SBI Account: If you are a State Bank of India (SBI) customer then you should know this. Do you know what a Multi Option Deposit (MOD) account is and what are its benefits? A MOD account is a combination of your transactional (debit) account and deposit account. These are the Time Deposits but at the time of need for funds, withdrawals can be made in units of Rs 1,000 from the deposits by issuing a cheque from Savings Bank Account or from ATM / branch or through any other channel.

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This kind of deposit is completely liquid. The sum of available balance in the transactional account and MOD balance can be used for issuing cheques or withdrawal or making any other payment.

The tenure of MODs is between 1 and 5 years. You can open a MOD account with a minimum amount of Rs. 10,000 with increments in multiple of Rs 1000. However minimum and maximum amount limit may vary for different product codes.

Interest rates for a term deposit:

The interest rates vary from time to time. You can view the latest interest rates by clicking on "View current interest rate" link provided in e-TDR/e-STDR (MOD) request page. If you are a senior citizen, you can avail additional rate of interest in e-TDR/e-STDR (MOD). The date of birth in Bank's record will be considered for age calculation. The minimum days and minimum amount applicable for additional rate of interest for senior citizens will be as per Bank's discretion. In case of joint accounts, the senior citizen benefit can be availed only if the first account holder qualifies for this benefit.

How to find maturity amount:

The maturity amount is based on the tenor and type of a/c selected by you. You may enquire the maturity amount, maturity date and rate of interest, without opening e-TDR/e-STDR (MOD) through "Enquiry" tab available in e-TDR/e-STDR (MOD) page.

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You can visit the SBI website to know more details.