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.
The features of SBI’s Flexi Deposit Scheme are listed below:
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.
A SBI Flexi Deposit account can be opened by resident individuals. Minors are also eligible to open it.
Yes, the facility of premature closure is available.
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%.
TDS is applicable as per Income Tax rules. However, you can submit Form 15G/H to get exemption from TDS.
Yes, a universal passbook will be issued.
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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