SBI multi option deposit scheme: If there is safety, good returns and flexibility in investment, then it is accessible to everyone. There are many such investment options available in the market today that suit your every need. One such option is Multi Option Deposit.
The biggest advantage of State Bank of India (SBI) Multi Option Deposit is that you can withdraw money whenever you want. In this investment, you can also withdraw money with the help of ATM. MOD (Multi Option Deposit- MOD) is linked to your savings account.
Another advantage of multi option deposit account is that you need money and have less money in your savings account then you can transfer money from MOD account to your savings account and withdraw money with the help of ATM.
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This account is like FD
SBI says that the way a fixed deposit account is opened in a bank, in the same way a multi option deposit account can be opened. Investment in SBI Multi Option Deposit account can be started with Rs 10,000. More than that can be deposited in multiples of 1000. There is no maximum deposit limit. Here you can invest from one year to 5 years.
TDS is deducted on interest
If the amount of interest earned on your multi option deposit account is more than Rs 10,000, then TDS is deducted on it. In case of PAN card details submitted, it will be 10 percent and in case of non-deposit, it will be 20 percent TDS. Loan can also be taken against MOD account. It also has the facility of nomination. Auto renewable facility is not available. This account can be transferred from one branch to another.
The same interest is available on MODS as on Fixed Deposit (FD) of SBI.
SBI MOD Account
SBI MOD account can be opened for 1 to 5 years. It has the facility to withdraw money before maturity. There is also the facility of taking loan and nomination on this investment. It can be transferred from one branch of the bank to another branch. It is mandatory for you to maintain a minimum balance in the savings account linked to the multi option deposit.
Tags: Bank FD, FD Rates, sbi
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