When you invest in FD, your money is locked for a fixed period. If you withdraw the amount before the lock-in period, you have to pay a penalty. But SBI runs such a fixed deposit scheme in which there is no hassle of a lock-in period. You can withdraw money from it anytime.
The name of this scheme is the SBI Multi Option Deposit Scheme. It is also called SBI (MODS). In this, the depositor gets the same interest as other FDs. At present, interest is being given on it at the rate of 7 percent.
You do not need to think too much to withdraw money from this scheme. In this scheme your money always remains liquid. You can withdraw this money anytime in time of need. There is no penalty for this withdrawal.
Through this scheme, you can withdraw money through check or ATM. Just like the way you withdraw money from a savings account. This amount can be withdrawn in multiples of Rs 1000.
Whatever amount remains in the account after withdrawal, interest will continue to be earned on it. Any person can deposit money in this scheme for one year to 5 years.
In SBI (MODS) also, like the normal FD scheme, senior citizens get the facility of additional interest. In this also, senior citizens get additional interest of 0.50%.
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