SBI FD with no lock-in period, withdraw money from ATM whenever you want...penalty will be zero..

Fixed deposits (FDs) always come with the hassle of a lock-in period. If you withdraw them before the maturity period, you incur a penalty. However, SBI's MODS scheme offers FD-like interest rates and the liquidity of a savings account. Withdraw cash from an ATM whenever you wish, without any penalty. Let's learn more about this scheme.

What is SBI Multi-Option Deposit (MODS) FD?
The SBI MODS FD is a deposit account linked to your savings or current account. You earn the same interest as a regular FD. The biggest advantage is that this scheme has no lock-in period. You can withdraw money whenever you want.

Withdraw money from an ATM without penalty.
The most impressive feature of this FD is its liquidity. You can withdraw money whenever you need it, either through an ATM or a check. This withdrawal is just like withdrawing money from a savings account. No penalty, no hassle.

No need to withdraw the entire amount
If you don't need to break the entire FD, you can withdraw only the required amount. You can withdraw the amount in multiples of ₹1,000, such as ₹1,000, ₹2,000, ₹5,000, or ₹10,000. The remaining amount will continue to earn FD interest.

Interest Rate and Tenure
You can deposit in SBI MODS FDs for 1 year to 5 years. The interest rates are the same as regular SBI FDs. Senior citizens receive 0.50% higher interest. This means you're guaranteed a good return on your money.

Auto Sweep and Minimum Balance
This account is linked to a savings account. Auto sweep means that as soon as your savings account balance exceeds the prescribed limit (₹35,000), it will automatically be transferred to the FD. Keep in mind that your linked account must have a minimum balance of ₹25,000.

Easy Transfer and Online Opening
You can transfer your MODS FD to any branch. You can open it online or visit your nearest SBI branch. Maintaining an average monthly balance in your savings account is essential.

Tax and Nomination
The interest earned under this scheme is taxable, just like other FDs. Nomination is also available, which means your family is protected.

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