1
Question
What is the difference between MOD balance and available balance?
What is the difference between MOD balance and available balance?
Open in App
Solution
MOD balance: MOD means Multi Option Deposit – in MOD balance, the surplus funds in the savings a/c gets transferred to a fixed deposit a/c. Therefore, the holder earns more interest rate in this case.
Available balance: It is the fund in the savings a/c of the account holder. However, the total amount in an account holder’s credit is the sum of both MOD and available balance.
MOD balance: MOD means Multi Option Deposit – in MOD balance, the surplus funds in the savings a/c gets transferred to a fixed deposit a/c. Therefore, the holder earns more interest rate in this case.
Available balance: It is the fund in the savings a/c of the account holder. However, the total amount in an account holder’s credit is the sum of both MOD and available balance.
Suggest Corrections
17
Similar questions
Join BYJU'S Learning Program
Explore more
Join BYJU'S Learning Program
