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what is the mod balance in account

what is the definition of mod balance

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14y ago

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plus mod balance in bank loan is the money who pay on the bank that you loan with interest rate and original cost.


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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.


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