State Bank Of India [SBI] — State bank employees not aware of mod balance facility

Address:

Mumbai City, Maharashtra

State bank offers what is called mod (Multi option deposit) facility. This facility enables transfer of your maximum saving balance into fixed deposits and automatic sweep from fds to saving account when needed.

As a result with this facility two values matter saving balance and mod balance. Mod balance is your actual available balance e. G. If you have 10000 saving balance and 50000 mod balance then a cheque issued for rs 40000 shall pass because the 50000 from fd will be swept into saving to clear the cheque.

Sadly this facility is becoming headache to the account holder as most of the times the sbi employees themselves are not aware of this and they just blindly look at saving balance and reject the cheque even though there’s sufficient mod balance.

It’s urgent that sbi educates all it’s employees about their mod facility and not to blindly reject cheque when enough mod balance exists. If this repeats i shall terminate my business with sbi and take my account elsewhere. End of the story. Good luck.