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Flexi Fix Deposit Scheme

The scheme gives maximum return without sacrificing the liquidity.

  • Salient features and Rules of the Scheme are as follows :
  • It is a running account consisting of multiple units of simple or compound interest fetching Term Deposit Accounts like normal Fixed Deposit or Double Deposit Plan respectively.

  • No Term Deposit Receipt will be issued for the deposits. Instead, a specially designed pass book will be issued to the depositor, in which all the particulars regarding deposits, withdrawals, interest credit/ debit are recorded. However, the account under the scheme will be linked to a base account, which may be a Savings Bank or Current Account. For payment of interest or the maturity amount of a unit or at the time of premature withdrawal of a unit, as the case may be, the proceed thereof, net of TDS, as and where applicable, will be automatically swept to the base account for making the funds available at the disposal of the depositor/s.

  • Usual account opening procedures and formalities including observance of KYC and AML guidelines will be followed. In addition, a special letter for opening account under the scheme will be obtained from the depositor/s.

  • No loan will be allowed against this deposit.

  • Under the scheme, a depositor is required to make an initial deposit of Rs.25,000/- or more in multiples of Rs.5,000/- as Fixed Deposit/ Double Deposit Plan for a fixed period of one year. Thereafter, the depositor can make any number of deposits in multiples of Rs.5,000/- each at any time in the account for a period of one year. Every Rs.5,000/- in the account will be treated as a separate unit of deposit.

  • The depositor will be required to maintain a minimum principal outstanding of Rs.25,000/- i.e. 5 units of Rs.5,000/- each at all points of time. In case of fall in principal outstanding in the account below Rs.25000/-, the facility of further deposit of units in the account will stand withdrawn.

  • The depositor is free to withdraw any amount of the principal in multiples of Rs.5,000/- at any time before maturity without affecting the remaining units of deposit. However, the depositor will be required to maintain a minimum principal outstanding of Rs.25,000/- i.e. 5 units of Rs.5,000/- each at all points of time, as stated hereinabove.There will be no penalty for the prematurely withdrawn units.

The rate of interest for the units will be the rate prevailing on the date of deposit of the individual unit/s for the period of one year. In case of premature withdrawal of a unit, interest due, if any, will be paid net of TDS, as and where applicable, at the rate prevailing on the date of deposit of the unit for the period for which the deposit remained with the Bank No interest will be paid for premature withdrawal of a unit if the deposit remains with the Bank for a period less than 15 days. The balance units remaining in the account will continue to earn interest at the contracted rates for the individual units.

  • Proof of Identity: Photocopy required of any one.
  • PAN Card

  • Passport (along with validity details like date of expiry.

  • Driving License

  • Voter ID Card

  • Identity card with photo issued by: Central Government and its departments, State Government and its departments, Statutory / Regulatory Authorities, Public sector undertakings.

  • Proof of Address: Photocopy required of any one.
  • Passport

  • Voter Id

  • Driving License

  • Bank Passbook / statement.

  • Latest electricity bill or Landline Telephone bill (atleast 3 months old).