• Flexi Fixed Deposit

    We live in a world where we wish to experience the best of everything, often hoping to mix the features of different products in a bid to create a new and unique product which offers the best there is. While such ideas might occupy a lot of space in our brains, practically implementing them can be a huge issue, in most cases. There are certain products which have managed to combine different benefits into a new element, bridging gaps and improving the quality of life.

    What is a Flexi Fixed Deposit?

    A flexi fixed deposit, as the name suggests is a fixed deposit which offers flexibility and convenience to customers. It is traditionally a combination of a fixed deposit and a recurring/savings account, ensuring customers get the benefit of high interest rates offered by Fixed Deposits plus liquidity offered by saving accounts.

    Banks offering flexi fixed deposit schemes

    A number of banks in India offer flexi fixed deposit schemes to customers, some of which are mentioned below.

    Union Bank of India– Union Bank of India offers a flexi fixed deposit scheme which goes by the name of “Union Savings Flexi Deposit Account”. This scheme merges the features of fixed deposits and saving deposits, offering a unique entity to customers.

    Allahabad Bank – The “Flexi Fix Deposit” scheme offered by Allahabad Bank offers maximum returns to customers without them having to sacrifice liquidity of their funds. The minimum deposit required for this account is Rs 25,000.

    Bank of Baroda – Bank of Baroda offers Flexi Deposit Schemes for corporates, helping them manage their funds efficiently, with deposit periods ranging from 7 days to 1 year. The minimum deposit under this scheme is Rs 5 crores.

    State Bank of India – State Bank of India offers flexi FDs under its Flexi Deposit Scheme with a minimum deposit requirement of Rs 5,000 and a minimum tenure of 5 years. Individuals can choose to increase their deposit through flexible instalments.

    ICICI Bank Flexi Deposit Scheme – The Flexi Deposit Scheme offered by ICICI Bank merges a Savings or Current account with a Flexi Deposit. Individuals should ensure they maintain a balance of Rs 10,000 for a Savings account or Rs 20,000 for a Current account. The term for a Flexi Deposit account ranges from 15 days to 91 days.

    Bank of India – Bank of India offers a Flexi Fixed Deposit under the name of “Star Flexi Recurring Deposit Scheme” which can be opened either as an individual or joint account. Terms for this deposit range from 12 months to 10 years, offering customers flexibility and ease of operation.

    Axis Bank – Axis Bank offers Flexi Fixed Deposits under the name of “Encash 24 Flexi Deposit”, combining the liquidity of a Savings Account with the interest of a Fixed Deposit. The term for this deposit ranges from 6 months to 5 years.

    Features and Benefits of Flexible FD

    Flexi Fixed Deposits offer a host of features and benefits to account holders, some of which are mentioned below.

    • Attractive interest – Flexi Fixed Deposits earn higher interests compared to Savings Accounts, enabling one to earn more through their money.
    • Flexible tenures – Different banks have different tenures for the flexi deposit schemes, ensuring one finds a tenure which best suits his/her financial needs.
    • Investment amount – Individuals can choose the amount they intend to deposit, with different banks allowing different amounts as deposits.
    • Premature withdrawal – Most banks allow premature withdrawals from flexi fixed deposit accounts, subject to individual policies in place.
    • Loan facility – Account holders can generally avail loans against flexi fixed deposits, subject to policies implemented by banks.
    • Easy to open – Opening a Flexi Fixed Deposit account is simple and hassle free, with most banks following a fast and transparent process.
    • Auto renewal – Banks generally allow auto renewal of flexi FDs, ensuring account holders don’t have to worry about renewal.

    How Flexi Fixed Deposits differ from Normal Fixed Deposits

    Flexi Fixed Deposits offer certain benefits over normal fixed deposits, primarily due to the flexibility and liquidity they offer. In a normal fixed deposit, individuals generally deposit a certain sum of money for a particular period of time, with this amount earning fixed interest. Withdrawing this amount before maturity is generally not permitted, which can be a problem in emergencies. Flexi Fixed Deposits overcome this problem by allowing account holders to withdraw certain sums of money, which could be from their savings/current account, which is generally merged with a fixed deposit in flexi FDs.

    FAQs

    Q. Who can open a flexi fixed deposit?

    A. Different banks have different eligibility criteria which an individual should meet in order to open a flexi fixed deposit. Most banks offer individual and joint flexi FDs to customers.

    Q. Is the interest rate static during a term?

    A. No, the interest rate generally varies depending on the amount deposited, with the fixed deposit component earning higher interest compared to savings component.

