State Bank of India on Wednesday said that the SBI app is now updated with new feature of opening an MOD (Multi Option Deposit) account. The country's largest lender informed about the development on Twitter. According to sbi.co.in, multi option deposit scheme (MODS) are term or fixed deposits linked to the savings or current account of an individual. Unlike normal term deposits which are fully liquidated anytime you need funds, you can withdraw from an MODS account in multiples of 1,000 according to your need of funds. The balance amount in your MODS account will continue to earn the term or fixed deposit interest rates applicable at the time of initial deposit.
Your very own safe and convenient SBI Anywhere Personal App is now updated with new feature of opening an MOD (Multi Option Deposit) account. Download now: https://t.co/jBJTAFuALd#StateBankOfIndia #SBI #INB #MobileBanking #SBIAnywherePersonalApp #Banking #BankingApp pic.twitter.com/6W45M1FH3C— State Bank of India (@TheOfficialSBI) April 25, 2018
Here's all you need to know to open a SBI multi option deposit scheme:
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