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What do you mean by multiple option deposit account

Multiple option deposit account is a combination of savings and fixed deposits account. It interlinks the savings bank account with a deposit account and any amount in excess of pre-determined amount is automatically transferred to a fixed deposit .It enables the account holder to earn better interest. It is termed as 'Auto sweep ' facility.
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Mods
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Multiple Option Deposit Account is a combination of savings account and fixed deposit account which provide specific options to the depositors. It is a type of Saving Deposits Account in which amount of deposit in excess of a particular limit gets automatically transferred to Fixed Deposit Account. And, in case sufficient funds are not available in Saving Deposit Account to honour a cheque issued, the required amount gets automatically transferred from Fixed Deposit Account to the Saving Deposit Account.
The account holder has two benefits from his account - he/she can earn more interest and it lowers the risk of dishonouring a cheque.
It is also called Multiple Option Deposit Scheme(MODS).
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This a/c offers multiple options to depositors. This a/c can be combination with saving A/c or current A/c and rate of interest of fixed deposit. When the amount of deposit exceeds a particular limit then automatically the amount gets transferred into fixed deposit.
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