What is e SBI Flexi deposit?

Unlike Recurring Deposit account, SBI Flexi Deposit offers flexibility in choosing the deposit amount within the minimum and maximum limits per financial year. What is the minimum and maximum limit for SBI – Flexi Deposit ? Deposits can be made anytime during a month and any number of times.

Can I open SBI Flexi deposit account online?

SBI also offers account holders the facility to open a flexi deposit account online by using internet banking facility. The maturity proceeds will be transferred to the debit account from which the SBI flexi deposit was funded.

How can I open Flexi account in SBI?

To initiate the account opening process, users have to click on ‘e-RD/e-SBI Flexi Deposit link’. Select the ‘e-RD’ option and click on the ‘proceed’ button to move further. If you have multiple SBI savings accounts, pick the one from where the monthly recurring deposit amount has to be deducted.

What is Flexi Deposit account?

A Flexi-Fixed deposit is a special kind of deposit offered by Indian banks and in other countries as well. It is formed by combining a demand deposit and a fixed deposit. The depositor opting for a Flexi FD is able to avail of both the liquidity of savings and current accounts and the high returns of fixed deposits.

Do you get interest on flexi deposit in SBI?

On the Flexi Deposit Amount, you will be getting a fixed rate of interest from the Bank, depending upon the Deposited Amount and Period of Flexi Deposit. However, the interest will be taxable. When you open a Bank Account in SBI, you can open a flexi deposit account as well.

What happens in case of premature withdrawal from SBI flexi?

10) Premature withdrawal is allowed from the SBI flexi deposit scheme. But the interest rate in case of premature withdrawal will be 0.50% below the rate applicable for the period the deposit has remained with the bank. Loan facility, as applicable to normal fixed deposits, can also be availed against the SBI Flexi Deposit scheme.

Which is the minimum deposit for flexi FD in India?

The minimum deposit under this scheme is Rs 5 crores. State Bank of India – State Bank of India offers flexi FDs under its Flexi Deposit Scheme with a minimum deposit requirement of Rs 5,000 and a minimum tenure of 5 years. Individuals can choose to increase their deposit through flexible instalments.

How is flexi deposit different from recurring deposit account?

How it is different from Recurring Deposit account ? Unlike Recurring Deposit account, SBI Flexi Deposit offers flexibility in choosing the deposit amount within the minimum and maximum limits per financial year. What is the minimum and maximum limit for SBI – Flexi Deposit ? The Minimum deposit amount is Rs. 5,000/- per Financial Year.