Profit

SBI's Flexi Deposit Scheme: Eligibility, Interest Rates And Other Details

In a SBI's flexi deposit account, deposits can be made anytime during a month and any number of times.

78 Shares
EMAIL
PRINT
COMMENTS
SBI's Flexi Deposit Scheme: Eligibility, Interest Rates And Other Details

In a SBI's flexi deposit account, premature withdrawal is also allowed.


State Bank of India (SBI) offers the option of opening a flexi deposit account under it's personal banking portfolio. SBI's flexi deposit scheme is similar to recurring deposit (RD). However, in case of a flexi deposit, instead of a single fixed instalment every month, user can decide to vary his/her instalment amount and even the number of monthly within the annual sum defined, noted SBI on it's official website - sbi.co.in. The minimum instalment amount is Rs 500 for a year. The minimum deposit amount is Rs 5,000 and maximum deposit amount is Rs. 50,000 for a financial year.

In a SBI's flexi deposit account, deposits can be made anytime during a month and any number of times. The minimum tenor is 5 years and maximum is 7 years. The rate of interest is same as applicable to fixed deposits (FDs). Quarterly compound interest is also applicable, noted SBI.

Here are the interest rates applicable on deposits below Rs 1 crore, according to the bank's website - sbi.co.in:

Maturity period (term)Interest rate with effect from July 30, 2018
General publicSenior citizen
7 days to 45 days5.756.25
46 days to 179 days6.256.75
180 days to 210 days6.356.85
211 days to less than 1 year6.46.9
1 year to less than 2 year6.77.2
2 years to less than 3 years6.757.25
3 years to less than 5 years6.87.3
5 years and up to 10 years6.857.35
(Source: sbi.co.in)

In a SBI's flexi deposit account, premature withdrawal is also allowed. The rate applicable in case of premature withdrawal shall be 0.50% below the rate applicable for the period the deposit has remained with the bank, said SBI.

Tax deducted at source is also applicable, noted SBI. The penalty charges for non-deposit of monthly instalments amounts to Rs. 50 per financial year. With SBI's Flexi Deposit Scheme, customers can also get a host of facilities such as loan facility as applicable to term deposits and nomination facility. 



Get the latest election news, live updates and election schedule for Lok Sabha Elections 2019 on ndtv.com/elections. Like us on Facebook or follow us on Twitter and Instagram for updates from each of the 543 parliamentary seats for the 2019 Indian general elections.

NDTV Beeps - your daily newsletter

................................ Advertisement ................................

................................ Advertisement ................................

................................ Advertisement ................................

Top