SBI Multi Option Deposit Scheme: FD money can be withdrawn when needed, know 10 big things

SBI ATM Rules Change

SBI Multi Option Deposit Scheme: The last date for tax submission is near. In such a situation, taxpayers are paying attention to the investment to get the rebate. A fixed deposit (FD) remains a preferred investment even today. A big reason for this is the returns it receives. But the problem with fixed deposits is that you give your money to the bank for a certain period of time. State Bank of India Multi Option Deposit Scheme (MODS) is a kind of fixed deposit scheme, where you can withdraw money in multiples of 1000 at the time of need. Let’s know the ten big benefits of the Multi Option Deposit Scheme: –

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SBI Multi Option Deposit Scheme:

1- You can start it with at least Rs 10,00. After this, you will have to pay an installment of 1000 rupees. 

2- There is no limit for maxim term deposits. 

3. Like SBI FD, here also the interest rate will be 2.9% to 5.9%. These rates are effective from 8 January 2021

4- Multi option deposit scheme can be opened for at least 1 year and maximum for 5 years. 

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5- The biggest feature of this scheme is that you can withdraw money ahead of time. On FD up to Rs 5 lakh, if you withdraw money before time, you will incur a penalty of 0.50%. And at an FD between 5 lakh and 1 crore, this penalty will be one percent. No interest is paid on deposits less than 7 days.

6- Individual, joint, minor, firm, company, local body, anyone can invest in it. 

7- TDS deduction will also be applicable here. 

8- Loan facility will also be available on MODS. 

9- You will also be able to nominate someone in this account.

10- It can be opened through branch and SBI website.

Also, Read This: SBI Overdraft Facility: Customers can withdraw money more than the balance contained in their bank account

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