How to Open SBI MOD Account

SBI Multi Option Deposit (MOD) account is a combination of your Debit account and deposit account. It means your savings account will be linked to the Deposit account. In this article, we will see how to open an SBI MOD account.

What is SBI MOD?

SBI Multi Option Deposit(MOD) is a term deposit scheme linked to your saving or current account. this account is fully liquidated means you can withdraw the amount in the multiple of 1000 as per your requirement.

The remaining balance in MOD will continue to earn applicable interest at the time of the initial deposit.

Procedure to Open SBI MOD Account

There are mainly two ways to open SBI MOD Account.

  • Online through Internet Banking and Mobile banking app
  • Offline

Open SBI MOD account through Internet Banking

If you have an SBI Internet banking facility you can easily open it online. follow the steps mentioned below in order to open an account.

  • After log in click on Fixed Deposit Section on the top.
How to Open SBI MOD Account
  • On the Next page click on Fixed Deposit (e-TDR/e-STDR)
Open SBI MOD account through Internet Banking
  • Next, Select e-TDR/e-STDR(MOD) Multi Option Deposit
Open SBI MOD account through Internet Banking
  • Next Select your Debit Account Number, enter MOD amount, check the senior citizen box if you are, select the term deposit options like TDR or STDR, choose the tenure of the deposit, and click on submit.
Open SBI MOD account through Internet Banking
  • After verifying all the details click on confirm.

Your MOD account has opened successfully. you can view your account under Fixed Deposit section.

Open SBI MOD account through Mobile Banking

You can also open an SBI MOD account through the YONO LITE SBI app. follow the procedure mentioned below to open an account through SBI mobile app.

  • Download the YONO LITE SBI app and log in using your internet banking credentials i.e. User name and Password.
  • After log in click on e-Deposits.
Open SBI MOD account through Mobile Banking
  • On next screen select Open Multi Option Deposit
Open SBI MOD account through Mobile Banking
  • After that select, your Debit account number, enter the amount, select the MOD type(e-STDR/e-TDR) deposit option, select tenure of Deposit, check the terms and conditions box, and click on Submit.
Open SBI MOD account through Mobile Banking

Your MOD account has been created successfully through the SBI Mobile app. you can view it under the e-deposit section.

Open SBI MOD account Offline

In case if you don’t have access to internet banking you need to visit the SBI branch in order to open the Multi option deposit(MOD) account. you can ask SBI staff to assist you with this.

SBI MOD Benefits

There are many advantage of SBI MOD scheme. mentioned below are few of them.

  • This Deposit is completely liquid means you can withdraw anytime not like Fixed Deposits.
  • It is very easy to Open online. few steps you need to follow and you are done.
  • When you need fund, transfer money from MOD account to your saving account.
  • Interest rate is same as FD(Fixed Deposits)
  • You can withdraw money from MOD account through ATM.
  • The minimum tenure is 1 year and the maximum is 5 years.


In this article, you have learned How to Open SBI MOD Account. I hope this information will be useful to you.

Any questions/doubts related to this article can be asked in the below comment section. I will be happy to answer them.

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1-What is the time to Open and close MOD account online?

you can open and close your account from 8:00 AM IST to 8:00 PM IST. Requests created beyond this period will be scheduled for the next opening hours.

2-Can I close MOD account opened at the branch through internet banking?

No, You have to visit SBI Branch.

3-How can I add nominee in MOD account?

While opening an e-TDR/e-STDR(MOD), you will be given an option to retain the same nominee for MOD a/c as appearing in your debit a/c from which the MOD is funded.

In case if you want to add a new nominee you have to visit your branch.

4-Will the Interest differ if I close my MOD account prematurely?

Interest paid on premature withdrawal of term deposits could be less than the contracted rate, as per the applicable rule on the date of premature payment.

5-Can I open fixed deposit for tax exemption under Sec 80C of Income Tax Act?

Yes, for this you have to choose the option “e-TDR / e-STDR under Income Tax Saving Scheme”.

6-What is the minimum amount for term deposit?

You can open a MOD account with a minimum amount of Rs.10,000 with increments in the multiple of Rs.1000.

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