Do you want to open SBI MOD account online for your Saving account? Then here we will tell you how to open SBI Multi-option deposit account online through net banking and mobile banking.
What is SBI MOD?
SBI Multi Option Deposit Scheme (MODS) are Term Deposits linked to the Savings or Current Account (individual). Unlike normal Term Deposits which are fully liquidated anytime you need funds; you can withdraw from a MODS account in multiples of 1000 as per your fund need.
The balance amount in your MODS account will continue to earn the Term Deposit rates applicable at the time of initial deposit.
SBI MOD Benefits:
- Withdraw Money from MOD account through ATM
- Transfer money from MOD account to your account
- Same FD Interest rate applicable for MOD account
- Can be opened online, close anytime
- Tenure: Minimum tenor is 1 years and maximum is 5 years
- Minimum Term Deposit Amount for MOD Creation is 10,000, maximum no limit
Open SBI MOD account using Net Banking
If you have SBI net banking facility then you can directly open your MOD account online by log in to Internet Banking.
Open SBI Internet Banking login page and login: https://retail.onlinesbi.com/retail/login.htm
After login, click and open Fixed Deposit section. Here you can see e-TDR/e-STDR (FD), click on it.
Next page, select e-TDR/e-STDR (MOD) Multi Option Deposit and proceed.
Now select your Debit Account number, enter MOD amount, select senior citizen option if you are a senior citizen, select deposit options like TDR or STDR, enter tenure for your MOD and submit.
In the last step, confirm your MOD opening request.
Congrats, your SBI MOD account opened successfully, you can view your MOD account in Fixed Deposit section.
Open SBI MOD account through Mobile Banking
You can also open SBI MOD through SBI Anywhere mobile banking application.
Login to SBI Mobile Banking application.
After successful login, tap and open e-Deposits and next screen select Open Multi Option Deposit.
On the next screen, select your Debit account number, enter the amount, select TDR or STDR deposit option, select tenure and submit.
That’s it, your MOD account created successfully. You can view it on e-Deposits section.
- To see the present interest rates, please click on the link View interest rate.
- Functionality for creating MOD is currently available only for Savings Account.
- e-TDR/e-STDR (MOD) can be opened for 1 year to 5 years.
- e-TDR/e-STDR (MOD) can be opened only if mode of operation is ‘Single’ or ‘Either or Survivor’ or ‘Any A/c Hold or Surv’ or ‘Power of Attorney’ or ‘Letter Of Authority’ or ‘Sole Minor-Above 10 Year’ or ‘Nat Guard Of Minor’ or ‘Former or Survivor’ and ‘Latter or Survivor’.
- For e-TDR MOD, the interest will be credited to the savings account selected above
Q.1 What is TDR and STDR in MOD Deposit option?
- If you selected TDR option then you will receive interest rate on intervals (monthly/Quarterly) and if you selected STDR then interest will be paid on maturity.
Q.2 Can I Withdraw money from MOD account at ATM?
- Yes, you can withdraw money from your MOD account through ATM.
Q.3 Can I transfer money back to my saving account?
- Yes, you can break your MOD account and transfer money to Saving account.
Q.4 Can I close my SBI MOD account online?
- Yes, you can close your MOD account online.
I hope you now understand how to open SBI MOD account online. You can select this deposit scheme instead of normal FD.