SBI Flexi Deposit Scheme: Interest Rates And Other Details
SBI or State Bank of India offers Flexi Deposit Scheme which is similar to a recurring deposit (RD) account. Under SBI's deposit scheme, instead of a fixed instalment every month, an investor can decide to change the amount of instalment every month, and even the number of monthly instalments, according to SBI's website - sbi.co.in. However, the flexibility in the amount and number of instalments should be within the annual sum defined, noted SBI. (Also read: SBI Tax Savings Scheme: eligibility, interest rate and other details)
Here are key things to know about SBI's Flexi Deposit Account:
Amount
For SBI's Flexi Deposit Account, the minimum instalment amount is Rs. 500, and in a financial year, a person has to deposit a minimum of Rs. 5,000. The maximum amount one can deposit is Rs. 50,000 and the maximum limit of instalments is 10.
Tenure
The minimum tenor is 5 years and maximum is 7 years for SBI Flexi Deposit Scheme.
Rate of Interest
The rate of interest on the scheme is same as applicable to fixed deposits (FDs). SBI offers an interest rate of 6.25 per cent to general public and 6.75 per cent to senior citizens on maturity period of 5 years and up to 10 years. The rate of interest is quarterly compounded, said the country's largest lender.
Premature withdrawal
Under SBI's scheme, premature withdrawal is allowed. However, the rate applicable in case of a premature withdrawal shall be 0.50 per cent below the rate applicable for the period the deposit has remained with the bank, according to SBI.
Other facilities
The scheme also offers loan facility, nomination facility and passbook facility.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
-
Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
-
'Never Seen This Level Of Negativity': Sandeep Tandon Says The Next Rally May Be Closer Than You Think
Veteran investor Sandeep Tandon says foreign selling is easing, large-caps are due a comeback and mid-caps are crowded, while he turns positive on gold, power and pharma this Diwali.
-
Indians Stay With Family, Not In Hotels | The Reason Why
India still lacks enough clean, reliable and affordable hotels for budget-conscious travellers.
-
The Economic Imperative: Analysing The Material Driving Force Behind India-Canada Strategic Reset
This economic complementarity is further reinforced by deep institutional investment ties and talent mobility, which form the bedrock of the bilateral framework.
