A Flexi Recurring Deposit offers convenience and complete flexibility to depositors, where lump sums can be invested as and when available. A Flexi RD comes with two sections, inclusive of the core amount, which are deposits made by the account holder when the RD is opened and the flexible amount, which can change with every monthly installment, depending on the funds available. Every Flexi Recurring Deposit has to be opened with a core amount for a particular tenure. This amount changes depending on the bank where the RD is being held. The variable component of the recurring deposit can be incremented in specific multiples with a cap on the amount to be invested. The interest rate for the core amount is as per applicable rates for the recurring deposit tenure, while the flexible portion carries an interest rate from the deposit date. The core amount has to be deposited on the pre-determined date or a penalty will be imposed by the bank. The flexible amount can be invested at any time of the month and no penalty will be levied. Flexi Recurring Deposit schemes can be pre-closed at any time and do not carry any premature closure charges.
Banks Offering Flexi Recurring Deposits
There are multiple Flexi Recurring Deposit schemes offered by various banks in India. Some of the popular flexi deposit schemes have been explained below.
iWish Flexible RD - ICICI Bank
The iWish Flexible Recurring Deposit from ICICI Bank offers one of the best returns with interest rates ranging from 7.00% to 7.50% for tenures starting from 6 months to up to 10 years. Customers can deposit any amount at any point in the tenure, with no requirement to make deposits every month. Multiple deposits can also be made in one month. ICICI Bank does not charge any pre-closure penalty for iWish accounts closed before the completion of the tenure. Customers can set a goal amount when they open an iWish flexible RD account and decide on the amount they would have to deposit every month to reach that goal. Contributions can be done by family and friends to reach the goal amount.
SBI Flexi Deposit - State Bank of India
The SBI Flexi Deposit scheme comes with the flexibility of choosing the amount to be deposited every year by a customer. This amount should fall between the minimum and maximum limits set by the bank. The minimum amount that can be deposited is Rs. 5000 and the maximum amount is Rs. 50,000, which can be increased in multiples of Rs. 500. Customers can make any number of deposits at any time of the year. If there is any default in payments, then SBI would charge a fee of Rs. 50. The interest rate offered will be compounded on a quarterly basis and the deposit tenure can vary from 5 years to up to 7 years. Payments for a SBI Flexi Deposit can be made as debits from savings accounts, current accounts and OD accounts. Senior citizens are also eligible to avail the SBI Flexi Deposit scheme at preferential interest rates.
PNB Swecha Jama Yojna/Flexi RD - Punjab National Bank
The PnbSwechha Jama Yojna scheme can be taken by a single applicant or as a joint account and has to be opened with a minimum deposit of Rs. 100. The tenure available to depositors ranges from 6 months to up to 120 months. PNB mandates that the monthly amount should not be more than ten times the core amount. Customers do not have to pay any penalty for late deposits and for premature closure of the recurring deposit. Minors are also allowed to open a PnbSwechha Jama Yojna (Flexi RD account) under the supervision of a parent or a guardian. PNB also gives loans or overdraft on an existing PnbSwechha Jama Yojna account.
Star Flexi Recurring Deposit - Bank of India
Under the Star Flexi Recurring Deposit scheme, customers can choose a core amount, with the option of making flexible installments. The installments should be in multiples of Rs. 500, when deposited in Metro branches and can be incremented in multiples of Rs. 100 in Semi-urban and Rural branches. Bank of India does not have any cap on the minimum and maximum limits. The nomination facility is also provided for a Star Flexi Recurring Deposit account. This Flexi recurring deposit scheme can be taken for tenures ranging from 12 months to up to a maximum of 10 years. The maturity value varies according to the amount deposited during the course of the recurring deposit. The interest rates charged on flexi installments is as per applicable rates, when the deposit has been opened.
Flexi Recurring Deposit - IndusInd Bank
Customers can make flexible monthly deposits when they open a Flexi Recurring Deposit with IndusInd Bank. Customers can open deposits with a balance of Rs. 1000 and make deposits as and when they wish. The tenures available for depositors varies from 12 months to up to 120 months. Self-employed businessmen and professionals can open a Flexi Recurring Deposit at attractive interest rates. IndusInd Bank also allows nominations on the recurring deposits accounts along with premature closures.
