples of Rs. 1,000 according to your needs, said SBI on its official website, sbi.co.in.Â
Here are key things to know about SBI multi option deposit scheme:Â
1. Amount: The minimum fixed deposit amount for opening the multi option deposit account is Rs. 10,000. Any deposits above this amount are required to be in multiples of Rs. 1,000, according to SBI. However, there is no upper limit.Â
2. Tenure: For SBI's multi option deposit scheme, the minimum tenure is one year and the maximum tenure is five years.
3. Rate of interest: SBI pays the same interest on a MODS account as a fixed deposit account. SBI revised its interest rates on fixed deposits with effect from February 22. FD interest rates for deposits below Rs. 2 crore are:
| Tenors | Revised For Public w.e.f. 22.02.2019 | Revised for Senior Citizens w.e.f. 22.02.2019 |
|---|---|---|
| 1 year to less than 2 year | 6.8 | 7.3 |
| 2 years to less than 3 years | 6.8 | 7.3 |
| 3 years to less than 5 years | 6.8 | 7.3 |
4. Premature withdrawal: Customers also get the facility of premature withdrawal. Rules of premature withdrawal of a fixed deposit (FD) account are applicable on the multi option deposit account, according to SBI.
5. Other facilities: Nomination and loan facilities are also available with SBI's fixed deposit scheme, mentioned the lender on its portal.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
-
Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
-
'Never Seen This Level Of Negativity': Sandeep Tandon Says The Next Rally May Be Closer Than You Think
Veteran investor Sandeep Tandon says foreign selling is easing, large-caps are due a comeback and mid-caps are crowded, while he turns positive on gold, power and pharma this Diwali.
-
Indians Stay With Family, Not In Hotels | The Reason Why
India still lacks enough clean, reliable and affordable hotels for budget-conscious travellers.
-
The Economic Imperative: Analysing The Material Driving Force Behind India-Canada Strategic Reset
This economic complementarity is further reinforced by deep institutional investment ties and talent mobility, which form the bedrock of the bilateral framework.
-
Medicine Pricing: Where Must Profit Stop?
India must confront excessive margins, hidden incentives and regulatory gaps that threaten the integrity of medicine.
