How much can you invest
After opening an SBI Flexi deposit account, you can deposit a minimum of 5000. The minimum amount for an install is 500 rupees. Up to 50,000 maximum can be deposited in it every year. In this month, you can deposit money anytime.
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The SBI Flexi Deposit Scheme has a minimum duration of 5 years and maximum of 7 years. The interest paid on this is equal to the interest on fixed deposits. If you close your account before time, then you may have to pay some penalty in it.
How to open an account?
You do not need to go to the bank to invest in it. If you use net banking, you can open it online. Any citizen of India can open it. This scheme is also available for minors. Accounts can be opened in single or joint. You do not have to go to the bank to register a nominee, you can register a nominee only at the time of opening an account.
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SBI Flexi Deposit Scheme has the facility of premature closure. However, in the case of all tenures for deposits up to Rs 5 lakh, the interest rate will be reduced by 0.50 percent. At the same time, for deposits above Rs 5 lakh, the interest rate will be reduced by 1 percent.
You will get these benefits
Facility to avail loan / overdraft up to 90% of the principal deposit. For senior citizens, the interest rate will be 0.50 percent more than the applicable rate. If this account is closed before the completion of 7 days after opening, the interest will be zero.