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Question
What is the difference between MOD balance and available balance?
What is the difference between MOD balance and available balance?
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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.
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