INSUBCONTINENT EXCLUSIVE:
In a SBI's flexi deposit account, premature withdrawal is also allowed.State Bank of India (SBI) offers the option of opening a flexi
deposit account under it's personal banking portfolio
SBI's flexi deposit scheme is similar to recurring deposit (RD)
However, in case of a flexi deposit, 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, noted SBI on it's official website - sbi.co.in
The minimum instalment amount is Rs 500 for a year
The minimum deposit amount is Rs 5,000 and maximum deposit amount is Rs
minimum tenor is 5 years and maximum is 7 years
The rate of interest is same as applicable to fixed deposits (FDs)
the bank's website - sbi.co.in:Maturity period (term)Interest rate with effect from July 30, 2018General publicSenior citizen7 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 than 2 year6.77.22 years
to less than 3 years6.757.253 years to less than 5 years6.87.35 years and up to 10 years6.857.35(Source: sbi.co.in)In a SBI's flexi deposit
account, premature withdrawal is also allowed
The rate applicable in case of premature withdrawal shall be 0.50% below the rate applicable for the period the deposit has remained with
the bank, said SBI.Tax deducted at source is also applicable, noted SBI
The penalty charges for non-deposit of monthly instalments amounts to Rs
With SBI's Flexi Deposit Scheme, customers can also get a host of facilities such as loan facility as applicable to term deposits and
