SBI Indian Banks Special FD schemes at the time of need, you can withdraw money like a savings account

SBI Indian Bank’s Special FD schemes: Even today many people consider Fixed deposits ie FD as a simple and accessible medium of investment/savings. But the biggest difficulty with FD is that when needed, you have to break the entire FD, even if the need is only a small amount.

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But there is also an FD of SBI (State Bank of India) from which you can withdraw some money just like a savings account at a time of need. You will continue to earn interest on the remaining money in FD. That means you will not need to break the entire FD.

The name of this FD scheme is SBI Multi Option Deposit Scheme (MODS). Let us know about this scheme in detail:

It’s a type of term deposit:

SBI MODS is a type of term deposit, but its specialty is that it is linked to the savings or current account of the depositor. The same interest is available on MODS as on a regular FD in SBI.

After withdrawal, interest is accrued on the balance amount in the MOD based on the FD rates applicable at the time of the initial deposit. In the case of MODS, you can withdraw the amount in multiples of 1000 as per your requirement. Remember that the prescribed AMB (Average Monthly Balance) has to be maintained in the linked savings bank / current account.

Features of MODS:

Deposits can be made in this account for a minimum of 1 year and a maximum of 5 years.
Deposits are fully liquid and can be made through Cheque/ATM/Internet Banking up to Rs. Money can be withdrawn any number of times in multiples of 1000.
Under MODS, an account can be opened for a minimum of Rs 10,000.
The interest on deposits in this account is the same as on term deposits. Senior citizens will get interest at the regular rate + 0.50 percent additional rate.
TDS is applicable on deposits in the scheme at the prevailing rate.
Nomination facility available, and
Loan facility available.

Those with Savings Plus accounts can also take advantage

Those with Savings Plus accounts can also take advantage of SBI Savings Plus accounts with the provision of MOD through an auto sweep facility. For the ‘Auto Sweep’ facility, the Minimum Threshold Balance and Minimum.

The resultant Balance in the Savings Account/Current Account will be Rs. 35,000/- and Rs. 25,000/- should be. Rupee. 1000/- in multiples of the minimum sweep amount Rs. 10,000/- is.

Remember that the above restriction on threshold limit will be applicable only for availing auto sweep facility and irrespective of the threshold level, the minimum amount required to be deposited by the customers is Rs. 10,000/- can be continued to open individual stand-alone MOD including e-MOD.