Total Balance is the amount currently in your account. Available Balance is the Total Balance minus any holds. Holds can include ATM transactions that have been authorized but haven't cleared the account yet, checks that are pending, and certain deposited items.
Accordingly, what is meant by MOD balance?
MOD stands for MULTI OPTION SCHEME. it means you can decide upon the money going to fixed deposit for the minimum amount you set for your account. In SBI bank there is a scheme called MODS thru which u can enable MOD balance in ur account.
What is sweep account in SBI?
Savings Plus Account is a Savings Bank Account linked to MODS, wherein surplus fund above a threshold limit from the Savings Bank Account is transferred automatically to Term Deposits opened in multiples of Rs. 1000. Any individual eligible to open Savings bank account. The customer has to maintain MAB.
What is mod for bank loan?
Mortgage Deed Fee: This is one of the major charges you will have to incur while opting for a home loan. It is generally a percent of the total home loan amount. In general, most institutions charge 0.5 per cent of the loan amount as an MOD charge.