INSUBCONTINENT EXCLUSIVE:
Customers also get the facility of premature withdrawal.State Bank of India (SBI) offers Flexi Deposit Scheme for customers
This product is similar to recurring deposit (RD) but instead of a single fixed instalment every month, user can decide to vary his/her
instalment amount and even the number of monthly within the annual sum defined, according to SBI's official website - sbi.co.in
Under RD, one needs to deposit a fixed amount at fixed intervals
The minimum instalment amount is Rs
For a financial year, the minimum deposit amount is Rs
5,000 and maximum deposit amount is Rs
The minimum tenor is 5 years and maximum is 7 years.Rate of Interest: The rate of interest is same as applicable to term deposits
The interest rates are compounded quarterly.TermInterest rate for general public w.e.f
30.07.2018Interest rate for senior citizens w.e.f
30.07.20187 days to 45 days5.756.2546 days to 179 days6.256.75180 days to 210 days6.356.85211 days to less than 1 year6.46.91 year to less
withdrawal: Customers also get the facility of premature withdrawal
The rate applicable in case of premature withdrawal is 0.50 per cent below the rate applicable for the period of the deposit has remained
with the bank.Penalty charges for non-deposit of monthly instalments: The penalty charges for non-deposit of monthly instalments amounts to
applicable to term deposits and nomination facility
Passbook is also available for this.
