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e-SBI Flexi Deposit FAQ

  1. How it is different from Recurring Deposit account?

    Unlike Recurring Deposit account, SBI Flexi Deposit offers flexibility in choosing the deposit amount within the minimum and maximum limits per financial year.

  2. What is the minimum and maximum limit for SBI - Flexi Deposit?

    The Minimum deposit amount is Rs. 5,000/- per financial year. Higher amounts in multiples of Rs. 500/- may be deposited with minimum of Rs. 500/- at any one instance. Deposits can be made anytime during a month and any number of times. The Maximum deposit amount is Rs.50, 000/- in a financial year.

  3. Is there any Penalty in default Payment?

    Penalty for default in payment of minimum deposit will be Rs. 50/- per financial year.

  4. What is the minimum and maximum period of deposit?

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

  5. Who is eligible for this scheme?

    All resident individual customers including minors are eligible for this scheme.

  6. What will be the rate of interest?

    As applicable to Term Deposits. Interest will be compounded at quarterly intervals, based on the balance outstanding on the last date of each month.

  7. Can Senior Citizen avail additional rate of interest on SBI Flexi Deposit?

    Yes

  8. In whose name will the SBI Flexi Deposit account be opened and what is the mode of operation?

    The name(s) and mode of operation and branch of newly generated deposit a/c will be same as in debit a/c, from which Flexi Deposit a/c is funded.

  9. What are the types of accounts from which I can debit an amount for the deposit?

    You can debit a savings, current, or OD account to open Flexi Deposit account. The account selected for debiting should be valid transactional a/c through Internet Banking channel and should not be a stopped / dormant / locked account.

  10. Can I set the maturity instructions for e-SBI Flexi deposit account?

    Yes, as provided in the account opening screen.

  11. How can I add nominee(s) in SBI Flexi Deposit A/c?

    While opening an e-SBI Flexi Deposit account, you will be provided with an option to retain the nominee(s) for SBI Flexi Deposit a/c as already available in debit a/c from which it is funded.

  12. Can I add a new nominee online?

    No. You will have to approach your branch for adding a new nominee or change of nominee.

  13. Can I open online SBI Flexi deposit a/c for any other name(s), not appearing in the debit a/c from which deposit a/c is funded?

    No.

  14. Can I transfer the maturity proceeds to any of my accounts?

    No. The maturity proceeds or the amount payable before maturity will be transferred only to the debit account from which the SBI Flexi Deposit was initially funded.

  15. Is there any cut off time for creating e-SBI Flexi Deposit account online?

    Yes. It can be created online from 8:00 AM IST to 8:00 PM IST. Requests initiated beyond this period will be scheduled for the next day.

  16. Can I close my e-SBI Flexi Deposit account online?

    Yes, you may close your Flexi Deposit account online through "Close A/c" tab under SBI Flexi Deposit after logging into our desktop site (www.onlinesbi.com). Account created through any other means cannot be closed through "Close A/c" tab under SBI Flexi Deposit. Currently, closure functionality is not provided on Mobile OnlineSBI (https://m.onlinesbi.com)

  17. What will be the premature closure penalty?

    The rate applicable in case of premature withdrawal shall be 0.50% below the rate applicable for the period the deposit has remained with the Bank. (This is subject to change from time to time, without notice. The applicable rules on the date of closure will govern.)

  18. Is SBI Flexi deposit subject to TDS?

    Interest payable will be subject to TDS.