FLEXI DEPOSIT SCHEME

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SBI Flexi Deposit

A variant of Recurring Deposit with the facility of depositing variable deposit instead of a fixed instalment.

Features

  • Singly or jointly
  • To enable our customers to place long term deposits to earn attractive rate of interest along with a flexibility in choosing the deposit amount.
  • Personal Segment
  • Recurring Deposit (Variable deposit) account.
  • Minimum - 5 years / Maximum - 7 years
  • Available at all branches (except specialized credit intensive branches) all over India.
  • Rs. 5,000/- per Financial Year (in multiples of Rs. 500/-) minimum of Rs. 500/- at any one instance. Deposits can be made anytime during a month and any number of times.
  • Maximum deposit amount Rs. 50,000/- in a Financial Year.
  • Penalty for default in payment of minimum deposit will be Rs.50/- per Financial Year
  • Nomination Available
  • Universal Passbook will be issued.
  • Loans / OD up to 90% of the Principal deposit.
  • Transferability among our branches allowed
  • Rate of interest As applicable to Term Deposits
  • The interest rate payable to SBI Staff and SBI pensioners will be 1.00% above the applicable rate.
  • The rate applicable to all Senior Citizens of age 60 years and above will be 0.50% above the applicable rate.

Eligibility

  • Resident individuals, including minors

Terms and Conditions

  • Premature closure Available.
  • For Deposit up to Rs 5.00 lacs, the penalty for premature withdrawal will be 0.50% (all tenors).
  • For Deposit above Rs 5.00 lacs, applicable penalty will be 1% (all tenors).
  • The interest shall be 0.50% or 1% below the rate applicable at the time of Deposits for the period Deposit remained with the Bank or 0.50% or 1% below the contracted rate, whichever is lower.
  • However, no interest will be paid on Deposits which remain for a period of less than 7 days.
  • Tax deduction at source applicable as per Income Tax Rules.
  • Form 15G/H can be submitted by the Depositor to get exemption from tax deduction as per Income Tax Rules.

Interest Rates

6.25%

1 year to less than 2 year

6.25%

2 years to less than 3 years

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