The Money Flex Deposit scheme is designed to offer the depositor higher return on the deposits as in any other term deposit scheme and at the same time provide the facility to withdraw a part of the deposit at any time before maturity without the necessity of prematurely closing the deposit account.
Features of Money Flex Term Deposit
| Scheme Code |
MFTDF- Money Flex Term Deposit FDR MFTDD- Money Flex Term Deposit DRIC |
| Eligibility |
Money flex Deposit Account can be opened: by an individual in his/her own name; by more than one individual in their joint names with suitable repayment instructions; on behalf of a minor by his/her natural guardian or by a guardian appointed by court; in the name of a minor by a person interested in the minor other than natural guardian; in the name of clubs, societies, associations, educational institutions, trusts, HUFs, firms, partnerships, joint stock companies, co-operatives, executors and administrators, Government Departments etc. |
| Type of Deposit | Option to open in FDR or DRIC scheme as per the choice of the customer |
| Minimum Period | 6 months |
| Maximum Period | 10 years |
| Minimum Deposit Amount | Rs. 25,000/- |
| Maximum Deposit Amount | Less than 2.00 crores |
| Scheme Feature |
(a) Minimum Deposit under the scheme is Rs 25000/- and in multiples of Rs 1000/- thereafter. (b) No receipt will be provided to the customer. Only statement of Account/passbook will be given. (c) Part withdrawal before maturity is permitted. (d) In case of part withdrawal the interest on withdrawal amount is paid at the rate applicable for the period the withdrawn amount remained with the bank. (e) Written request from the depositor for part withdrawal to be obtained. |
| Rate of Interest | As per interest rate circular depending on the tenor |
| Interest payment Frequency | As per the Deposit Scheme ( FDR, DRC) in which the deposit is opened. |
| Loan Facility | Not Available |
| Nomination facility | Available as per guidelines |
| Automatic Renewal | Allowed |
| Premature Closure | Allowed |
| Penalty on Premature Closure | No Penalty at present |
| Passbook/Statement | No receipt will be provided to the customer. Only statement of Account & Passbook will be given. |
