Many people consider investing in fixed deposits, but only some know which bank to choose or the interest rates. The largest government bank in India, SBI, has introduced a new multi-option deposit scheme, SBI MOD FD. Unlike other fixed deposits, you can withdraw funds from this account anytime without paying additional fees.
State Bank of India (SBI), India’s largest public sector bank, has launched a special deposit scheme called the Multi Option Deposit Account (MOD). Unlike normal FD schemes, this fixed deposit scheme allows you to withdraw the saved money whenever you want, where savings cannot be withdrawn within a certain period. With the SBI MOD FD Scheme, you can partially withdraw the amount saved in your account whenever you like without paying any additional fees or penalties. You can withdraw Rs. 1000, Rs. 2000, Rs. 3000, or multiples thereof from this account, and the remaining amount earns interest as predetermined.
You can open an SBI MOD account by visiting your nearest SBI branch or online through the SBI portal. If you need to withdraw money urgently, you can do so directly from the ATM or through a cheque.
In this special SBI MOD FD scheme, regular customers will receive 7% interest, while senior citizens will receive an additional 0.50% interest. This means that senior citizens will receive 7.50% interest. Any Indian citizen, non-resident Indian, Hindu Undivided Families (HUF), and companies can join this scheme.
Apart from SBI MOD, SBI offers other special fixed deposit schemes, including SBI Vcare FD for senior citizens, Amrit Kalash for a special tenure of 400 days, Sarvotham Fixed Deposit, and SBI Green Rupee Term Deposit. Senior citizens receive an additional 50 basis points of interest than regular citizens in any fixed deposit.
For more details, please get in touch with the nearby State Bank Of India Bank Branch Channel or visit their official Website at https://sbi.co.in/web/personal-banking/investments-deposits/deposits/mod.
