SBI Flexi Fixed Deposit Scheme
The SBI Flexi Fixed Deposit Scheme, known at State Bank of India as the SBI Flexi Deposit, is a term deposit in which you choose how much to deposit each year instead of paying a fixed instalment. It runs for 5 to 7 years and earns SBI's term deposit rate, currently 6.05% p.a. for the 5 years up to 10 years slab.
Features and Benefits of SBI Flexi Deposit Scheme
The features of SBI's Flexi Deposit Scheme are listed below:
- It can be opened singly or jointly
- Nomination facility is available
- Interest is compounded at quarterly intervals, based on the balance on the last day of each month.
- You can create the deposit online from 8:00 a.m. to 8:00 p.m. IST.
- You cannot open an online SBI Flexi Deposit in any name that does not appear in the debit account.
- Additional interest of 0.50 percent is offered to senior citizens. Nominees from the debit account are carried over to the deposit, and adding or changing a nominee needs a visit to the branch.
- Deposits can be made multiple times in a month and at any time.
- You can open the SBI Flexi Deposit online by debiting a savings, current or overdraft account, and the new deposit takes the name(s), mode of operation and branch of that account.
- You can set maturity instructions while opening the account, and the maturity proceeds are credited only to the account that was debited to open the deposit.
- An SBI Flexi Deposit opened online can be closed online through the 'Close A/c' tab under SBI Flexi Deposit.
Minimum and Maximum Deposit Amount
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.
Who can open an SBI Flexi Deposit Account?
An SBI Flexi Deposit account can be opened by resident individuals. Minors are also eligible to open it.
Summary
The SBI Flexi Fixed Deposit Scheme, or SBI Flexi Deposit, lets resident individuals, including minors, choose how much to deposit each year for a 5 to 7 year term. Interest follows SBI's term deposit rates, and senior citizens can earn an additional rate. Check the deposit limits above and confirm current availability with SBI before you open an account.
FAQs on SBI Flexi Deposit Scheme
1.What is the SBI Flexi Fixed Deposit Scheme?
The SBI Flexi Fixed Deposit Scheme, known as the SBI Flexi Deposit, is a term deposit from State Bank of India in which you choose how much to deposit each year within set limits. It runs for a fixed tenure, which is stated in the top content of this page.
2.How is the SBI Flexi Fixed Deposit different from a Recurring Deposit?
Unlike a Recurring Deposit, the SBI Flexi Fixed Deposit does not ask for a fixed instalment, so you choose the amount you deposit within the yearly limits. Its interest is based on SBI's term deposit rates.
3.Who is eligible to open an SBI Flexi Fixed Deposit?
All resident individuals, including minors, are eligible to open an SBI Flexi Fixed Deposit. The deposit limits are given in the section above.
4.What interest does the SBI Flexi Fixed Deposit earn?
The SBI Flexi Fixed Deposit earns the interest rate that applies to SBI term deposits, compounded quarterly. Senior citizens can earn an additional rate of interest on the SBI Flexi Fixed Deposit.
5.Is there a penalty for missing the minimum deposit in an SBI Flexi Fixed Deposit?
Yes, SBI charges a penalty each financial year if the minimum deposit for the SBI Flexi Fixed Deposit is not paid. The penalty amount is set by SBI and can change, so check it before you open the account.
6.Can I close an SBI Flexi Fixed Deposit before maturity?
Yes, premature closure of an SBI Flexi Fixed Deposit is available, and interest is then paid at a lower rate than applies for the period the deposit stayed with the bank. An SBI Flexi Fixed Deposit opened online can also be closed online.
7.Is TDS applicable on an SBI Flexi Fixed Deposit?
Yes, interest on an SBI Flexi Fixed Deposit is subject to TDS as per Income Tax rules. Eligible depositors can submit Form 15G or Form 15H to seek exemption from TDS on the SBI Flexi Fixed Deposit.
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