State Bank Of India Flexi Account

Hi buddy I want to get info about State Bank Of India Flexi Account/scheme , so can you plz tell me about the same ??

[Rajkumar Agarwal]

As you asking here I am telling State Bank Of India Flexi Account/scheme almost similar to Recurring Deposit but instead of a single fixed instalment every month, you can decide to vary your instalment amount and even the number of monthly, within the Annual sum defined.

State Bank Of India Flexi Account/scheme feature:

Minimum Instalment

Rs. 500/-

Maximum Instalment

10

Minimum deposit amount

Rs. 5,000/- in a Financial Year.

Maximum deposit amount

Rs. 50,000/- in a Financial Year.

Deposit Frequency

Any number in a month and any time

Rate of Interest

As applicable to Term Deposits.
Quarterly compounded Interest.

Tenure

Minimum tenor is 5 years and maximum is 7 years.

Premature withdrawal

Allowed. 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.

Tax Deducted at Source

Applicable

Penalty charges for non-Deposit of monthly instalments

Rs.50/- per Financial Year.

Loan facility

Available ( as available to Term Deposits)

Nomination facility

Available

Passbook

Available

Minimum instalment in a year

Rs 500/- to continue the account.

Terms & Conditions

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.

Tenure: Minimum - 5 years, maximum - 7 years.

Maximum deposit amount - Rs.50,000/- in a Financial Year.

Tax Deduction at Source

Loan Facility as applicable to Term Deposits.
Nomination facility available