Question

whst is the difference between mod balance and avilable balance

Answer 1

MOD or Multi Option Deposit account is the combination of deposit and Transactional account. Under this scheme, the exceeding amount in the savings account gets transferred to the fixed deposit account.Similarly, if the bank receives a cheque for the MOD account and sufficient balance is not available in the account, the amount gets transferred from the fixed deposit account to the savings account for cheque clearance.

The account holders get a higher rate of interest on the MOD balance. The minimum amount required to open the account is Rs 10, 000 and the minimum tenure for MOD is one year and maximum tenure period is five years.

Important Note: You have to maintain Monthly Average Balance in Savings Bank Account. The system does not withdraw balance through MOD to do so. Nomination facility is also available for MOD account.

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