What is MOD Balance & How to Check MOD Balance in SBI

MOD or Multi Option Deposit account is the combination of deposit and Transactional account. Under this scheme, the exceeding amount in the savings account gets transferred to the fixed deposit account.

Similarly, if the bank receives a cheque for the MOD account and sufficient balance is not available in the account, the amount gets transferred from the fixed deposit account to the savings account for cheque clearance.

The account holders get a higher rate of interest on the MOD balance. The minimum amount required to open the account is Rs 10, 000 and the minimum tenure for MOD is one year and maximum tenure period is five years.

Important Note: You have to maintain Monthly Average Balance in Savings Bank Account. The system does not withdraw balance through MOD to do so. Nomination facility is also available for MOD account.

MOD account Interest Rates

SBI MOD interest rates are the same as that for other fixed deposits. You can earn interest up to 6.40% to 6.70%.

How to check the MOD Balance in SBI?

  1. You can access Internet Banking and view the last ten transactions in the account. On the top half part of the transaction sheet, you will get the MOD balance as well as the account balance details.
  2. Download SBI Anywhere personal app or YONO app and register using the mobile number and check the MOD balance.
  3. You can also check the MOD balance at the ATM.
  4. You can get MOD balance details from your updated passbook.

How to withdraw mod balance from SBI?

Withdrawals from SBI MOD account can be done in multiples of Rs.1,000 by issuing a cheque from Savings Bank Account or from ATM/branch.

Important Note: You can open the MOD account at SBI. But remember, if the MOD interest on the deposits exceeds Rs 10, 000 in a financial year, the tax applies to the deposit. The tax rate applicable to the interest earned can vary from 10%- 20% depending on the depositor and the provided PAN details.


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