SBI online banking provides a variety of choices for accessing and managing your account from the comfort of your own home.
You can open a Fixed Deposit account utilizing internet banking as an example of a service you can use. To open a fixed deposit, you no longer need to go to a bank branch. We’ll look into what a MOD account is in this article. Also, how to open a MOD account with SBI with internet banking.
Today in This Article We Lean About Create MOD Accounts in SBI online From Different ways. If You want to KnowCreate MOD Account in SBI online So carefully read our Complete Article For Better Understanding So here is a Complete Guide How To Create MOD Account in SBI online
What is the difference between a MOD account and a MOD balance?
A Multi Option Deposit (MOD) account is a savings account that is connected to your checking account. If your main account balance is insufficient, you can use money from your MOD account. For instance, suppose you wrote a cheque for Rs. 25000.
However, your savings account only has Rs.20,000 in it. The remaining Rs.5000 will be deducted from your MOD account in this scenario.
This Mod account is a liquid account that can be broken up into multiples of Rs. 1000 at any time.
Things to keep in mind before opening an SBI MOD account. The minimum amount in a MOD account is Rs. 10,000. The term of a MOD account might be as little as 1 year and as long as 5 years.
Assume that the amount in your savings account is insufficient for the transaction. In that instance, your MOD account will be debited for the remaining amount (in multiples of 1000), and the interest earned on that amount will be paid to your savings account).
You have the option to terminate your MOD account at any moment (see the process below)
You can create a mod account with the same nomination as a savings account or with a different nominee. When opening a MOD account, senior citizens will receive a greater rate of interest.
From 8:00 AM IST to 8:00 PM IST, you can establish an e-TDR / e-STDR (MOD) online. Requests made after this time will be scheduled for the next available opening hours.
Documents Required to create a MOD account online
SBI Internet banking user names and passwords are required to open a MOD account online. To get OTP through SMS, you must have your registered cellphone number with you and it must be active.
How do I open a MOD account on SBI’s website?
Step 1: Go to onlinesbi.com on your PC or smartphone browser to access SBI internet banking.
Step 2: After that, click the Login option input your user id and password, and correctly complete the captcha.
Step 3: An OTP will now be sent to your registered mobile number. On the screen, enter this OTP.
Step 4: From the main menu, select ‘Fixed Deposit’ after logging in to your account.
Step5: On the new page, select Fixed Deposit (e-TDR / e-STDR) from the drop-down menu.
Step6: On the next page, select the ‘Multi Option Deposit‘ option.
Step7: Next, choose your savings account and the amount you wish to put in your MOD account.
Step8: Choose between STDR (Cumulative – Interest paid at maturity) and TDR (Non-Cumulative – Interest paid at specified intervals) as well as the Tenure (the time term for the MOD account).
Step 9: Tick the box next to I accept the Terms and Conditions.
Step 10: Finally, click the Submit button.
Step11: On the next page, double-check that all of the data is right. You may also see the MOD interest rate, maturity amount, and maturity date on this screen.
Step12: After clicking the Confirm button, an OTP will be sent to the registered mobile number. On the screen, enter this OTP.
Step13: On the new page, you should notice a notification stating that the E-S TDR was successfully formed. Your savings account will be debited, and you will be credited with a new MOD account.
How do I check the balance of my MOD account?
To see the balance of a mod account, go to the accounts area and pick the FD account to see the balance and cumulative interest rates.
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