In today’s world everyone has a bank account where people keep their savings and feel secure that whatever money they have is absolutely safe. But do you know what facilities the bank gives you on your account, maximum people have no idea about this, today we are going to talk about this topic in this article, we are talking about the Multi Option Deposit Scheme (Modes) offered by the bank on savings or current bank accounts.
Multi Option Deposit Schemes (MODS) are fixed deposits linked to savings or current accounts, this is a scheme that unlike normal term deposits, can be fully liquidated any time you need the money goes, as per your fund requirement you can withdraw from a MODS account in multiples of 1000 and the remaining amount will continue to accrue at the Fixed Deposit rates applicable at the time of initial deposit.
| Multi Option Deposit (MODs) Scheme 2023 Official Link |
Multi Option Deposit (MODs) Scheme 2023 – Latest Notifications And Updates, Minimum Deposit Amount, Apply Form Online
For managing personal and business finances of people in the economy, bank accounts are one of the most useful assets and play an important role. Do you know provisions of MODs are also available through auto sweep facility in Savings Plus accounts but yes it is true that this facility is also provided by the bank in the form of auto sweep facility on your savings plus account.
More importantly, senior citizens can earn 0.50% more than the applicable interest rates which is higher than the applicable interest rates but Banks can change FD interest rates from time to time, so it is best to check the current rates before investing always remember that.
Multi Option Deposit (MODs) Scheme 2023 – MOD Balance and Available Balance, Eligibility, Minimum Tenure, Maximum Tenure, Minimum Deposit Amount, Key Features Of MODs
Key Features Of MODs:
MODs: These are a combination of fixed deposits, savings bank and current accounts linked to special fixed deposits.
Tenure: The tenure of the Multi Option Deposit (MODs) for 1 to 5 years.
Nomination facility: Nomination facility is available in Multi Option Deposit (MODs).
Auto Sweep Facility: MODs are also available through auto sweep facility in Savings Plus accounts by the bank in the form of auto sweep facility.
Mandatory Balance: It is mandatory to maintain AMB (Average Monthly Balance) on the linked savings bank and current account.
Minimum Tenure: the Minimum Tenure of Multi Option Deposit (MODs) is 1 year.
Maximum Tenure: the Maximum Tenure of Multi Option Deposit (MODs) is 5 year.
Minimum Deposit Amount: the Minimum Deposit Amount is Rs. 10000.
Senior Citizens: Senior citizens can earn 0.50% more than the applicable interest rates which is higher than the applicable interest rates.
Mode Of Operation: Its depends on the savings account linked to the account, if the account is a joint account then the MOD too with be operated jointly.
Premature Withdrawals: depositors can go in for a premature withdrawal facility However, such withdrawals will be subject to the rules for TDR and STDR.
Eligibility Criteria:
The eligibility criterion for applying for a Multi Option Deposit is the same as that for all other Fixed Deposits.
MOD Balance And Available Balance Difference:
MOD Balance: MOD extends as Multi Option Deposits, which takes the extra amount from an account to a fixed deposit account.
Available Balance: Available Balance is the balance that is usable by the customer, at any time.
Total Credit Amount: The total credit amount in the customer’s account is the combination of the balance available in the bank account and the MOD balance within the Multi Option Deposit Scheme (MODS).
All your deposits in this are completely liquid which you can be withdrawn in multiples of Rs. 1000 through cheque or ATMs or INB in any number of times. Multi Option Deposit (MODs) Scheme gives you the option to withdraw the amount in multiples of Rs. 1,000 from the MOD account through ATMs and if the depositor issues a check for an amount that is not present in the savings account, the remaining amount is paid from the MOD account. You can also get this information from the bank by going to your bank, if you want to take advantage of Multi Option Deposit (MODs) facility on your account.
The total credit amount in the customer’s account is the combination of the balance available in the bank account and the MOD balance within the Multi Option Deposit Scheme (MODS). So, basically in simple words MOD extends as Multi Option Deposits, which takes the extra amount from an account to a fixed deposit account And Available Balance is the balance that is usable by the customer, at any time. If you want to get updated and detailed information about Multi Option Deposit (MODs) Scheme 2023 you can visit the official website of the bank.