SBI Multi Option Deposit Scheme also known as MOD is a unique type of term deposit scheme. You can think of it as a savings account mixed with a fixed deposit. SBI MOD allows you to save money and earn interest like Fixed deposit (FD) and also you have the facility to withdraw money anytime you want just like you do in savings account.
“The SBI MOD is a type of term deposit that links to Savings or Current Account and gives the flexibility to earn interest on the deposit amount while also allowing partial withdrawals (in multiples of 1000)”
SBI MOD Terms and Conditions (Rules)
👉 You can deposit and Withdraw money in multiple of Rs. 1000 only.
👉 On the deposited amount, you are paid interest rate, which is like a bonus on your Money.
👉 The exact interest rate depends on how long you want to keep the deposit. Senior citizens get even higher interest rate.
👉 When you withdraw the money (in multiples of 1000 only possible), the remaining amount continues to earn interest
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SBI MOD Auto Sweep Facility Explained
The Auto Sweep Facility in State Bank of India (SBI) allows customers to automatically transfer surplus(additional) funds from their Savings or Current Account into a Multi Option Deposit (MOD) account. This lets them earn higher interest rates on excess balances while maintaining liquidity.
Key Features of SBI’s Auto Sweep Facility:
✅ Threshold and Resultant Balances: To activate the auto sweep, you need to set a Minimum Threshold Balance (the balance above which surplus funds are swept into the MOD) and a Minimum Resultant Balance (the balance to be maintained in the savings account after the sweep).
For instance, if you set the threshold at ₹35,000 and the resultant balance at ₹25,000, any amount above ₹35,000 will be transferred to the MOD, ensuring your savings account retains at least ₹25,000.
✅ Sweep Amounts: The minimum amount that can be swept into the MOD is ₹10,000, and additional deposits can be made in multiples of ₹1,000.
✅ Tenure and Interest Rates: The MODs created through the auto sweep have a tenure ranging from 1 to 5 years. They earn interest at rates applicable to regular fixed deposits of similar durations.
✅ Liquidity: Despite being term deposits, MODs offer liquidity. You can withdraw funds in multiples of ₹1,000 without breaking the entire deposit, ensuring flexibility in accessing your funds.
How to Activate the Auto Sweep Facility:
Via Internet Banking:
- Log in to your SBI internet banking account.
- Navigate to the “Deposit & Investment” section and select “Deposit.”
- Choose “Auto Sweep Facility (Grow your money).”
- Select your account number, set the desired threshold and resultant balances, and submit your request.
Using SBI YONO Mobile App:
- Open the SBI YONO app and select “e-Fixed Deposit.”
- Tap on “Multi Option Deposit.”
- Choose your account, enter the threshold amount, and specify the deposit duration.
- Confirm and submit your request to activate the auto sweep.
- By enabling the Auto Sweep Facility, you ensure that surplus funds in your savings account are automatically invested in a way that maximizes returns without compromising on liquidity, effectively combining the benefits of both savings and fixed deposit accounts.
How to Calculate SBI MOD Balance
Calculation the MOD Balance is quite easy. However, the exact calculation for your use case depends on the tenure, whether you are senior citizen or not. Below is an example that explains how to calculate SBI MOD balance :
Step 1: Initial Deposit and Interest Rate
Initial Deposit: Start with at least Rs. 10,000. Add any additional deposits in multiples of Rs. 1,000.
Interest Rate: This depends on the deposit term. For example:
- 1 year: 6.80%
- 2 years: 7.00%
- 3-5 years: 6.50%
SBI updates rates, so check the current rate for the chosen tenure.
Step 2: Calculate Interest
MOD accounts earn compound interest, typically calculated quarterly. Here’s a simplified way to calculate it:
Do understand that, in the formula above :
A = Final amount (balance after interest)
P = Initial deposit
r = Annual interest rate (as a decimal, e.g., 7% = 0.07)
n = Number of times interest is compounded per year (for quarterly, n=4n = 4n=4)
t = Time in years
Example Calculation
Suppose you deposit Rs. 50,000 for 2 years at 7% interest, compounded quarterly:
Convert Rate to Decimal: 7% = 0.07.
Plug Into Formula:
Calculate:
Quarterly interest rate is 0.0175
Total compounding periods in 2 years: 4×2= 8 times
Final Amount: Rs.57,435
Step 3: Adjust for Withdrawals
Now, do understand that above example doesn’t consider withdrawals. For that to work, we need another adjustment i.e. Subtract the withdrawal amount from our Principal amount and work on the new principal amount.
If you withdraw any amount (in multiples of Rs. 1,000):
- Subtract the Withdrawn Amount from the balance.
- Recalculate Interest on the new balance going forward.
Repeat these calculations each time you withdraw.
It is difficult to do these calculations everytime you withdraw amount right? That’s why, we have come up with a SBI MOD Calculator that provides you exact result based on latest interest rates being Offered by SBI. Before moving on to using our SBI Multi Option Deposit Scheme calculator, let’s take a look at the latest interest rates.
SBI Multi Option Deposit Scheme Interest Rates 2025
The table below provides latest applicable interest rates as on January 2025 for both General and Senior Citizens.
| Tenure | General Customers | Senior Citizens |
|---|---|---|
| 7 days – 45 days | 3.00% | 3.50% |
| 46 days – 179 days | 4.50% | 5.00% |
| 180 days – 210 days | 5.25% | 5.75% |
| 211 days – 364 days | 5.75% | 6.25% |
| 1 year – less than 2 years | 6.80% | 7.30% |
| 2 years – less than 3 years | 7.00% | 7.50% |
| 3 years – less than 5 years | 6.50% | 7.00% |
| 5 years – 10 years | 6.50% | 7.50% |
SBI MOD Calculator
Use our SBI MOD Calculator to calculate the Interest Earned, Effective balance etc. You have the options to select Withdrawal or Deposit within the Additional Transactions option. Also, you may check the Enable Auto Sweep option, provide Threshold balance & Sweep Amount.
If you are not sure about any option, just hover on the ℹ️ icon and you will get the information for that particular option.
SBI MOD Balance Calculator
FAQs for SBI MOD Calculator Users
Quick Links
| Official SBI Mod Page | Check Here |
| SBI Multi Option Deposit Information | Read Here |
I hope this article was helpful to you. I am sure the SBI MOD Calculator helped you to easily calculate balance, check applicable interest rate and use additional options like Deposit or Withdrawal. Also, you can select the “Enable Auto Sweep” facility and enter Threshold balance and Sweep amount.