An investigation was carried out on the influence of electrodeposition conditions on internal stress of cyclically modulated Ag - Bi alloys. Pulse currents of different duration and height were used, leading to different composition and thickness of the deposited sublayers, and the resulting changes in the internal stress were measured in situ. The investigated multilayer coatings with Bi contents up to 20 wt.% reveal a positive ( tensile) internal stress, and at Bi contents higher than 20 wt.% the internal stress is negative ( compressive). The possibility of deposition of stress-free coatings is shown.