SBI Flexi Deposit Scheme: How It Works, Tenure And Other Details
- For SBI's scheme, the minimum instalment amount is Rs 500 and in a financial year, one needs to deposit a minimum of Rs 5,000.Â
- The maximum amount one can deposit is Rs 50,000 and the maximum number of instalments is 10.
- The name(s) and mode of operation and branch of newly generated deposit account is same as in debit account, from which flexi deposit account is funded, noted SBI.
- The rate of interest is same as applicable to fixed deposits (FDs). The rate of interest is quarterly compounded, based on the balance outstanding on the last date of each month. Senior citizen can avail additional rate of interest on SBI Flexi Deposit scheme.
- The minimum tenor is 5 years and maximum is 7 years.Â
- In SBI Flexi Deposit Scheme premature withdrawal is allowed. However, the rate applicable in case of premature withdrawal shall be 0.50 per cent below the rate applicable for the period the deposit has remained with the bank, said SBI.Â
- The bank charges Rs 50 per financial year for non-deposit of monthly instalments.
- SBI Flexi Deposit Scheme also offers loan facility, nomination facility and passbook facility.
- Interest payable is subject to TDS (Tax deducted at source), said SBI.
- The maturity proceeds or the amount payable before maturity can only be transferred to the debit account from which the SBI Flexi Deposit was initially funded.
-
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.
-
Medicine Pricing: Where Must Profit Stop?
India must confront excessive margins, hidden incentives and regulatory gaps that threaten the integrity of medicine.
