Process of opening Multi Option Deposit (MOD) Account SBI Bank

POSTED BY kktty11 ON March 22, 2014 4:07 pm COMMENTS (15)


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).


15 replies on this article “Process of opening Multi Option Deposit (MOD) Account SBI Bank”

  1. Vijay says:

    Where does that interest on mod is reflected. It is not showing in my saving account statement

    1. Hi Vijay

      This is very specific query which you should follow up with the concerned authority only. We wont be able to comment on that


  2. DEEPALI says:

    how to create threshold limit for my MOD..

    1. From your bank itself. Talk to them

  3. Nishant says:

    if we break a MOD before maturity(say 1 year term), do sbi bank charge panelty

  4. subhanka77 says:

    I already have mod account at state bank but due to need of fund i exhausted all balance from saving and mod account and now my current balance is Rs.540 . I want to know how much money i would need to deposit to start mod account again?( my a/c threshold limit is Rs.5000)

    1. This is very specific to your bank and you should talk to them regarding this.

      1. subhanka77 says:

        my account @ SBI

  5. kktty11 says:

    Ok thanks.

  6. kktty11 says:

    I had tried to have e-MOD via the Internet Banking I had 66K in account and tried opening an MOD with 66000 the system showed error citing insufficient funds. Does this means my SB Acct should have sum beyond what I am trying to deposit.

    1. Hemanth Chandra says:

      Dear kktty11,

      There will be some minimum balance for the savings account. Suppose your minimum balance for you savings account is 5k. So, try with 61k. Hope it works.


  7. ashalanshu says:

    Dear KKtty, Please read this and ask for help here again if your doubts are not clear.



  8. kktty11 says:

    I am myself not aware of any thing I opened thread because I am full of confusion with respect to MOD account and want some knowledgeable person on forum to clarify my doubts.

  9. ashalanshu says:

    Dear KKtty, what about taxation on MOD interest?



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