What is Flexi account in SBI?

The Flexi Deposit Scheme offered by State Bank of India is a variant of a Recurring Deposit. Under the scheme, you can deposit money in variables rather than a fixed instalment. It can be opened for 5 years, and a maximum tenure of 7 years. The interest offered on this flexi deposit scheme is 5.40\% p.a.

At what rate percent will a sum of money double itself in 5 years?

According to the question, SI must be equal to 2 × P in order to make the final sum two times the original principal amount after 5 year. ∴ Required rate of interest is of 20\%.

What is the difference between normal RD and normal Flexi Rd?

Normal recurring deposit is a term deposit in which you need to make fixed monthly instalments for a certain period of time. Flexi RD, on the other hand, allows customers to choose the number of monthly instalments according to their convenience.

What is a Flexi Fixed Deposit?

It is traditionally a combination of a fixed deposit and a recurring/savings account, ensuring customers get the benefit of high interest rates offered by Fixed Deposits plus liquidity offered by saving accounts. Banks offering flexi fixed deposit schemes

What is a flexi current account?

When a flexi fixed deposit is linked to a current bank account instead of a savings bank account, it is referred to as a flexi current account. What is flexi deposit scheme? A flexi fixed deposit is a fixed deposit that offers flexibility and convenience to customers.

How does the FNB flexi account work?

The FNB Flexi deposit account works a little different from a normal fixed deposit account. With a normal fixed deposit account, you invest your money and only get it after a fixed period of time, early withdrawal will get you a penalty. You then get to earn interest on your money, but can’t make additional deposits to increase your investment.

What are the benefits of flexi FD?

The depositor opting for a Flexi FD is able to avail of both the liquidity of savings and current accounts and the high returns of fixed deposits. Fixed Deposits have been one of the most popular and traditional saving instruments in India for years.