SBI multi option deposit scheme: Multi-option deposit scheme of State Bank of India has been designed keeping in mind this need of people getting FD. It is an FD scheme but the customer can withdraw money according to his need.
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SBI multi option deposit scheme: Many people like to invest in fixed deposits (FDs) by saving their hard and thick earning. Investing in FDs simply means that you have deposited your savings for a certain time in the bank and in which you are paid interest. That is, the FD holder cannot withdraw money from the FD in between.
In view of this need of people getting FD, the multi option deposit scheme of State Bank of India has been designed. This is an FD scheme but the customer can withdraw the money according to his need and the special thing is that he will not have to get the FD completely broken.
SBI Multi Option Deposit Scheme is a type of fixed deposit or term deposit scheme. You can withdraw money in multiples of 1000 rupees at the time of need.
Actually, it is a kind of term deposit but due to the account holder being linked to the savings or current account, the scheme allows premature withdrawal. In this scheme, customers can get FD between 1 to 5 years. There is no limit to the minimum deposit limit of Rs 10,000.
Source: www.jansatta.com
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