Similar to Recurring Deposit in case of SBI Flexi Deposit Scheme you are exempted from the process of single fixed installments every month, with this scheme you have the freedom to decide your installment amount and even the number of monthly, within the Annual sum defined.
Features
| Minimum Installment | Rs 500 |
| Maximum Installment | Rs 10 |
| Minimum Deposit Amount | In a Financial Year : Rs 5000 |
| Maximum Deposit Amount | In a Financial Year : Rs 50,000 |
| Deposit Frequency | Any number in a month and any time |
| Rate of Interest | As applicable to Term Deposits |
| Tenure | The minimu tenure period is 5 years and the maximum time period is 7 years. |
| Premature Withdrawal | Premature Withdrawal is allowed at the rate of 0.50% below the rate applicable for the period the lump sum deposit has remained in the bank. |
| TDS | Applicable |
| Penalty Charges | In a Financial Year Rs 50 |
| Loan Facility | Available |
| Nomination Facility | Available |
| Passbook | Available |
| Minimum Installment in a year | An amount of Rs 500 is to paid to continue with the account. |
Terms and Condition
- The minimum deposit amount of Rs 5000 per financial year (in multiples of Rs 500), a minimumof Rs 500 at any one instance.
- You can make your deposits anytime during a month and any number of times. The penalty for default payment of minimum deposit is Rs 50 per financial year.
- The minimum tenure for is 5 years and the maximum is 7 years.
- Tax Deduction at Source is applicable.
- Nomination facility available.