    Q. Is TDS applicable on flexi fixed deposits?

    A. Yes, TDS is applicable on interest earned.

    Q. How can one make withdrawals from a Flexi Fixed Deposit?

    A. Withdrawals can be made by intimating the bank, with most banks requiring advance intimation.

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    Flexi Fixed Deposit Reviews

    • Oriental Bank of Commerce Fixed Deposit
      "Good Scheme"
      0.5 5.0/5 "Blown Away!"
      Since last 15 years, i have a account with Oriental bank of commerce thats the reason i have invested the money in fixed deposit with the same bank. I have invested the amount of Rs. 11 lakhs. They are giving the interest rate of 6.5%. There is no locking period but i have chosen the duration of 1.5 years. There is no additional charges deducted for this fixed deposit.
      Was this review helpful? 2
      , bulandshahr
      Reviewed on Dec 03, 2019
    • Post Office
      Post Office Fixed Deposit
      "Good Service"
      0.5 4.0/5 "Great!"
      Interest rate is very low in Indian post office Fixed deposit scheme because they are providing only 8.5%. I have chosen this office because of the child benefits. I have invested the money of Rs. 1.5 years. Its 3 years lock in period. Overall, I'm satisfied with the service provided by post office employees.
      Was this review helpful? 7
      , parvathipuram
      Reviewed on Dec 03, 2019
    • SBI Fixed Deposit
      "Good bank for Fixed Deposit"
      0.5 4.0/5 "Great!"
      I have invested the money in SBI for a fixed deposit and based on my wife recommendation i have chosen it. They are providing the interest rate of 7.25%. They have option to select the lock in period in that i have chosen 5 years. We had visited their branch and the response was good.
      Was this review helpful? 12
      , mumbai
      Reviewed on Nov 12, 2019
    • HDFC Bank Fixed Deposit
      "Good one"
      0.5 4.0/5 "Great!"
      Its easy accessible and to redeem so that i have invested the money in Fixed Deposit with HDFC BANK. I have invested the money of Rs. 2.5 lakhs and they have provided me a interest rate of 7.5%. There is no locking period. I didn't got any additional charges till now.
      Was this review helpful? 5
      , hyderabad
      Reviewed on Nov 12, 2019
    • Post Office Fixed Deposit
      "Safety deposit"
      0.5 5.0/5 "Blown Away!"
      I have paid the money of Rs. 4.5 lakhs as a fixed deposit in the Indian post office. For the safety purpose, i have chosen the post office account. They are offering me a interest rate of 7.9%. There is a lockin period of 5 years. If i withdraw the money in 1 year, they will reduce the interest rate of 2% and after 3 years, its 1%.
      Was this review helpful? 29
      , jaipur
      Reviewed on Nov 08, 2019
    • Central Bank of India Fixed Deposit
      "Good Bank"
      0.5 4.0/5 "Great!"
      Interest rates are less in Central Bank of India so I had taken a fixed deposit. I have invested the money of Rs. 1 lakh in my wife's name. Branch is near from my place so I have chosen this bank. Yearly once, I get the money of Rs. 6,765 for the interest. There is a locking period of 1 year.
      Was this review helpful? 2
      , tirupur
      Reviewed on Nov 06, 2019
    • ICICI Bank Fixed Deposit
      "Customer centrice & User friendly app"
      0.5 4.0/5 "Great!"
      I am doing Fixed Deposit with ICICI BANK and its been around 5years. They haven't been paying good interest and its more or less same like other banks as I used to hold my salary account with ICICI, I have decided to be with one bank. There is no locking period and its flexible. They do give good support and the app is user friendly. Even deposit account can be opened through i-mobile or net banking itself.
      Was this review helpful? 6
      , nasik
      Reviewed on Oct 15, 2019
    • SBI Fixed Deposit
      "Good"
      0.5 3.0/5 "Satisfactory"
      I had a Fixed Deposit in State Bank of India, I have completed the tenure before 3months ago. I have no issues with the customer service. They are given me 7% interest rate for 2years. There is no profit and processing fee. I got an online access, where I can check the interest rate anytime on the YONO app or else SBI online.
      Was this review helpful? 10
      , tirupati
      Reviewed on Oct 15, 2019
    • SBI Fixed Deposit
      "Interest charges are good. "
      0.5 3.0/5 "Satisfactory"
      I have invested some money through FD. My salary account is in SBI so i have a zero ATM charges and the limit is not actually set by SBI. They do have short term FDs which is pretty good. I have invested the money of Rs. 60000 and the interest rate is 10.01% for the tenure period of 16 months. There is no lockin period. There is no hassle to getting the money back.
      Was this review helpful? 17
      , kolkata
      Reviewed on Oct 01, 2019
    • Dena Bank Fixed Deposit
      "Good plan for senior citizen"
      0.5 2.0/5 "Expected more"
