Unlike Recurring Deposit account, SBI Flexi Deposit offers flexibility in choosing the deposit amount within the minimum and maximum limits per financial year.
The Minimum deposit amount is Rs. 5,000/- per Financial Year. 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.
Penalty for default in payment of minimum deposit will be Rs. 50/- per financial year.
The minimum period of deposit is 5 years and maximum is 7 years.
All resident individual customers including minors are eligible for this scheme.
As applicable to Term deposits. Interest will be compounded at quarterly intervals, based on the balance outstanding on the last date of each month.
yes
The name(s) and mode of operation and branch of newly generated deposit a/c will be same as in debit a/c, from which Flexi Deposit a/c is funded.
You can debit a savings, current, or OD account to open Flexi deposit account. The account selected for debiting should be valid transactional a/c through Internet Banking channel and should not be a stopped / dormant / locked account.
Yes, as provided in the account opening screen.
While opening an e-SBI Flexi Deposit account, you will be provided with an option to retain the nominee(s) for SBI Flexi Deposit a/c as already available in debit a/c from which it is funded.
No. You will have to approach your branch for adding a new nominee or change of nominee
No.
No. The maturity proceeds or the amount payable before maturity will be transferred only to the debit account from which the SBI Flexi Deposit was initially funded.
Yes. It can be created online from 8:00 AM IST to 8:00 PM IST. Requests initiated beyond this period will be scheduled for the next day.
Yes, you may close your Flexi Deposit account online through "Close A/c" tab under SBI Flexi Deposit. Account created through any other means can not be closed through "Close A/c" tab under SBI Flexi Deposit.
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.(This subject to change from time to time, without notice. The applicable rules on the date of closure will govern.)
Interest payable will be subject to TDS.
