Cash lying idle in your bank account?
Invest as low as Rs. 1,000 in Mutual Funds and enjoy higher returns.
  • Fixed Deposit BYTES FROM OUR KITCHEN

    SBI MOD (Multi Option Deposit) Scheme: Features and Interest Rates

    Once money has been invested in a fixed deposit, it is pretty much inaccessible to the depositor, unless they go in for a premature withdrawal. But what happens if the need is great but not too big in terms of the amount needed. Would it really make sense to break a big deposit for a few thousand rupees? This is the ideal situation that an MOD, or a Multi Option Deposit, is meant to handle. SBI MOD is actually linked to a savings account and this helps because in case the depositor issues a cheque for an amount that is not present in the savings account, the balance is withdrawn from the SBI MOD account and paid. The depositor also gets the option to withdraw amounts in multiples of Rs. 1,000 from the MOD account through ATMs.

    Eligibility Criteria for applying for MODs

    The eligibility criteria for the SBI MOD is the same as that for all other Fixed Deposits. This is a product that is available to all those residing in India, and at times also to non-resident Indians. This deposit may also be available to entities like HUF, companies, organisations and various other groups of people.

    SBI Multi-Option Deposit Rates of Interest

    The SBI MOD interest rates* in 2019 (for deposits below Rs.1 crore) are similar to regular SBI FD rates:

    Tenure Regular FD Interest Rates (p.a) Senior Citizen FD Interest Rates (p.a)
    7 days-45 days 5.75 6.25
    46 days- 179 days 6.25 6.75
    180 days- 210 days 6.35 6.85
    211 days < 1 year 6.40 6.90
    1 year < 2 years 6.70 7.20
    2 years < 3 years 6.75 7.25
    3 years < 5 years 6.80 7.30
    5 years and up to 10 years 6.85 7.35

    *- The interest rates enlisted based on the update given by SBI as of 30 July 2018.

    With this fixed deposit, senior citizens can earn 0.50% more than the applicable rates of interest. For those depositors, who are working for SBI or have retired from the organisation, the interest rates are 1% more than the applicable rates.

    Always remember that banks can change the interest rates from time to time so it best to find out the current rates before investing.

    Features of the SBI Multi Option Deposit

    Account Type

    Single and Joint

    Amount

    Min: The minimum amount that can be invested in the SBI MOD is Rs. 10,000. If further deposits are made, then they need to be in multiples of Rs. 1,000.

    Max: The bank has assigned no upper limit on the amount that can be invested in the MOD account.

    Rate of Interest

    Min: The minimum interest rate that can be earned on MOD is 5.75% per annum.

    Max: The maximum interest that can be earned is 6.85% per annum.

    The interest rates will depend on the tenure of the deposit and the amount that is deposited.

    Tenure

    Min: The minimum tenure for which this deposit can be opened is 1 year.

    Max: The maximum permissible tenure for MOD, unlike regular SBI FDs, is 5 years.

    TDS

    Tax can be deducted at source if the interest earned on the deposit is more than Rs. 10,000 during the financial year. The tax rates applicable can be 10% or 20% depending on the depositor's ability to provide PAN details.

    Loan against the scheme

    This deposit cannot be used to secure a loan.

    Nomination (if any)

    Nomination facilities are available with this deposit.

    Auto Renewals

    Not applicable

    FAQ's on SBI MOD:

    Q. What determines the mode of operation for this deposit?

    A. The mode of operation depends on the savings account linked to the account. If the account is a joint account then the MOD too with be operated jointly.

    Q. Can I open and close this account online?

    A. While it is possible to open an SBI MOD online, it is not possible to close it online.

    Q. Can I open a MOD with any type of account linked to it?

    A. No. MODs can only be opened with a savings bank account linked to them and even then the conditions state that the account needs to be an active one; dormant or discontinued accounts won't work.

    Q. What happens to the maturity amount in this FD?

    A. In most cases, the maturity amount can be transferred to an account of your choosing but with MODs the maturity amount is only deposited in the account to which the FD is linked.