Union Monthly Plus - Union Bank of India
Union Bank of India offers the Union Monthly Plus scheme for its customers with options to Step up or Step down the monthly installment amounts. Individuals, Corporates, Partnership/ Proprietorship, HUFs and trusts are eligible to open this type of recurring deposit account. A core amount has to be selected initially, with the minimum amount being Rs. 100 and the maximum being Rs. 1, 00,000. The tenures available are from 6 months to up to 60 months. The interest rate will be as per Term Deposit rates offered by the bank and will be calculated on a daily basis. Under the Step Up option, customers can increment the core amount to up to 10 times the core amount and deposits can be made any number of times in a month. Customers also have the option to Step Down the deposit amounts, but should not be below the core amount chosen.
Fed Flexi Smart SaverRD - Federal Bank
The Fed Flexi Smart SaverRD scheme is offered to NRIs with the flexibility of choosing a core amount while opening the deposit. The monthly installment amounts can be varied and deposits can be made up to ten times the core amount. Additionally, Federal Bank also provides flexible remittance options with no fixed due dates for monthly payments. Deposit tenures can range from 12 months to up to 0 months and customers do not have to pay any pre-closure penalty, while closing the deposit.
Corp Recur Deposit | Corporation Bank
Corporation Bank offers a Flexi recurring deposit scheme through which customers can save predetermined amounts every month for a period of three years. Account holders can make deposits for a value which is ten times the monthly installment amount. Additionally, Corporation Bank recurring deposit holders can withdraw a part of their deposits (i.e., 50% of the accrued amount) towards the end of the first year and the second year. Recurring deposits should be opened with a minimum balance of Rs. 500 and can be increased in multiples of Rs. 100.
Canara Dhanvarsha - Flexi Recurring Deposit Scheme
Canara Bank customers can avail the Canara Dhanvarsha - Flexi Recurring Deposit Scheme and enjoy complete flexibility while making deposits. The minimum amount that has to be deposited is Rs. 1000 and can be later increased in multiples of Rs. 100, up to a maximum of Rs. 1, 00,000. Customers can deposit amounts up to ten times the core installment amount every month. Customers can also avail loans on their recurring deposits to up to 90% of the available balance.
Variable Recurring Deposit - Indian Bank
The Variable Recurring Deposit scheme provided by Indian Bank offers complete flexibility with regards to monthly installments. Customers can deposit any amount every month up to a maximum of Rs.10, 00,000. The tenures available range from 12 months to up to 120 months. The minimum deposit that has to be done is Rs. 25 to up to a maximum of Rs. 1 lakh.
Flexi recurring - Cent Swa Shakti - Central Bank of India
Central Bank of India customers can avail the Cent Swa Shakti Flexi recurring deposit scheme and make deposits with any amount of their choice. Customers can choose the monthly installment amount, with the minimum being Rs. 100 and the maximum being Rs. 10, 00,000. Aside from the monthly deposit amount, customers can also make additional fund deposits. Account holders also have the option of reducing the monthly installment amount, but it should not be lower than the core deposit amount. Customers can also choose any tenure of their choice ranging from 6 months to 12 months.
Money Mala Plus - Karur Vysya Bank
A flexible Recurring Deposit scheme is offered by Karur Vysya Bank with the flexibility to remit any amount of the customer’s choice. Account holders can deposit any amount up to ten times the core amount, to a maximum of Rs. 2 lakhs. Karur Vysya Bank does not charge any penalty for late payments and there are no limits for the number of times deposits are made in a month. The core amount should always be paid as one installment.
Read More Article on Recurring Deposit
- How to Open a Recurring Deposit Online?
- Major Differences Between Recurring Deposit and Fixed Deposit
- Tax on Recurring Deposit
- Comparison Between Recurring Deposit and Chit Fund
- Highest RD Interest Rate Banks in India
- Recurring Deposit Interest Rates of All Banks
- How to Open Recurring Deposit in SBI Online
- Monthly Recurring Deposit
- SBI Flexi Deposit Scheme
- PNB Swechha Jama Yojna Flexi RD Scheme
- Bank of India Star Flexi-Recurring Deposit
- Baroda Samriddhi Half Yearly Recurring Deposit
- Canara Dhanvarsha Flexi Recurring Deposit Scheme
- Union Bank Cumulative Recurring Deposit Scheme
- Union Monthly Plus Recurring Deposit Scheme
- Indian Bank Swarna Nidhi Recurring Deposit Scheme
- Difference Between LIC and Recurring Deposit
- Indian Bank Variable Recurring Deposit Scheme
- Baroda Samriddhi Quarterly Recurring Deposit
- PNB Special Recurring Deposit Scheme
- PNB Lakhpati Deposit Scheme
- Bank of Baroda Yatha Shakti Jama Yojana Scheme