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?
MOD stands for “Multi option deposit” is a facility that 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. ou can create a MOD account manually or by auto sweep facility given by Bank to few salary account holders. Read how to create MOD account balance in SBI.
The interest rates for the MOD account are higher than the regular Fixed Deposits. Know the latest MOD account interest rates from this Link – https://sbi.co.in/web/personal-banking/investments-deposits/deposits/mod
Features of Multi Option Deposit –
- Minimum Period of deposit – 1 Year,
- Maximum Period of deposit – 5 Years
- Minimum Term Deposit Amount for MOD Creation: Rs. 10,000/- (in multiple of Rs. 1,000/- each thereafter.
- Maximum Term Deposit Amount for MOD Creation: No Upper Limit
How to check MOD balance in SBI? Step by step procedure –
There are two methods through which you can quickly check MOD balance in SBI.
We will see each method in detail –
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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 log in 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The MOD account balance amount can be withdrawn when your main account balance falls below a particular amount.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 the main account balance.
You can close the MOD account as you would close the Fixed Deposit account. The interest accumulated till date will be credited to your saving account at the time of breaking MOD. Please note that the MOD account created by Auto Sweep facility cannot to closed and the amount only be used when your main balance falls below 0 Rs.
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