SBI Flexi Deposit Scheme: SBI not only provides Recurring Deposit (RD) facility to its customers but also runs another scheme similar to RD. That is the SBI Flexi Deposit Scheme. Like RD, the SBI Flexi Deposit Scheme can raise money in later installments by opening an account at a minimum deposit. The difference is that the installment amount in this scheme is not fixed. Customers can increase the amount of installment according to their own. This is fixed in RD.
Apart from this, 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.
The minimum deposit amount for the SBI Flexi Deposit Scheme is Rs 5000 per financial year (in multiples of Rs 500). The maximum deposit amount is Rs 50,000 per financial year. The minimum amount for an install is 500 rupees.
Deposit period and interest rate
Under SBI Flexi Deposit Scheme, the minimum tenure is 5 years and the maximum is 7 years. The interest rate on this product will remain with the term deposit. SBI currently has an annual interest rate of 5.40 per cent on retail domestic term deposits of less than Rs 2 crore for 5 years to 10 years. For senior citizens, it is 6.20 percent.
At the same time, for domestic bulk term deposits of more than Rs 2 crore, the annual interest rate for a period ranging from 5 years to 10 years is 3 percent, while for senior citizens it is 3.50 percent.
- Any citizen of India can open it. This scheme is also available for minors. Accounts can be opened in single or joint.
- 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, the interest rate will be reduced by 1 percent for deposits above Rs 5 lakh.
- If this account is closed before the completion of 7 days after opening, then no interest will be charged.
- TDS applied.
- The penalty is Rs 50 per financial year for default in payment of the minimum deposit.
- There is a facility to take loan/overdraft of up to 90 percent of the principal deposit.
- Nomination facility.
- Passbook will be issued.
- There will be the facility to transfer from one branch of SBI to another branch.