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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.
The benefits that Flexi Fixed Deposit offers ensure that it has a clear edge over normal fixed deposits. This is especially due to the convenience of liquidity that they specialize in. Flexi fixed deposits ensure the flexibility of availing loan facility. Also, the owner of the FD has the advantage of withdrawing a certain amount from the savings or current bank account that has been merged with the flexi fixed deposit scheme.
A number of banks in India offer flexi fixed deposit schemes to customers, some of which are mentioned below. Union Bank of India (UBI) - The ‘Union Savings Flexi Deposit Account’, the flexi fixed deposit scheme from the Union Bank of India, is designed to offer the dual purpose of fixed deposits and saving deposits. This ensures that a wider customer base with more varied financial objectives is served.
How does Flexi Fixed Deposit work?
Flexi Fixed Deposit works like a fixed deposit scheme with the added advantage of comparatively more flexibility and liquidity. Like Fixed Deposits, the invested capital grows by a pre-decided interest rate. Certain flexi fixed deposit schemes serve the dual purpose of savings scheme and fixed deposits. It also offers customers the benefit of applying for a loan against a flexi fixed deposit. Moreover, it offers liquidity by enabling its accountholders to withdraw a certain sum from the accumulated amount to fund emergencies.
What is flexi deposit in SBI?
The minimum deposit for the flexi fixed deposit scheme from the State Bank of India is Rs. 5,000, while the minimum tenure starts from 5 years. This scheme offers their customers the convenience of customizing their deposit amounts through flexible instalments.
What is auto sweep Flexi FD?
The primary features of auto sweep flexi fixed deposit are:
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.
Is SBI Flexi Smart good?
Yes, it is good for individuals looking for a flexi fixed deposit scheme of at least Rs. 5,000 and a tenure of a minimum of 5 years.
What is 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. While essentially, it is a combination of a fixed deposit and a savings/recurring account, it aims at ensuring that the customers benefit from the high interest rates offered by Fixed Deposits plus liquidity offered by saving accounts.
What flexi fixed deposit does Axis Bank offer?
Axis Bank’s Flexi Fixed Deposit scheme, named ‘Encash 24 Flexi Deposit’, ensures liquidity that is typical to a Savings Account along with the benefit of interest like Fixed Deposit. The scheme term varies between 6 months and 5 years.
What is flexi fixed deposit in ICICI Bank?
The Flexi Deposit Scheme offered by ICICI Bank merges a Savings or Current account with a Flexi Deposit. Individuals should ensure they maintain a balance of Rs. 10,000 for a Savings account or Rs. 20,000 for a Current account. The term for a Flexi Deposit account ranges from 15 days to 91 days.
What is the minimum period of deposit in Flexi deposit account?
The minimum period of deposit for flexi fixed deposits vary between banks offering them.