Fixed Deposits have been one of the most popular savings instruments in India since a long time. People prefer investing in Fixed Deposits (FDs) because FDs are one of the safest investment schemes that also provide satisfactory returns. Flexi Term Deposit, which combines the features of a Fixed Deposit and a Savings Account.
Features
· Flexi Deposit is an exciting combination that gives you the benefit of high FD interest & the flexibility to access your funds anytime.
· Use the available balance in your savings account plus the FD for any purpose – ATM cash withdrawals, cheque issuance, online shopping, etc.
· By default, FD will be created for a tenure of 180 days in case of Savings Account. The interest on the FD* is paid as simple interest.
· FDs will be created (Sweep-In) and broken (Sweep-out) in multiples of Rs. 5,000 for new Flexi Term Deposit registrations w.e.f. 01st September 2025.
· No penalty is levied on premature withdrawal of Flexi term deposit created through the Flexi Deposit facility
*For deposits above 45 days. T&C apply
Terms and Conditions
· Applicable to Individual accounts, Non-government agencies, organizations who are eligible to open saving bank account.
· Minimum balance of Rs. 50,000/- is required to avail the benefit of this scheme
· The exceeding minimum amount in the multiple of Rs.5000/- over the threshold limit of Rs. 50,000/- will be automatically transferred and invested into Linked Sweep Fixed Deposit Product for the period 180 days by following LIFO method. Reverse Sweep will be in or minimum of a multiple of Rs. 5,000/-. Process of the same will be done in day begin process.
· Rate of interest will be applicable as may be declared by bank for linked Flexi Term Deposit under this scheme from time to time
· Balance remain in flexi saving account, only Saving Bank Deposit Interest will be paid.
· This Linked Flexi Term Deposit will be liable for applicable TDS rate
· This Linked Flexi Term Deposit under this scheme will not be eligible for overdraft facility
· Customer needs to apply for this scheme by submitting separate account opening form along with KYC documents as per current RBI KYC-AML guidelines and bank policy. This deposit will also be liable for KYC AML reporting by the bank.
· FD advice will not be issued for deposits booked through the Flexi Deposit facility
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Interest Rate Chart for Flexi Term Deposit Scheme
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Period
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Interest Rate
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Below 45 Days
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Saving Bank Interest
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45 Days to 90 Days
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3.50%
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91 Days to 179 Days
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5.50%
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180 Days
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6.00%
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