      I have invested the money in Dena bank through Fixed deposit and the growth is not that much good. They are not taking any hidden charges. Only because of the Government undertaken bank, i have selected them. They are providing a interest rate of 6% per annum. I have invested the money of Rs. 2 lakhs. There is a lockin period of 1 year.
      Was this review helpful? 6
      , new delhi
      Reviewed on Sep 24, 2019
    • Axis Bank Fixed Deposit
      "Interest should be increased for FD"
      0.5 3.0/5 "Satisfactory"
      I have opt for fixed deposit for the tax saving purpose because I have chosen five years tenure with AXIS Bank, still its going on. Only once I Invested my money it has the locking period of five years. I have option to check my transactions through mobile app. But I have concern about the interest rate is very lesser for this FD.
      Was this review helpful? 8
      , hyderabad
      Reviewed on Sep 19, 2019
    • SBI Fixed Deposit
      "FD process should be simpler"
      0.5 1.0/5 "Really Bad"
      I had fixed deposit with SBI then I withdrawn the amount, I done Rs. 3 lakhs of investment on my daughter name then I taken the liquidity to purchase the land, at the time I struggled a lot to take that money because the process was difficult to withdrawn the money after seven months of tenure.
      Was this review helpful? 23
      , madurai
      Reviewed on Sep 03, 2019
    • Union Bank of India Fixed Deposit
      "Not good"
      0.5 3.0/5 "Satisfactory"
      I had a Fixed Deposit with Union Bank of India and its closed 18 to 19 months due to personal reasons. I am doing investment but my experience is not good with FD account. In my home town, there is no other banks so just decided to go with this bank. The returns are good.
      Was this review helpful? 9
      , bangalore
      Reviewed on Aug 28, 2019
    • HDFC Bank Fixed Deposit
      "Good to go with HDFC"
      0.5 5.0/5 "Blown Away!"
      I have one FD with HDFC, I deposited Rs. 1 lakh, I was opt for 45 days of tenure. Finally I got 6.25% of interest for 45 days. It won't cover the tax, if we need tax benefits we should go for five years term. I can track the details through netbanking, on the maturity date the amount credits automatically in the account. Even the notification can customized.
      Was this review helpful? 18
      , bangalore
      Reviewed on Aug 27, 2019
    • HSBC Bank Fixed Deposit
      "wrong calculation of interest rates"
      0.5 0.5/5 "Unacceptable"
      HSBC staff wrongly pre closed my fixed deposit .. and calculated the interest rates wrongly and when asked them for clarification never got back .. even after following up with them repeatedly for more than 3 months.. would highly recommend not using their services.
      Was this review helpful? 5
      , visakhapatnam
      Reviewed on Aug 24, 2019
    • SBI Fixed Deposit
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I do have a Fixed deposit account with SBI and it was carried out by Mom and even I have account for my daughter. Its still running and they have Google application separately to access online. The returns are good. I am doing monthly investment and it was opened quite a long may be 4 years.
      Was this review helpful? 17
      , ahmedabad
      Reviewed on Aug 23, 2019
    • ICICI Bank Fixed Deposit
      "Good"
      0.5 5.0/5 "Blown Away!"
      I just opened a Fixed Deposit with ICICI BANK and have not done any survey on this. I am account holder with them so it was easy to do FD account even they are providing 7% interest rate. The process is very user friendly and never faced any hassle. I could access this account via online.
      Was this review helpful? 10
      , new delhi
      Reviewed on Aug 21, 2019
    • Post Office Fixed Deposit
      "Good for future"
      0.5 3.0/5 "Satisfactory"
      In post office rate of interest is higher for the fixed deposit when compared to the bank, I invested Rs. 5000 on monthly basis its comes in a year Rs. 60,000 after 5 years I got Rs. 3.75,000 I got Rs. 75,000 extra. The service is not comfortable if we have any relative who working there it would supportive or else difficult.
      Was this review helpful? 46
      , burdwan
      Reviewed on Aug 09, 2019
    • SBI Fixed Deposit
      "Good for future saving"
      0.5 5.0/5 "Blown Away!"
      I have FD with SBI, I have opt for one year term there is no such limitation for depositing the money. The interest rate is good for the FD, the online banking is convenient to take liquidity. They resolve the queries on time. Its most safe and secured.
      Was this review helpful? 11
      , visakhapatnam
      Reviewed on Aug 08, 2019
    • SBI Fixed Deposit
      "Average"
      0.5 4.0/5 "Great!"
      I have selected state bnak of indis fixed deposit amount 1 lakhs , Tenure 5 years and Rate of interest 8 percentage after renewal fixed deposit 6 percentage is very less .while document directly bank . Customer service is not good and responsive.
      Was this review helpful? 13
      , kochi
      Reviewed on Aug 05, 2019
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