SBI FLEXI DEPOSIT SCHEME
A variant of Recurring Deposit with the facility of depositing variable deposit instead of a fixed installment.Period of deposit : Minimum - 5 years and Maximum - 7 years
Minimum deposit amount - Rs. 5,000/- per Financial Year.
Minimum of Rs. 500/- at any one instance.
Deposits can be made anytime during a month and any number of times.
Penalty for default in payment of minimum deposit will be Rs.50/- per Financial Year.
Maximum deposit amount Rs.50,000/- in a Financial Year.
Interest Rates on Flexi Depsoit Scheme of State Bank of India:
The revised interest rates for Domestic Term Deposits ‘Below Rupees One Crore' effective from the 18.02.2014 would be as under:| Tenors | Existing for Public | Revised For Public w.e.f. 18.02.2014 | Existing for Senior Citizens | Revised for Senior Citizens w.e.f. 18.02.2014 |
|---|---|---|---|---|
| 7 days to 90 days | 7.50 | 7.50 | 7.50 | 7.50 |
| 91 days to 179 days | 7.50 | 7.50 | 7.50 | 7.50 |
| 180 days to 210 days | 7.00 | 7.00 | 7.00 | 7.00 |
| 211 days to less than 1 year | 7.50 | 7.50 | 7.50 | 7.50 |
| 1 year to less than 2 years | 9.00 | 9.00 | 9.25 | 9.25 |
| 2 year to less than 2 years | 9.00 | 9.00 | 9.25 | 9.25 |
| 2 years to less than 3 years | 9.00 | 9.00 | 9.25 | 9.25 |
| 3 years to less than 5 years | 9.00 | 8.75 | 9.25 | 9.00 |
| 5 years and up to 10 years | 9.00 | 8.50 | 9.25 | 8.75 |
Tax deduction at source
Interest payable will be subject to TDS.Premature closure
Allowed.Most Important Terms & Condition:
- Interest will be paid at the contracted rate irrespective of change in the rate thereafter.
- Tenure: Minimum - 5 years, maximum - 7 years.
- Minimum deposit amount - Rs. 5,000/- per Financial Year (plus 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. Penalty for default in payment of minimum deposit will be Rs.50/- per Financial Year.
- Maximum deposit amount - Rs.50,000/- in a Financial Year.
- Tax Deduction at Source - Interest payable will be subject to TDS.
- Premature withdrawal - 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.
- Loan Facility as applicable to Term Deposits.
- Nomination facility available.
