What is Flexi Fixed Deposit? A flexi fixed deposit is a combination of a fixed deposit and a savings account, ensuring customers to get the benefit of high interest rates offered by Fixed Deposits plus liquidity offered in saving accounts. How useful This Calculator? Steps to use this calculators - click here or scroll down.
- Flexi Fixed Deposit Sbi Interest Rate
- Flexi Fixed Deposit Sbi
- Fnb Flexi Fixed Deposit
- Flexi Fixed Deposit Fnb
- SBI Flexi Deposit Scheme: Depositors can decide to vary his/her installment amount, instead of a single fixed installment every month as in regular FDs. One can also choose the number of monthly.
- A flexi fixed deposit is a combination of a fixed deposit and a savings account, ensuring customers to get the benefit of high interest rates offered by Fixed Deposits plus liquidity offered in saving accounts.
- Flexi Fixed Deposit Published at 2020-07-24 Amount 3 Month Term (per annum) 12 Month Term (per annum) R5 000 - R9 999 0.25% 1.00% R10 000 - R99 999 2.25% 2.50% R100 000 - R999 999 3.35%.
A Flexi-Fixed deposit[1] 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.
Mode of working[edit]
A Flexi-Fixed deposit has two features which effectively combine the benefits of savings and current accounts and fixed deposits:
Flexi Fixed Deposit Sbi Interest Rate
- The 'Auto-sweep feature (sweep-in)': The balance in excess of a stipulated amount is automatically transferred to a fixed deposit (FD) account for a default term of one year. By this transference, amounts in excess of a fixed limit can earn a substantially higher rate of return. FDs formed through auto sweep carry the interest rate on FD of one year, based upon the rate on the day of the auto sweep. Hence, the Flexi Fixed deposit scheme has two components: a savings and current account component, and a fixed deposit account component.
- Reverse sweep (sweep-out): In case of insufficient funds in a savings account to honour any debit instruction (e.g., when the customer wants to withdraw money through cheque or through an ATM), the balance in the FD to the extent needed to meet the shortfall is automatically withdrawn in multiples of ₹1000 (or any other amount set by the bank). The remaining balance in the FD continues to earn higher interest at the original rate applicable to FDs. In the event the customer wants to withdraw more than what is deposited in his savings account, the bank would withdraw money from the fixed deposit component.
Many banks do not allow customers to take out loans against amounts in the FD component of Flexi Fixed deposits.[2][3]
Flexi Fixed Deposit Sbi
References[edit]
Fnb Flexi Fixed Deposit
- ^'Flexi Fixed Deposit (FFD): All You Need to Know About It'. Retrieved 20 December 2019.
- ^'Andhra Bank'. andhrabank.in. Retrieved 27 April 2015.
- ^'ORIENTAL BANK OF COMMERCE'. obcindia.co.in. Retrieved 27 April 2015.