POSTED BY March 22, 2014 4:07 pm COMMENTS (15)ON
I want to understand the process of having Multi Option Deposit Account of SBI ,I have a Savings Account when I login to SBI internet banking and select option to proceed
1) I have a savings account if via internet banking I open MOD account via my current login (there is such an option to open MOD account) then do I have to collect any paper work from bank , since it seems to be a new and different account does that mean there will be a separate ATM card, passbook and other things for MOD account.
2) with creation of e-MOD Account, it asks me to enter a sum of Rs, I am not clear with this part say if I have 57000 Rs in my account and I want to invest 50,000 in MOD Account so here I should enter 50,000 or 7,000 as I am not clear with MOD Faqs given here
As far as I understand for people in situation like mine where I do not have an immediate use of 50,000 Rs we can invest it in MOD , so when I invest this sum will it show me in my Account or I will see just 7,000Rs in account or a totally new account will be created which would be linked with this Savings account. As far as I understand it is possible to do a premature withdrawal if I need money in multiples of 1000.Let me know if I have understood any thing wrong.
3) if we break a MOD before maturity(say 1 year term), do sbi bank charge panelty?
4) My Threshhold Limit is 10,000, I have total 60,000 in my account. So wil i get FD ROI on 60,000 rupees which is more than threshold limit?
or I will start getting FD rate on amount which i deposit above 10000, say 50,000 rupee.
5) say i have some 50k in my account and term selected for my MOD is 1 year 1day. and interest rate for 1 year and above is 9%( assume). But i withdraw that 40k from my account after 9th months.
Will i get ROI on 40k as 4% which is normal interest or i will get 6month FD ROI 6%(assume it is FD rate for 6 month deposit).