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Flexi Reccuring Deposit Accounts
 
  Flexi Recurring Deposit is a special type of deposit account which enables a depositor to save by paying into the account an agreed minimum sum of money monthly (known as “Core Deposit”) with an option to deposit excess amount upto ten times the core deposit amount subject to a maximum of Rs.20,000/- per month over a stipulated period.
 
  • The Flexi Recurring Deposit Scheme is open to all categories viz. Individual and Non- individual entities
  • A Flexi Recurring Deposit account shall be accepted for periods in multiples of three months only up to the maximum period of five years.
  • The minimum core deposit amount should be Rs. 500/-.
  • An excess amount up to ten times the core deposit amount subject to maximum of Rs, 20,000/- per month can be deposited
  • The Excess amount deposited should be in multiples of Rs.500/- only.
  • It is mandatory for the depositor to deposit the core deposit amount every month.
  • The excess amount deposited in a given month will not be utilized for payment of future installments.
  • Installments may be remitted by Standing instructions by transferring the ‘Core deposit’ amount each month from the current/ savings accounts in the same branch or from another branch to their Flexi Recurring Deposit accounts free of charge.
  • Should the balance in the account be insufficient to make the transfer, the standing instructions may be treated as cancelled under advice to the depositor.
  • The Deposits in this type of account earn compound interest on quarterly basis.
  • The Deposit can be placed for a minimum tenure of 12 months to a maximum tenure of 60 months.
  • To know about our current Interest Rates, please Click here
   
 
 
 
 
 
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