Is Flexi Deposit good?

Is Flexi Deposit good?

Premature withdrawal: Another major benefit of Flexi fixed deposits is that it allows liquidity to depositors with the premature withdrawal feature they provide. This benefit, however, varies from bank to bank that offers the Flexi fixed deposits.

How does Flexi Deposit work?

A flexi-fixed deposit is a special kind of deposit scheme offered by banks. In flexi- fixed deposit, the depositor is required to manually add money to their deposit account. The depositor opting for a flexi FD gets the benefit of both the liquidity of savings accounts and the high returns of fixed deposits.

What is the benefit of deposit?

Advantages of Fixed Deposit: Once you invest your funds in a fixed deposit account, you can be guaranteed of receiving the stated rate of return. Banks publish the fixed deposit rate of interest on their website and in bank branches which makes it easy for a customer to ascertain how much return he will get.

How can I withdraw money from flexi fixed deposit?

How can I withdraw money from flexi fixed deposit? You can withdraw money from your savings or current bank account that has been merged with your flexi fixed deposit scheme.

Which banks offer flexi deposit?

Flexi Deposit – Top Banks

Bank Product Name Minimum Deposit Amount
Axis Bank Encash 24 Flexi Deposit Rs. 100
ICICI Bank ICICI Bank Flexi Deposit Scheme Rs. 10,000
PNB PNB Swechha Jama Yojana Flexi FD Scheme Rs. 100
Bank of Baroda BOB Suvidha Fixed Deposit Scheme Rs. 5,000

What is flexi rate?

flexiRates are like a flexible online term deposit you can manage yourself. They allow you to set aside a portion of your savings in eligible accounts for a nominated period, have it earn a little extra interest, and help you reach your savings goals quicker.

What is the minimum period of deposit in Flexi deposit account?

5 years
The minimum period of deposit is 5 years and maximum is 7 years.

What is Flexi amount?

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.

What does flexi mean?

(ˈflɛksɪˌtaɪm ) or flextime (ˈflɛksˌtaɪm ) noun. a system permitting flexibility of working hours at the beginning or end of the day, provided an agreed period of each day ( core time) is spent at work. Also called (informal): flexi.

Which deposit scheme is best in SBI?

SBI fixed deposits
Currently, the highest interest rate offered by SBI fixed deposits for individuals is 6.25 percent per annum, and the highest interest rate for senior citizens is 6.75 percent per annum.

What happens if I withdraw fixed deposit before maturity?

Fixed deposits, with premature withdrawal facility, allow the depositor to close the FD before the date of maturity arrives. This comes as a relief in times of cash crunch. However, a certain amount may be required to be paid by the depositor as a penalty to the bank. This usually ranges between 0.5% and 1%.

Can I withdraw FD interest monthly?

Yes, you can get monthly interest payouts, if you choose periodic payouts and select monthly frequency. When you invest your money in FDs, you gain interest on your principal amount, which can be obtained periodically. The more frequently you withdraw your interest, the lesser interest you gain.