SBI Flexi Fixed Deposit Scheme
The Flexi Deposit Scheme offered by State Bank of India is a variant of a Recurring Deposit. Under the scheme, you can deposit money in variables rather than a fixed instalment.
It can be opened for 5 years, and a maximum tenure of 7 years. The interest offered on this flexi deposit scheme is 5.40% p.a.
Features and Benefits of SBI Flexi Deposit Scheme
The features of SBI's Flexi Deposit Scheme are listed below:
- It can be opened singly or jointly
- Nomination facility is available
- You can avail loan up to 90 percent of the principal deposit
- You can transfer the account within the SBI branch network
- Can be opened at any SBI branch across the country except at specialized credit-intensive branches
- Additional interest of 0.50 percent is offered to senior citizens. SBI staff and SBI pensioners are offered 1 percent above the applicable rate
- Deposits can be made multiple times in a month and at any time
Minimum and Maximum Deposit Amount
The minimum deposit amount in a financial year is Rs.5,000 with a minimum of Rs.500 at any one instance. The maximum amount you can deposit into this scheme in a financial year is capped at Rs.50,000.
Who can open an SBI Flexi Deposit Account?
A SBI Flexi Deposit account can be opened by resident individuals. Minors are also eligible to open it.
FAQs on SBI Flexi Deposit Scheme
- Will there be a penalty for premature closure?
Yes, a penalty will be levied for premature closure. For deposits up to Rs.5 lakh, the penalty will be 0.50% while for deposits above Rs.5 lakh, it shall be 1%.
- Is the facility of premature closure available?
Yes, the facility of premature closure is available.
- Is TDS applicable on SBI Flexi Deposit?
TDS is applicable as per Income Tax rules. However, you can submit Form 15G/H to get exemption from TDS.
- Will the lender issue a passbook for opening a Flexi Deposit account?
Yes, a universal passbook will be issued.
- Will I need to pay penalty for default in payment of minimum deposit?
Yes, a penalty of Rs.50 per financial year will be levied in case of default in payment of minimum deposit.
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