What is flexi deposit interest?
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What is flexi deposit interest?
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. The interest offered on this flexi deposit scheme is 5.40\% p.a.
What is e SBI Flexi deposit?
Unlike Recurring Deposit account, SBI Flexi Deposit offers flexibility in choosing the deposit amount within the minimum and maximum limits per financial year. What is the minimum and maximum limit for SBI – Flexi Deposit? Deposits can be made anytime during a month and any number of times.
Which deposit has the highest interest rate?
Fixed Deposit Interest Rates by Different Banks
| Bank | Tenure | Interest Rates for General Citizens (per annum) |
|---|---|---|
| HDFC Bank | 7 days to 10 years | 2.50\% to 5.50\% |
| Axis Bank | 7 days to 10 years | 2.50\% to 5.75\% |
| Union Bank of India | 7 days to 10 years | 3.00\% to 5.60\% |
| Canara Bank | 7 days to 10 years | 2.95\% to 5.50\% |
What is Flexi account in Bank?
A Flexi-Fixed deposit is a special kind of deposit offered by banks in India and other countries. It is a combination of a demand deposit and a fixed deposit. The depositor is able to enjoy both the liquidity of savings and current accounts and the high returns of fixed deposits.
Is FD interest rate flexible?
Flexible FD or Flexi Fixed Deposit is a special kind of Fixed Deposit which offers the benefits of both Savings and Fixed Deposit Account. Unlike a regular FD, the amount and tenure of investment are not fixed in a flexible FD, and investors can also withdraw the funds prematurely.
How does Flexi Account work?
A flexi fixed deposit, as the name suggests is a fixed deposit which offers flexibility and convenience to customers. It is 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.
Which bank is best for savings account?
Top Banks that have the Best Savings Account for Individuals
- State Bank of India (SBI) Savings Account.
- HDFC Bank Savings Account.
- Kotak Mahindra Bank Savings Account.
- DBS Bank Savings Account.
- RBL Bank Savings Account.
- IndusInd Bank Savings Account.
How do you find the interest rate?
How to calculate interest rate
- Step 1: To calculate your interest rate, you need to know the interest formula I/Pt = r to get your rate.
- I = Interest amount paid in a specific time period (month, year etc.)
- P = Principle amount (the money before interest)
- t = Time period involved.
- r = Interest rate in decimal.
How do you calculate monthly interest rate?
To calculate a monthly interest rate, divide the annual rate by 12 to reflect the 12 months in the year. You’ll need to convert from percentage to decimal format to complete these steps. Example: Assume you have an APY or APR of 10\%.
What is the interest rate of SBI flexi deposit scheme?
3) SBI currently pays an interest rate of 6.25\% per annum on fixed deposits maturing in one year and seven years and more. So, SBI flexi deposit scheme will fetch an interest rate of 6.25\%. Just like the term deposits, senior citizens get a higher interest rate on SBI flexi deposit schemes as well.
What is the maximum deposit amount allowed in SBI for SBI?
Maximum deposit amount Rs. 50,000/- in a Financial Year. Universal Passbook will be issued. Loans / OD up to 90\% of the Principal deposit. The interest rate payable to SBI Staff and SBI pensioners will be 1.00\% above the applicable rate. The rate applicable to all Senior Citizens of age 60 years and above will be 0.50\% above the applicable rate.
Can I change the amount and number of instalments in SBI deposit scheme?
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.
What is the penalty for SBI 5 lakhs deposit?
For those above ₹ 5 lakh, the applicable penalty is 1 per cent (all tenors), according to SBI. The interest is 0.50 per cent or 1 per cent below the rate applicable at the time of deposit, whichever is lower.