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SBI MODS – Multi Option Deposit Scheme
MODS – Multi Option Deposit Scheme
Double bonanza – High interest rates and full liquidity
Benefits & Features Eligibility Charges Required Documents How to Apply
 
 
a)
Attractive & Competitive Interest Rates
b)
Personalized cheque books
c)
Depositors under the scheme are eligible for SBI ATM cum Debit card. Transactions on SBI ATMs, ATMs under ATM5 network in Singapore and at the various Point Of Sale (POS) in Singapore which accept MasterCard are free.
d)
Term Deposit account is linked to an operative Current Account/ Savings Account.
e)
Sweep in a predefined interval with predefined details to create a MOD
f)
Customer can give instructions to convert his normal Current Account/ Savings Account to MODS or vice versa.
g)
Customer can modify the instruction regarding tenure and amount of MOD.
h)
The reverse sweep from the MOD account to CA/ SA is executed on Last In First out (LIFO) basis.
i)
Minimum deposits, balances and thresholds:
The balance in the Current Account/ Savings Account should be maintained at a minimum of SGD 5,000 or  SGD 3,000  respectively for individuals and SGD 20,000 for non individuals.
Threshold limit (the balance in excess of which MODs will be operative) can be fixed by the customer for sweep from the Current/ Savings Account.
For individuals the minimum unit size is SGD 1,000 and MOD will be created in multiples of SGD 1,000
For non individuals the minimum unit size is SGD 5,000 and MOD will be created in multiples of SGD 5,000
j)
MODs is available for periods of 3/6/12/ 24 months
k)
Customers can transact using the Bank’s ATMs, Internet Banking, and at Points of Sale (POS) which accept MasterCard.
l)
Cash withdrawals through ATM will be limited to a daily ceiling of SGD 3000 while Internet Banking and POS transactions will be limited to a daily ceiling of SGD 2000 each.
m)
Depositors under the scheme shall be eligible for Internet Banking facility.
n)
Deposits held by individual customers are covered under SDIC upto the eligible limit