SBI online banking gives many options to access and manage your account from your computer itself. One such facility that you can avail is to create a Fixed deposit account using internet banking. Now you don’t need to visit a bank branch to open a fixed deposit. In this article, we will see what MOD account is? And how to create MOD account in SBI online using internet banking.
What is MOD account/Balance?
Multi Option Deposit (MOD) is an account linked to your saving account. The MOD account money can be used if your main account balance is not sufficient. For example, you issued a cheque of RS. 25000, but your saving account has only Rs.20000. In this case, the remaining Rs.5000 will be debited from your MOD account.
This Mod account is a liquid account and can be broke at any time in parts in multiple of Rs. 1000.
SBI also gives attractive interest rates on MOD account creation that you can open via online banking.
Things to remember before creating MOD account in SBI.
- MOD account minimum amount is Rs. 10,000
- MOD account duration can be a minimum 1Yr and a maximum of 5 Yr.
- Suppose your saving account amount is not sufficient for the transaction. In that case, the remaining amount (in multiple of 1000) will be debited from your MOD account, and the interest accumulated for that particular amount will be credited to your saving account).
- You can close the MOD account anytime (see the process below)
- You can add the same nominee as in a savings account or add a different nominee while creating a mod account.
- Senior citizens will get a higher rate of interest on creating MOD account.
- e-TDR / e-STDR (MOD) can be created online from 8:00 AM IST to 8:00 PM IST. Requests initiated beyond this period will be scheduled for the next opening hours.
Requirements to create MOD account online –
- SBI Internet banking user name
- SBI netbanking password.
- Registered mobile number should be with you and must be active to receive OTP via SMS.
We will now see how to open it online.
How to Create MOD Account in SBI online?
Read and follow these steps exactly to create a MOD account for yourself –
- Step1: Open the SBI internet banking website on your computer/smartphone browser – onlinesbi.com
- Step2: Then click on the ‘Login’ button, enter your user id and password, and enter the captcha correctly.
- Step3: Now, you will receive an OTP on your registered mobile number. Enter this OTP on the screen.
- Step4: Once you log in to your account, click on the ‘Fixed Deposit‘ option from the main menu.
- Step5: On the new page, click on the ‘Fixed Deposit (e-TDR / e-STDR)‘ option from the list.
- Step6: Then select the ‘Multi Option Deposit‘ option from the next page.
- Step7: Now, select your saving account and then enter the amount you want to deposit in MOD account.
- Step8: Also, select from – OR
- Step9: Also, tick in front of ‘I accept the Terms and Conditions‘.
- Step10: Then you can press the Submit button.
- Step11: On the next page, verify that all the information is correct. On this screen, you can also see the MOD interest rate, maturity amount, and maturity date.
- Step12: Once you click on Confirm button, you will receive an OTP on the registered mobile number. Enter this OTP on the screen.
- Step13: On the new page, you can now see the message that states E-S TDR is created successfully. Your savings account will be debited, and a new MOD account will be credited.
In this way, you can easily create MOD account in SBI online.
How to check MOD account balance?
To view a mod account balance, you can go to the accounts section and, from there, select the FD account to view its balance and accumulated interest rates. REad step by step guide on how to check mod balance in this detailed guide.
How to close MOD account?
If you want to close a MOD account, it’s similar to closing an FD in SBI. Read How to close SBI FD online in just 1 minute?
In this guide, we have seen how to create MOD account in SBI online using internet banking on your computer or smartphone. We have also seen the important aspects of MOD account, how to check balance and how to close it. If you have any doubts/queries regarding the information provided in this article, write to us in the comment section below.