What is MOD BALANCE ?

[muditmalhotra]

Hi Guys does any one has an Idea what exactly is MOD BALANCE on bank statement..

today i got my bank statement as proof of Maintenance funds, it says
+MOD Balance xxxx Rs

Drawing power = 0.00 Rs

what exactly are these two terms ?

[arsenal49]

It is not money on deposit. It is "Multi Option Deposit" which means: you can decide upon the money going to Fixed Deposit for the minimum amount you set for your account. For instance: You have 50000 in your account. In normal scenario, you will be getting interest on the above amount as per saving bank interest rate. But in case you have MOD account, you can decide that what ever amount is surplus of 10000, it goes into MOD balance and for those amount, you get a interest rate as you get incase of Fixed deposit.

source = http://wiki.answers.com/Q/What_does_MOD_balance_mean

[arsenal49]

are you sure you can take money out if you want. is it some sort of fixed saving account?

do not use fix saving account...at all... to claim points for earnings

regards

[muditmalhotra]

oh k .... in that case my acc statement says total balance available X Rs Mod balance is also X Rs so is amt X is liquid ¿ will case worker agree to it ? as all my maintainence funds are currently marked as mod balance ik my statementm........ any one having account with state bank shpuld have faced similar issue....

[muditmalhotra]

are you sure you can take money out if you want. is it some sort of fixed saving account?

do not use fix saving account...at all... to claim points for earnings

regards

i dont know will confirm this tomorrow mornin but wat m sure abt is that, that i neva asked em to do so dunno wass happening