Question

Define multiple opition deposit account

Answer 1

Answer:

According to sbi.co.in, multi option deposit scheme (MODS) are term or fixed deposits linked to the savings or current account of an individual. Unlike normal term deposits which are fully liquidated anytime you need funds, you can withdraw from an MODS account in multiples of 1,000 according to your need of funds.

Explanation:

Multiple Option Deposit Account: It is a type of saving Bank A/c in which deposit in excess of a particular limit get automatically transferred into fixed Deposit.