INSUBCONTINENT EXCLUSIVE:
For a financial year, the minimum deposit amount is Rs
5,000 under SBI's Flexi Deposit Scheme.State Bank of India (SBI) offers various deposit schemes under its personal banking portfolio
SBI's Tax Savings Scheme, 2006 offers tax benefits for up to Rs
1.5 lakh under Section 80C of Income Tax Act, as mentioned on country's largest lender's portal-bank.sbi
The bank also offers Flexi Deposit Scheme for customers, which is a product similar to recurring deposit (RD) but instead of a single fixed
instalment every month, user can decide to vary his/her instalment amount and even the number of monthly within the annual sum defined.SBI's
Tax Savings Scheme, 2006 in detailResident Indians as an individual or in the capacity of the Karta of the Hindu Undivided Family, having
income tax Permanent Account Number (PAN) are eligible to avail the benefits of SBI's Tax Savings Scheme, 2006
One can deposit a minimum of Rs 1,000 or multiples thereof whereas the maximum deposit should not increase Rs.1,50,000 in a year, according
to SBI.One needs to have either Term Deposit (TD) account or Special Term Deposit (STD) account to apply for the SBI's Tax Savings Scheme,
The minimum tenure is for five years and maximum is 10 years
term deposit before the expiry of five years from the date of its receipt.People planning to invest in the savings scheme cannot use TD/STD
to secure loan or as security to any other asset
However, the nomination facility is available.SBI's Flexi Deposit Scheme in detailFor a financial year, the minimum deposit amount is Rs
5,000 and maximum deposit amount is Rs
50,000 under SBI's Flexi Deposit Scheme
Deposits can be made anytime during a month and any number of times
The minimum tenor is 5 years and maximum is 7 years.Just like SBI's Tax Savings Scheme, 2006, the rate of interest is same as applicable to
However, quarterly compound interest is also applicable.Unlike SBI's Tax Savings Scheme, 2006, premature withdrawal is allowed in SBI's
The rate applicable in case of premature withdrawal is 0.50 per cent below the rate applicable for the period the deposit has remained with
The penalty charges for non-deposit of monthly instalments amounts to Rs 50 per financial year, said SBI
Loan facilities as applicable to term deposits are also applicable.