    Q. Are premature withdrawals permitted for this fixed deposit?

    A. Yes, depositors can go in for a premature withdrawals but such withdrawals will be subject to the rules for TDR and STDR.

    Useful Information on SBI Fixed Deposit

    Perfect Fixed Deposits Deals for you

    SBI MOD Reviews

    • SBI Fixed Deposit
      "Trusted Saving with SBI"
      0.5 3.0/5 "Satisfactory"
      All we know, SBI is a government bank, that is the reason I have availed fixed deposit from them. As per the current financial year they are providing the interest around 6%, I opened the account through online, but for the closure I think I need to visit the bank.
      Was this review helpful? 4
      , pune
      Reviewed on Feb 25, 2019
    • SBI Fixed Deposit
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken my fixed deposit with STATE BANK OF INDIA, their service is good they provide me good interest rate,my deposit is good in growth, and I am making payment through on line like it get auto debited, and till now experience with this bank was good.
      Was this review helpful? 10
      , hyderabad
      Reviewed on Feb 20, 2019
    • SBI Fixed Deposit
      "Good service"
      0.5 4.0/5 "Great!"
      I have fixed deposit with SBI,As per the bank norms rate of interest is up to 6.88%. I opened the account through bank, There is no maturity period, like it is no fixed period, i can keep on deposit whenever i want and i take whenever i need it is unlimited, Their service is good.
      Was this review helpful? 6
      , bangalore
      Reviewed on Feb 14, 2019
    • SBI Fixed Deposit
      "Good saving for future"
      0.5 4.0/5 "Great!"
      SBI FD account is good, 2 months back I opened this account through offline, I have invested some amount its good, the interest rate is around 8% per annum. The customer support is very good . I can access account through online banking its fine.
      Was this review helpful? 3
      , bangalore
      Reviewed on Feb 09, 2019
    • SBI Fixed Deposit
      "Safe and secured investment"
      0.5 5.0/5 "Blown Away!"
      Currently FD interest rate is around 6.5% for per annum. I deposited one time amount of Rs. 2 lakhs for one year, I have activated the service through online, I have netbanking option to track the details, before expiry if we withdraw the amount but there will be interest various applicable.
      Was this review helpful? 4
      , bangalore
      Reviewed on Feb 07, 2019
    • SBI Fixed Deposit
      "Good for savings"
      0.5 4.0/5 "Great!"
      I have fixed deposit with SBI, I deposited one time amount of Rs. 2 lakhs. As per the bank norms rate of interest is 11.50%, I opened the account through bank, on time they activated the fixed deposit. There is no proper coordination with the staff end.
      Was this review helpful? 14
      , hyderabad
      Reviewed on Feb 01, 2019
    • SBI Fixed Deposit
      "Need quick service"
      0.5 2.0/5 "Expected more"
      I have invested Rs. 2 lakhs in SBI fixed deposit, the interest will be calculated 7.5% for per year. They don't have any fee for account maintenance. I went to the branch to open fixed deposit but they taken 2 days of time to activate because they collected lots of documents for FD account opening.
      Was this review helpful? 9
      , hyderabad
      Reviewed on Jan 21, 2019
    • SBI Fixed Deposit
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have invested the fixed deposit with State bank of India.the services which they had provided so far has been average.The interest rate with them has been good and the growth with the investment has also been good.maturity period going to get renewal.one it will get mature will do renew of that deposit,there overall service is quite average.
      Was this review helpful? 5
      , bhubaneshwar
      Reviewed on Jan 21, 2019
    • SBI Fixed Deposit
      "Good FD account"
      0.5 5.0/5 "Blown Away!"
      I have invested the fixed deposit with State bank of India. Since the branch is nearest by my home and they have given me a locker facility hence i have chosen the fixed deposit with SBI. Overall, I'm very much satisfied with the services with SBI.
      Was this review helpful? 7
      , hyderabad
      Reviewed on Jan 18, 2019
    • SBI Fixed Deposit
      "Best Investment plan"
      0.5 5.0/5 "Blown Away!"
      I have taken fixed deposit account in State Bank Of India . They are not charging any charges for the account . I used to get income tax benefits . Am satisfied with the customer service and response.They are giving good rate of interest . Overall am happy with my account .
