How to Transfer MOD Balance to Available Balance in Your Account

Transferring your MOD (Market Order Dedicated) balance to your available balance can be a straightforward process, provided you follow a few essential steps. Below, we outline a general guide to help you manage your MOD and available balances. This process may vary slightly depending on the platform or service you are using.

General Steps to Transfer MOD Balance

Login:
Access your account on the platform where you have the MOD balance. Navigate to Wallet/Account Section:
Go to the section of the site that manages your financial accounts, often labeled as “Wallet” or “Account”. Check Balance Details:
Look for a breakdown of your balances, including MOD balance and available balance. Initiate Transfer:
Find an option to transfer or withdraw funds. This could be labeled as "Withdraw Funds," "Transfer," or "Send." Select Amount:
Enter the amount you wish to transfer from your MOD balance to your available balance. Confirm Transfer:
Review your request and confirm the transfer. You may need to provide additional verification such as a password or two-factor authentication. Check Updated Balances:
After the transfer is complete, check your available balance to ensure the funds have been credited.

If you encounter any issues or if this process is not clear, consult the help section or customer support of the specific platform for more detailed guidance.

Specific Example: SBI Savings Fixed Deposit (Savifix) Account

Transferring funds from a MOD account to a Savings Bank (SB) account in an SBI Savings Fixed Deposit (Savifix) account has specific procedures. Here’s a detailed process:

Login to Net Banking:
Log in to your Net Banking using your user ID and password. Choose FIXED DEPOSIT Options:
From the top menu, choose the FIXED DEPOSIT option. Under this, you will find an option to 'PARTIAL CLOSURE' of MOD accounts. Click on this option. Credit SB Account:
Provide the SB account number where you want the amount to be credited.

For example, in a Savifix account, if the available balance is Rs. 5,000 and the MOD balance is Rs. 2,00,000, and if a cheque of Rs. 10,000 is presented for debit in your account, the balance amount of Rs. 5,000 will be automatically debited from the MOD balance.

As a result, 1,900,000 will remain as MOD balance and Rs. 5,000 as available balance.

In the event of a withdrawal, if the withdrawal amount is greater than the balance in your main account, the MOD balance will be transferred automatically to your main balance. The latest created FD using MOD will automatically be broken and transferred to your main account balance.