SBI Flexi Deposit Scheme: The Flexi Deposit Scheme of SBI (SBI) is similar to the Recurring Deposit (RD) scheme, but in this you are allowed to deposit money anytime.
New Delhi. The country’s largest government bank State Bank of India (SBI) offers many types of savings schemes to people in which you can get better interest by investing money. 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. Meaning that you can pay several months of installation at the same time. The install amount is not fixed in this scheme. Customers can increase the amount of the install according to their own. Let’s know everything about this scheme.
How much can you invest?
After opening an SBI Flexi deposit account, you can deposit a minimum of 5000. The minimum amount for an install is 500 rupees. Up to 50,000 maximum can be deposited in it every year. In this month, you can deposit money anytime.
The maturity period
SBI Flexi Deposit Scheme is a minimum of 5 years and a maximum of 7 years. The interest paid on this is equal to the interest on fixed deposits. If you close your account before time, then you may have to pay some penalty in it.
How to open an account?
You do not need to go to the bank to invest in it. 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.
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.
You will get these benefits, you will get
facility to take loan / overdraft up to 90 percent of the principal deposit. For senior citizens, 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.