SBI Flexi Recurring Deposit Scheme 2025
The SBI Flexi Recurring Deposit allows you to deposit variable amounts instead of committing to a fixed monthly installment, giving you more financial flexibility. It is ideal for people with irregular income, such as freelancers or small business owners, because there's no penalty for missing a month. The interest earned on this deposit is at par with SBI’s term deposit rates, which are generally higher than regular savings account rates.
The State Bank of India offers its customers the Sarvottam (Non-Callable) Domestic Retail Term Deposit for more than Rs.1 crore to Rs.2 crore. . You can make deposits for tenures of one year and two years.
Senior citizens are eligible to receive an additional interest rate of 0.50%. Customers have greater flexibility with their savings and can put away more money when they can and cut back on savings when they cannot.
SBI Flexi Deposit Interest Rates
The interest rates for the Sarvottam (Non-Callable) Domestic Retail Term Deposit for more than Rs.1 crore to less than Rs.2 crore are listed in the table below:
Tenure | General Public Interest Rates | Senior Citizen Interest Rates |
1 year | 7.10% | 7.60% |
2 years | 7.40% | 7.90% |
Note: The interest rates mentioned in the table above are effective from 15 May 2024.
The interest rates for the Sarvottam (Non-Callable) Domestic Retail Term Deposit for Rs.2 crore and above are listed in the table below:
Tenure | General Public Interest Rates | Senior Citizen Interest Rates |
1 year | 7.30% | 7.80% |
2 years | 6.40% | 7.90% |
Note: The interest rates mentioned in the table above are effective from 15 May 2024.
SBI Flexi Deposit Eligibility
- All resident Indians are eligible for this scheme.
- Only individual customers can apply.
Features and Benefits
Monthly limits - The minimum deposit amount is more than Rs.15 lakh and the maximum deposit amount is less than Rs.2 crore in retail. In bulk, the minimum deposit amount is Rs.2 crore while the maximum deposit amount is less than Rs.5 crore.
Tenure - This deposit can be opened for one year and two years.
Loan Facility - Customers can avail of loans from State Bank of India against the SBI Flexi Deposit.
Nomination Facility - Nominations are available for depositors to name a beneficiary in case anything unfortunate were to happen to them. The beneficiary will receive the savings upon your unfortunate demise. When you are opening the account, you are given an option to retain the nominee you have already stated in your debit account from which the Flexi Deposit is funded.
Default Payments - In case of default in payment of the minimum deposit amount of Rs. 500, Rs. 50 will be charged per year.
Interest - This deposit earns an additional interest rate of 30 basis points over the term deposit rate for a tenure of one year. For a tenure of two years, an additional interest rate of 40 basis points over the term deposit rate will be appliable.
Premature Withdrawal - Flexi deposits can be broken before the maturity date. The interest rate applicable will drop by 0.50% below the applicable interest rate on the deposit.
Tax Benefits - Recurring deposits are subject to Tax Deducted at Source (TDS).
RD Article Pages
- Recurring Deposit Vs. Chit Fund
- Miss to Pay the Recurring Deposit Due
- Difference Between Recurring Deposit and SIP
- Open RD Account through HDFC NetBanking
- RD Account in SBI
- Advantages of Recurring Deposit
- Flexi RD
- SBI Flexi RD Schemes
- Monthly Recurring Deposit
- Indian Bank Recurring Deposit
- Union Bank Recurring Deposit
- UCO Bank Recurring Deposit
FAQs on SBI Flexi Deposit Scheme
- What accounts can I use to fund the SBI Flexi Deposit?
You can use the following types of accounts to fund the Flexi Deposit. Savings account, Current account, OD account.
- How will I receive my maturity proceeds?
The matured deposit amount plus any proceeds payable will be transferred to the debit account which was used to fund the SBI Flexi Deposit.
- Is there an option to close the SBI Flexi Deposit online?
Yes, there is an option available to close the SBI Flexi Deposit online. This is applicable if you have opened your e-SBI Flexi Deposit online. Under the SBI Flexi Deposit, you can click on "Close A/c". Accounts opened through other means cannot be closed through this process.
- Can I add or change a nominee online?
If you require to add a new nominee of change your nominee, you have to approach your SBI branch. This option is not available online.
- Who can open the SBI ‘Sarvottam’ (Non-Callable) Term Deposit?
All resident Indians, trusts, companies, partnership firms, associations, etc., can open the SBI ‘Sarvottam’ (Non-Callable) Term Deposit.
- Can an NRI open the SBI ‘Sarvottam’ (Non-Callable) Term Deposit?
No, NRIs are not eligible to open the SBI ‘Sarvottam’ (Non-Callable) Term Deposit.
- What is the minimum deposit in retail for the SBI ‘Sarvottam’ (Non-Callable) Term Deposit?
The minimum deposit in retail for the SBI ‘Sarvottam’ (Non-Callable) Term Deposit is above Rs.100 lakh.
- What is the maximum bulk deposit for the SBI ‘Sarvottam’ (Non-Callable) Term Deposit?
There is no maximum limit for bulk deposits for the SBI ‘Sarvottam’ (Non-Callable) Term Deposit.
- Can I withdraw the SBI ‘Sarvottam’ (Non-Callable) Term Deposit prematurely?
No, pre-mature withdrawal is not allowed for the SBI ‘Sarvottam’ (Non-Callable) Term Deposit.
- What are the tenures available for the SBI ‘Sarvottam’ (Non-Callable) Term Deposit?
You can open the SBI ‘Sarvottam’ (Non-Callable) Term Deposit for tenures of 1 year and 2 years.
- Can I obtain a loan against the SBI ‘Sarvottam’ (Non-Callable) Term Deposit?
Yes, you can obtain a loan against the SBI ‘Sarvottam’ (Non-Callable) Term Deposit.
- Do senior citizens get an additional interest rate for the SBI ‘Sarvottam’ (Non-Callable) Term Deposit?
Yes, senior citizens are entitled to an additional interest rate for the SBI ‘Sarvottam’ (Non-Callable) Term Deposit.
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