Note - The interest rates have been revised w.e.f.
The SBI MOD interest rates in 2021 (for deposits below Rs.2 crore) are similar to regular SBI FD rates: SBI Multi-Option Deposit Rates of Interest This deposit may also be available to entities like HUF, companies, organisations and various other groups of people. This is a product that is available to all those residing in India, and at times also to non-resident Indians. The eligibility criteria for the SBI MOD is the same as that for all other Fixed Deposits. Eligibility Criteria for Applying for MODs The depositor also gets the option to withdraw amounts in multiples of Rs. SBI MOD is actually linked to a savings account and this helps because in case the depositor issues a cheque for an amount that is not present in the savings account, the balance is withdrawn from the SBI MOD account and paid. This is the ideal situation that an MOD, or a Multi Option Deposit, is meant to handle. However, you may require the money in the case of an emergency. When you open in a Fixed Deposit, you will not be able to withdraw the amount without paying a pre-closure charges.