      Was this review helpful? 8
      , ahmedabad
      Reviewed on Dec 29, 2018
    • SBI Fixed Deposit
      "Very Good Service"
      0.5 4.0/5 "Great!"
      I had made this investment pretty long time back and the services which they had provided so far has been good. The interest rate with them has been good and the growth with the investment has also been good. Their customer support has been helpful in guiding with everything.
      Was this review helpful? 11
      , bangalore
      Reviewed on Dec 14, 2018
    • SBI Fixed Deposit
      "Good Investment Plan"
      0.5 4.0/5 "Great!"
      I have taken fixed deposit account in STATE BANK OF INDIA . They are not charging any charges for the account . I used to get income tax benefits . Am satisfied with the customer service and response.They are giving good rate of interest . Overall am happy with my account .
      Was this review helpful? 9
      , mumbai
      Reviewed on Dec 12, 2018
    • SBI Fixed Deposit
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I had a Fixed Deposit account with SBI and my experience was average, an amount of Rs 20000 is paid as a fixed amount. Customer service was not up to the mark with SBI. I am not aware of the returns in this Fixed deposit account.
      Was this review helpful? 9
      , kolkata
      Reviewed on Nov 20, 2018
    • SBI Fixed Deposit
      "Good returns"
      0.5 5.0/5 "Blown Away!"
      I had a Fixed Deposit account with SBI and my experience was good, an amount of Rs 1 lac is paid as a fixed amount. Customer service was very good and they explained all the terns and conditions. I am satisfied with the returns in this Fixed deposit account.
      Was this review helpful? 8
      , gurgaon
      Reviewed on Nov 20, 2018
    • SBI Fixed Deposit
      "Good Investment"
      0.5 5.0/5 "Blown Away!"
      I have fixed deposit in SBI, the interest rate is good around 8.9% for the period of one year. I can invest the min of Rs. 500 to 15 lakhs, I have not tried reaching them because everything is going well. I get message every time after making a payment on month basis.
      Was this review helpful? 11
      , hyderabad
      Reviewed on Nov 12, 2018
    • SBI Fixed Deposit
      "Average Investman plan"
      0.5 2.0/5 "Expected more"
      I have taken Fixed deposit account from the state bank of India . There is no additional charges for the account. It is short term investment plan for 5 years but am not satisfied with the rate of i9nytrest which they are giving . I used to get income tax benefits . Customer service and response is not that much good .
      Was this review helpful? 6
      , bangalore
      Reviewed on Nov 10, 2018
    • SBI Fixed Deposit
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      I have a fixed deposit account with State Bank of India. The experience is fine and there are no hassles to open this account. The interest I earn on this account is also satisfactory. The customer support and response is good at the bank. It has been a smooth process.
      Was this review helpful? 1
      , bangalore
      Reviewed on Oct 27, 2018
    • SBI Fixed Deposit
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have a Fixed Deposit with SBI from last 3 years, i am satisfied with the returns of Fixed Deposit which is 8%-9%. The maturity period for Fixed Deposit is 5 years. Customer support was very good and they explained all the terms and conditions..
      Was this review helpful? 11
      , secunderabad
      Reviewed on Oct 19, 2018
    • SBI Fixed Deposit
      "Good in all"
      0.5 3.5/5 "Pretty good"
      I hold a fixed deposit account with State Bank of India. I had to visit the bank to open this account, it is a tedious process as it was not online. I had to fill in the application for the same. In all there has been a very good experience. Good overall.
      Was this review helpful? 3
      , bangalore
      Reviewed on Oct 18, 2018
    • SBI Fixed Deposit
      "Good service"
      0.5 4.5/5 "Excellent!"
      I have a Fixed Deposit account with SBI from last 4 years, the maturity period for this FD is 18 years. I invested an amount of Rs 5 lacs in Fixed Deposit account. Customer service was good with SBI and i get good returns of 8% after the maturity period.
      Was this review helpful? 14
      , hyderabad
      Reviewed on Oct 01, 2018
    Common Loader Icon

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.