MOD stands for Multi Option deposit. SBI bank offers the option to automatically sweep any additional amount into a MOD account. This guide will explain what mod balance is and how to check it in SBI.
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What is MOD balance?
Multi option deposit automatically transfers the excess amount from your account into a fixed deposit. If your account balance is greater than the specified amount, the remainder will be transferred to a MOD balance.
A MOD account receives a higher rate of interest. Mod account are generally set up for a 1 year term.
SBI MOD scheme has some of the most significant features:
- A minimum term deposit amount of Rs 10,000 is required to open an SBI MODS Account.
- After the initial deposit, individuals can deposit multiples of 1000 and there is no maximum amount.
- SBI MOD account earns the same interest as SBI FD account.
- SBI MODS accounts are limited to a minimum of 1 year, and maximum up to 5 years.
- An SBI MODS account allows for pre-emptive withdrawals.
- SBI MOD accounts are subject to tax deducted at source.
- An individual can get Loan against SBI Multi Option Deposit scheme.
- An individual can open an SBI MODS Account online or at a branch.
- An auto-sweep Rs 10,000 is only possible if the current or linked savings account has a minimum balance Rs 35,000
Anyone can open an SBI MOD account. An individual can open an SBI MOD account.
- Indian Residents
- Hindu Undivided Family
- Local Bodies and Any Government Department
how to check mod balance in sbi atm
You can check the mod balance of your SBI account quickly using two methods
- Through SBI YONO Lite App
- Internet Banking
Method 1 – how to check mod balance in SBI with Yono Lite app
- Install the SBI Yono lite app on your smartphone and login with your internet banking user id and password.
- After logging in to your account, click onMy accountsOption.
- Tap on the screen to activateSummary of accountsOption.
- Now, tap the button on the screen.Deposits AccountsOption.
- Here you can check the balances in all MOD accounts.
- Open the SBI internet banking website on your phone/computer – https://www.onlinesbi.com/.
- Log in using your User ID password.
- Click theSummary of AccountOption.
- Underline the screen on the new screenSection DepositsYou can see all of your MOD accounts.
- To check mod balance in sbi, click on the “Click Here for Balance” button.
This is how to check your mod balance in SBI.
How do I withdraw money from my mod balance ?
When your main account balance drops below a certain amount, the MOD account balance amount may be withdrawn. If my main account balance drops below 25000 rupees, the mod account balance will be credited multiple of 1000 rupees to my main account balance.
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