INSUBCONTINENT EXCLUSIVE:
State Bank of India (SBI) offers various deposit schemes under its personal banking portfolio.
State Bank of India (SBI) offers various deposit schemes under its personal banking
SBI's Recurring Deposit (RD) scheme offers an opportunity to build up saving through regular monthly deposits of fixed sum over a period
of time, according to SBI's official portal
Unlike Recurring Deposit (RD) account, SBI's Flexi Deposit scheme offers flexibility in choosing the deposit amount within the minimum and
maximum limits per financial year
User can decide to vary his/her installment amount and even the number of monthly within the annual sum defined instead of a single fixed
installment every month, said SBI
All resident individual customers including minors are eligible for SBI's flexi deposit scheme.Minimum and maximum limitThe minimum
deposit amount is Rs 5,000 per financial year for SBI flexi deposit scheme
Higher amounts in multiples of Rs 500 may be deposited with minimum of Rs 500 at any one instance
Deposits can be made anytime during a month and any number of times
The maximum deposit amount is Rs 50,000 in a financial year
For SBI's RD, the minimum monthly deposit amount is Rs 100 in multiples of Rs 10
There is no maximum limit on SBI's Recurring Deposit (RD).Minimum and maximum period of depositThe minimum period of deposit is 5 years
and maximum is 7 years in case of SBI's Flexi Deposit
While in case of RD, the minimum period is 12 months maximum is 120 months
scheme are same as applicable to Term deposits
Interest will be compounded at quarterly intervals, based on the balance outstanding on the last date of each month
The rate of interest in case of recurring deposit is same as applicable to bank's term deposit or special term deposit for the period of
payment of minimum deposit is Rs 50 per financial year for SBI's flexi deposit scheme
The penalty charges for non-deposit of monthly installments in case of Recurring Deposit (RD) for account period of 5 years and less is Rs
1.50 per Rs 100 per month
For account period above 5 years, Rs 2 per Rs 100 per month penalty is charged.
