SBI Multi Option Deposit Scheme (MOD)

How Does SBI Multi-Option Deposits (MOD) Work?

The SBI Multi Option Deposit Scheme (MOD) is designed to provide flexibility and liquidity to depositors. Unlike traditional fixed deposits that require complete liquidation for withdrawals, the MOD scheme permits partial withdrawals in multiples of ₹1,000 while the remaining balance continues to earn interest at the original rate. This feature makes it an attractive option for those who may need access to their funds before the maturity date.

• Partial Withdrawals: Withdrawals can be made in multiples of ₹1,000.
• Interest Earnings: The remaining balance continues to earn interest at the rate applicable at the time of the initial deposit.
• Linked Accounts: Must be connected to a savings or current account.

SBI Multi Option Deposit Interest Rates 

The SBI Interest Rate schemes are competitive and vary based on the tenure of the deposit. As of July 15, 2025, the rates are as follows:

Note: These rates are subject to change based on market conditions and bank policies.

Eligibility Criteria for SBI Multi Option Details

The eligibility criteria for opening an SBI MOD account are inclusive and cater to a wide range of individuals and entities:

• Resident Individuals: Can open accounts singly or jointly.
• Minors: Can open accounts through guardians.
• Hindu Undivided Families (HUF): Eligible to apply.
• Corporate Entities: Firms and companies can also participate.
• Government Departments: Can open accounts under this scheme.

Features of the SBI Multi Option Deposit (MOD) Scheme

The SBI MOD scheme comes with several beneficial features:

• Combination of Accounts: The MOD scheme combines Term Deposits or Special Term Deposits with linked Savings Bank or Current Accounts, providing seamless access to funds.
• Complete Liquidity: Depositors can withdraw funds in multiples of ₹1,000 at any time using cheques, ATMs, or Internet Banking, ensuring high liquidity.
• Minimum Deposit: A minimum initial deposit of ₹10,000 is required, with subsequent deposits in multiples of ₹1,000.
• Flexible Tenure: Deposit tenures range from 1 to 5 years. 
• Auto Sweep Facility: The MOD scheme is available through an auto sweep facility in Savings Plus accounts. 
• Minimum Threshold Requirements: For the auto sweep facility, a minimum threshold balance of₹35,000 and a minimum resultant balance of ₹25,000 are required. The minimum sweep amount is ₹10,000 in multiples of ₹1,000.
• Stand-Alone MODs: Customers can still open individual Stand-Alone MODs or e-MODs with a minimum deposit of ₹10,000, regardless of the threshold limits for auto sweep.
• Additional Interest for Seniors: Senior citizens enjoy an additional rate of interest on their deposits, enhancing their earning potential.
• Average Monthly Balance (AMB): Maintaining an Average Monthly Balance is required for linked Savings Bank or Current Accounts associated with the MOD scheme.
• Nomination Facility: Depositors can nominate beneficiaries for their accounts.
• Loan Against FD: Customers can avail of loans against their deposits.
• Tax Deduction at Source (TDS): Applicable on interest earned exceeding ₹10,000 in a financial year.

How to Apply for the SBI MOD Scheme?

The SBI Multi Option Deposit account can be easily opened online or offline, by following these easy steps: 

1. Online Application Process:

   Step 1: Visit the official SBI website or use the SBI mobile app.

   Step 2: Navigate to the Fixed Deposit section.

   Step 3: Select "e-TDR/e-STDR" under the MOD menu.

   Step 4: Fill in your details, including your debit account number and tenure.

   Step 5: Submit your application and confirm your request.

2. Offline Application Process:

   Step 1: Visit your nearest SBI branch.

   Step 2: Request an application form for the MOD scheme.

   Step 3: Fill out the form with the required details and submit it along with the necessary documents.

Conclusion

The SBI Multi Option Deposit Scheme is a government-backed safe investment option. It is a suitable option for individuals seeking a flexible financial vehicle that combines the benefits of fixed deposits with easy access to funds. With competitive interest rates, minimal deposit requirements, and a host of features designed for convenience, the SBI MOD scheme caters well to both short-term liquidity needs and long-term savings goals.