What is the difference between mod balance and available balance?
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MOD (multi option deposit)-in mod the surplus funds lying in the savings A/c.is automatically transferred to a fixed deposit A/c. So that the holder earns more rate of interest.
Available balance - it is the fund lying in the a/c holder's savings A/c.
The total amount in the credit of an A/c holder is the sum of both mod and available balance. I.e.
Amount in credit of A/c holder= mod balance+available balance.
Available balance - it is the fund lying in the a/c holder's savings A/c.
The total amount in the credit of an A/c holder is the sum of both mod and available balance. I.e.
Amount in credit of A/c holder= mod balance+available balance.
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