SBI internet banking allows you to manage your account online. State Bank Of India customers can create a Fixed deposit account. The Multi Option Deposit (MOD) Scheme fixed deposit no longer requires a bank visit. Eligible customers with savings or current accounts (individual) can open the SBI MOD account online and offline by submitting a multi-option deposit form.
SBI MOD Account
SBI MODS are Term Deposits linked to Savings or Current Accounts (individual). Like standard Term Deposits, which must be completely terminated if funds are needed, the accounts may be withdrawn in multiples of 1000. After the first deposit, your MODS account balance will earn the Term Deposit rates.
Open SBI MOD Account
When you open a Fixed Deposit, you can’t withdraw the money without paying a fee, but you may need the money in an emergency. SBI MOD Account is linked to a savings account, so if the depositor sends a check for an amount not in the savings account, the balance is taken and paid. The depositor can also withdraw money from the MOD account in multiples of Rs.1,000.
How to Open an SBI MOD Account through Net Banking
- Go to https://onlinesbi.com on your computer or smartphone and log in with your Username & Password.
- After logging in, choose ‘Fixed Deposit’ from the main menu.
- Select ‘Fixed Deposit (e-TDR/e-STDR)’ and ‘Multi Option Deposit’ on the new page.
- Now choose your savings account and deposit the funds into your MOD account.
- You can also choose between STDR (Cumulative—interest paid at maturity) and TDR (Non-Cumulative—interest paid at intervals) and then the Tenure (time for MOD).
- Check I accept the terms and conditions, then click Submit.
- Verify that the information about MOD interest rate, maturity amount, and date is also shown on the screen.
- Confirm it by SBI OTP to generate E-S TDR built successfully.
- An amount equal to your savings account will be deducted.
That’s it. Your SBI MOD Account has been opened successfully.
How to Open SBI MOD Account through Mobile Banking
You can also use SBI Anywhere or YONO SBI mobile banking to open an SBI MOD account. Here are the steps to open a Multi Option Deposit; the process is similar to that of both mobile banking applications.
- Log in to an SBI Mobile Banking Application such as YONO SBI or SBI Anywhere.
- After logging in, click e-Deposits and then choose Open Multi-Option Deposit.
- To deposit TDR or STDR funds, click the TDR or STDR deposit option, select tenure, and submit.
- That’s all; your MOD account has been created. It’s in the e-Deposits section.
How to Open an SBI MOD Account Offline
- Visit your account home branch, and contact the helpdesk officer.
- Request for opening a MOD Account.
- Fulfil the SBO MOD Account Opening Form and submit it.
- The Bank Officer will process your account instantly.
Some of the key features of SBI MOD are:
- Opening an SBI MODS account requires a 10,000-term deposit.
- After the first deposit, individuals can deposit money in multiples of 1,000 with no limitation.
- THE SBI MOD account gets the same interest as the SBI FD account.
- An SBI MODS account has a 1-year minimum and 5-year maximum duration.
- An SBI MODS account might be withdrawn early.
- SBI MOD accounts are taxable at the source.
- A customer can acquire a loan against SBI MOD.
- SBI MODS accounts may be opened both online or at a branch.
- Auto-sweep of 10,000 applies after the linked saving or the current account balance reaches 35,000.
For more and complete details, please get in touch with the nearby SBI Branch channel or contact the SBI Customer Care Helpline Number or visit https://www.onlinesbi.sbi/sbijava/osbi_etdr_mod_faq.html
