MOD stands for Multi Option Deposit. SBI bank gives the facility to auto sweep the extra amount into MOD account. In this guide, we will see what is mod balance and how to check mod balance in SBI.
What is MOD balance
Multi option deposit is a facility which automatically sweeps the extra amount from your account to a fixed deposit. When your account balance exceeds the particular amount, the remaining amount will be transferred to a MOD balance.
MOD account gets a higher interest rate. MOD account is generally created for 1 Year term.
How to check MOD balance in SBI
There are two methods through which you can quickly check mod balance in SBI
- Through SBI YONO Lite App
- Through Internet Banking
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Method 1 – How to check MOD balance in SBI using Yono Lite app
- Install the SBI Yono lite app on your smartphone and login with your internet banking user id and password.
- Once you login to your account, tap on My accounts option.
- On the screen, tap on Accounts summary option.
- Now, from the new screen, tap on the Deposits Accounts option.
- You can now check all the MOD accounts here and the balance in each mod account.
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Method 2 – Check MOD balance in SBI using Internet Banking.
- Open the SBI internet banking website on your phone/computer – https://www.onlinesbi.com/.
- Log in with your User ID and password.
- Click on the Account Summary option.
- On the new screen, under Deposits section, you can view all your MOD accounts.
- Click on “Click here for balance” option to check mod balance in sbi.
This is how you can easily check mod balance in SBI.
How to withdraw money from MOD account
The MOD account balance amount can be withdrawn when your main account balance falls below a particular amount. For example, when my account balance falls below 25000 Rs, The mod account balance will be credited in multiple of 1000 rs into main account balance.