State Bank of India MOD Account: How to Create a MOD Account in SBI Bank, MOD Balance in SBI Check, How to Close a MOD account at www.onlinesbi.com
SBI Bank customers can avail flexible banking and financial services using digital systems. They are eligible to operate bank accounts at the comfort of their homes and access unique features. SBI bank goes beyond the norms by providing accounts to boost users’ main bank accounts. The MOD (Multi Option Deposit) is a special account designed by SBI Bank for customers financial needs.
SBI MOD Account
The MOD (Multi Option Deposit) account is an account or term deposit linked with your checking account/saving account.The MOD account helps the user withdraw funds if their saving accounts have insufficient balance. MOD account is quite different from traditional term deposit accounts as it acts as a liquid account. This means the account holder can break or withdraw funds anytime in multiple Rs.1000.
SBI MOD Interest Rates Table
|Savings Bank Deposit Slabs||Existing Rate of Interest||Revised Rate of Interest w.e.f. 31.05.2020|
|SB Deposit accounts with balances upto Rs. 1 lakh||2.75% p.a||2.70% p.a.|
|SB Deposit accounts with balances above Rs.1 lakh||a) 2.75% p.a. for balance upto Rs.1 lakh|
b) 2.75% p.a. for balance above Rs.1 lakh.
|a) 2.70% p.a. for balance upto Rs.1 lakh|
b) 2.70% p.a. for balance above Rs.1 lakh
Eligibility Criteria for MOD Account
The following SBI customers can apply for the MOD account.
- Non-Indian Residents
- Indian citizens
- Hindu Undivided Family
- Local bodies and government sectors.
How to Create SBI MOD Account in SBI Bank Online
How to create a MOD account in State Bank using the Internet Banking system
- Go to your internet Banking (OnlineSBI) website page
- Enter your user id, password and captcha code to access the page on the login page.
The portal will send an OTP code to your registered mobile number.
- User the OTP to verify the details and log in
On the account page select the option “fixed deposit” >”Fixed Deposit (e-TDR/e-STDR) option.
- Now, choose “Multi Option Deposit” and proceed to the next page.
Select your saving account and enter the amount you wish to deposit in the MOD account.
- Next, click the options
“STDR (Cumulative interest paid at maturity) or TDR (Non-cumulative interest paid at selected intervals).
- Proceed and select the tenure/period for the MOD account
Select the checkbox indicated as “I accept the terms and conditions” options.
- Review all the details and click the “submit” button
The user can verify all the MOD account details and check several information such as MOD interest rates, maturity amount, maturity date and more.
- Now, click the “confirm” button, the system will send an OTP to your mobile number
Enter the OTP to validate the information.
- The page will display a message stating, ” E-S TDR is created successfully.”
Note the system will debit from your saving account and debit your new MOD account.
How to Check SBI MOD Balance at Onlinesbi.com
- Open the SBI internet Banking website portal.
- Enter your login credentials to access the page details.
- Select “account summary” under the “deposits” section on the menu.
- The option allows the user to view all MOD accounts.
- Now click the “click here for balance” tab to display the MOD balance on your screen.
How to Check SBI MOD Balance Using SBI YONO Mobile APP
New users can download the YONO app on their mobile devices to access SBI banking services.
- Open your SBI YONO on your mobile phone.
- Enter the login details to access the app.
- Next, select “e-deposits” > “eDeposit enquiry.
- The user can also click the “My Relationship” >”My Deposits” options.
- Now choose your MOD account number to access the balance.
How to Close SBI MOD Account
The MOD account holder can close the account anytime using the steps below.
- Navigate to your SBI internet banking (onlinesbi) website page link.
- Enter your user ID, password and captcha code to log in.
- Next select the option “fixed deposit” > “e-TDR or e-STDR FD.”
- Choose the e-TDR/ e-STDR MOD option to continue.
- Now, click the “close A/C permanently” option >choose your MOD account.
- Enter the OTP sent to your mobile number for verification.
- The system will display the amount in the linked saving account.
- The account holder should then write a letter to the SBI bank requesting closure and terminating the automatic transfer system on the MOD account.
Features of SBI MOD Account
- The investment period ranges from one year to five years.
- SBI MOD account is similar to a term deposit account. However, the account is a liquid account, unlike traditional term deposits.
- The MOD account allows for multiple withdraws of Rs. 1000.
- The minimum deposit to open a MOD account is Rs. 10 000. The account holder can invest any amount without limitation.
- The interest rates are flexible.
- What is TDE and STDR in the SBI MOD account?
The user using the TDR option will receive interest rates at different intervals. For STDR, the user will receive an interest rate after the maturity period.
- Can a MOD account user withdraw funds from the ATM?
Yes, it's possible to withdraw money from ATMs and other SBI banking facilities.
- Is it possible to send back money to my SBI saving account from the MOD account?
The MOD account is not limited; the user can transfer funds between the accounts.
For more information visit https://www.onlinesbi.com