SBI flexi deposit scheme: Like RD, money can be increased in later installments by opening an account in SBI flexi deposit scheme. The difference is that the installment amount in this scheme is not fixed.
The country’s largest public sector bank, the State Bank of India (SBI) offers various savings schemes to its customers, one of them being the Flexi Deposit Scheme. SBI Flexi Deposit Scheme (SBI Flexi Deposit Scheme) is a scheme similar to Recurring Deposit (RD), but in this you are allowed to deposit money. The installment amount is not fixed in this scheme. You can increase or decrease the amount of installment according to yourself. Let’s know everything about this scheme.
Flexi deposit scheme does not have the obligation to fill only one installment in a month. The amount can be deposited in this account anytime and any time within a month. SBI also provides account holders the facility to open Flexi Deposit Account online. If you close your account before time, you may have to pay some penalty in it.
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How much can you invest
A minimum of Rs 5,000 can be deposited in a year under the SBI Flexi Deposit Scheme. At the same time, the maximum deposit amount is Rs 50,000. The minimum amount for an install is 500 rupees. The minimum duration for SBI Flexi Deposit scheme is 5 years and maximum is 7 years. The interest paid on this is equal to the interest on fixed deposits.
How to open an account?
You do not need to go to the bank to open an account. If you use net banking, you can open it online. Any citizen of India can open it. This scheme is also available for minors. Accounts can be opened in single or joint. You do not have to go to the bank to register a nominee, you can register a nominee only at the time of opening an account.
Rate of interest
Under SBI Flexi Deposit Scheme, minimum tenure is 5 years and maximum is 7 years. The interest rate on FDs of 3 years and FDs below 5 years is 5.30 percent. While the interest rate for FDs above 5 years and below 10 years is 5.40 per cent.
SBI Flexi Deposit Scheme has the facility of premature closure. However, in the case of all tenures for deposits up to Rs 5 lakh, the interest rate will be reduced by 0.50 percent. At the same time, for deposits above Rs 5 lakh, the interest rate will be reduced by 1 percent.
These benefits will be available on account
>> There will be facility to take loan / overdraft up to 90 percent of the principal deposit.
>> For Senior Citizen, the interest rate will be 0.50 percent more than the applicable rate.
>> If this account is closed before the completion of 7 days after opening, the interest will be zero.
>> There will be a facility to transfer from one branch of SBI to another branch.
>> Penalty is 50 rupees per annum for default in payment of minimum deposit.
