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Multi Option Deposit Scheme

Multi Option Deposit Scheme

Double bonanza – High interest rates and full liquidity

Multi Option Deposit Scheme Details

  • Attractive & Competitive Interest Rates
  • Personalized cheque books
  • Depositors under the scheme are eligible for SBI ATM cum Debit card. Transactions on SBI ATMs, ATMs under ATM5 network in Singapore and at the various Point Of Sale (POS) in Singapore which accept MasterCard are free.
  • Term Deposit account is linked to an operative Current Account/ Savings Account.
  • Sweep in a predefined interval with predefined details to create a MOD
  • Customer can give instructions to convert his normal Current Account/ Savings Account to MODS or vice versa.
  • Customer can modify the instruction regarding tenure and amount of MOD.
  • The reverse sweep from the MOD account to CA/ SA is executed on Last In First out (LIFO) basis.
  • Minimum deposits, balances and thresholds:
    • The balance in the Current Account/ Savings Account should be maintained at a minimum of SGD 5,000 or SGD 3,000 respectively for individuals and SGD 20,000 for non individuals.
    • Threshold limit (the balance in excess of which MODs will be operative) can be fixed by the customer for sweep from the Current/ Savings Account.
    • For individuals the minimum unit size is SGD 1,000 and MOD will be created in multiples of SGD 1,000
    • For non individuals the minimum unit size is SGD 5,000 and MOD will be created in multiples of SGD 5,000
  • MODs is available for periods of 3/6/12/ 24 months
  • Customers can transact using the Bank’s ATMs, Internet Banking, and at Points of Sale (POS) which accept MasterCard.
  • Cash withdrawals through ATM will be limited to a daily ceiling of SGD 3000 while Internet Banking and POS transactions will be limited to a daily ceiling of SGD 2000 each.
  • Depositors under the scheme shall be eligible for Internet Banking facility.
  • Deposits held by individual customers are covered under SDIC upto the eligible limit
  • Individuals of the age of 21 years and above are eligible to open MODS
  • Non individuals like proprietary firms, partnerships, clubs, trusts, associations, corporate etc.
  • Interest is calculated on daily balance as on the end of the day and applied monthly for the main current account/ savings. For the other linked accounts under MODs, interest is as applicable to SGD Time deposit of the corresponding period and slab on the date of deposit.
  • Penal charge of SGD 10 per month will be levied if account balance falls below the minimum balance (SGD 5,000 for current and SGD 3,000 for savings) in the account.
  • SGD 20 will be charged if the account is closed within 6 months of opening.
  • SGD 7 per book of 25 cheque leaves
  • SGD 2 will be recovered per month as operation fee where the linked account is a checking account.
  • SGD 5 will be charged for any change in sweep details.
  • Click here for latest schedule of charges

Documents to be submitted along with the application form (originals to be produced for face to face verification)

  • Singaporeans / Permanent Residents:
    • Photocopy of NRIC, both sides (The NRIC should have latest address of the applicant)
  • Non – Singaporeans
    • Photocopy of Passport and
    • Photocopy of Employment Pass / Work Permit / Dependant Pass and
    • Document proof of address (i.e. utility bill, driving license etc.), if not same as in Employment Pass / Work Permit / Dependant Pass

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