Flexi Fixed Deposit

Fixed deposits are the most common form of investment that people choose because of the low risk. Most banks offer FD with the lock-in period that can become a bit of an inconvenience for the investors. As the name suggests, Flexi fixed deposits are the flexible FDs that allow investors to liquidate their funds without attracting any penalty.

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Flexi FD offers the benefits of the regular FD and the demand FD. Investors get higher returns like regular FD and also the ability to withdraw like demand FD or the savings accounts.

What are the Features and Benefits of Flexi FDs?

Flexi fixed deposit schemes are available in many countries. Most prominent Indian banks offer Flexi FD schemes because of the certain appeal it has on the customers owing to the benefits it provides. Following are some of the features and benefits that you avail when you invest in Flexi Fixed Deposit: 

  • Flexible Tenure: It is the most defining benefit of the Flexi Fixed deposit scheme. Unlike a regular fixed deposit scheme, it does not have a cap over the period you choose to invest. You get complete independence in selecting the tenure period as per your financial goals. The duration period will vary from bank to bank. 

  • High-interest rates: Interest rates offered in the Flexi fixed deposit schemes are higher when compared with the savings account. Investors can build a larger corpus on their savings through a Flexi fixed deposit scheme for a shorter duration.

  • Minimum Investment Amount: Flexi fixed deposit scheme requires making a lumpsum payment of the initial investment amount. You get complete liberty to choose the investment amount. Some banks have different deposit criteria for Flexi fixed deposit schemes. Before investing in a Flexi fixed deposit scheme, make sure that you choose the institution where you can invest the amount of your choice. 

  • Liquidity: The funds you invest in the Flexi fixed deposit scheme are liquid. You can select the term duration as per your requirement. In case of any emergencies, you can liquidate your funds as per your requirement. 

  • Loan Facilities: Insurers or banks allow you to keep your Flexi fixed deposit scheme as the collateral for short-term loans. Taking a loan against the Flexi fixed deposit scheme will be dependant upon the policy of the institution. 

  • Auto-Renewal: Banks allow Flexi fixed deposit holders the option to auto-renew their investment. The option to auto-renew the scheme makes investors stress-free regarding the deposit renewal at the end of the term. If you choose the option of auto-renewal when you invest, it will be renewed automatically when the term ends. 

  • Premature Partial Withdrawal: Flexi fixed deposit scheme allow premature partial withdrawal of the funds. Its rules will vary from bank to bank. If you make a partial debit on your Flexi fixed deposit, the remaining amount will continue to earn you interest till the term ends. 

  • Simple Process: Opening the Flexi FD account is hassle-free. All you have to do is to fill the form and, with all the necessary details, invest the amount in a lump sum, and your Flexi fixed deposit account will be ready. 

Difference Between Flexi FDs and Regular FDs 

The following table shows other basic differences between the Flexi fixed deposit and the regular fixed deposit:

Flexi fixed deposit scheme

Regular fixed deposit schemes

  • No fixed term limit set by the bank

  • The fixed-term limit set by the bank

  • Partial withdrawals are allowed within the term limit

  • No partial withdrawals are allowed

  • Even after withdrawing half of the funds, the scheme stays in motion

  • After withdrawing money, the scheme ends for the investors

Banks Offering Flexi Fixed Deposits 

Many banks offer Flexi FD schemes to the customers. Below is the list of banks in India from where you can avail of this scheme:

  • Allahabad Bank: Its main focus is to increase the interest rates so that the customers can yield a higher corpus on their investment. You can liquidate the funds any time you want. Allahabad Bank has a requirement of INR 25,000 as the minimum deposit. 

  • Axis Bank: 'Encash 24 Flexi Deposit' is the name of the Flexi fixed deposit scheme offered by Axis Bank. Under this scheme, you can avail of the same liquidity benefits as the savings account and the interest rates as the regular fixed deposit scheme. You can avail of this scheme for the duration of 6 months to 5 yrs. 

  • Bank of India: Any individual or joint account holder can avail of the Flexi FD scheme offered by the BOI. The bank offers this scheme under the name of 'Star Flexi Recurring Deposit Scheme.' You can avail of this scheme for the term duration of 10 months to 12 years. 

  • Bank of Baroda: Bank of Baroda offers this scheme only to corporate with a minimum deposit limit of INR 5 crores. Customers can avail of this scheme for the term limit of 7 days to 1 year. 

  • ICICI Bank Flexi Deposit Scheme: ICICI Bank combines the Flexi Deposit scheme with the savings account or the current account. There is no minimum amount limit under this scheme. ICICI Bank mandates you to maintain the minimum amount of INR 10,000 for the savings account and the minimum amount of INR 20,000 for the current bank account while availing of this scheme. You can avail of this scheme for 15 days - 91 days. 

  • State Bank of India: SBI offers this scheme with the minimum deposit prerequisite of INR 5000 for a minimum period of 5 years. Customers can increase the deposit amount in the scheme through installments over the term period.

Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

In Conclusion 

Flexi fixed deposit schemes are convenient and are customer-friendly schemes. By availing of this scheme, you get the benefits of both a fixed deposit and a savings account. These schemes are better for those individuals who have short-term investment goals. You also get the flexibility to withdraw your funds whenever the need arises. Flexi fixed deposit schemes allow you to grow your corpus in a shorter period without putting any risk on the capital.

FAQ's

* Applicable for Titanium variant of Max Life Smart Fixed-return Digital (Premium payment of 5 years, Policy term of 10 years) and a healthy male of 18 years old paying Rs. 30,000/- monthly (exclusive of all applicable taxes)
** Fixed deposit rate applicable for 5 year's 1 day to 10 years for investment amount less< 2 Crore ( Not for senior citizens).
*** PPF interest rate applicable for 15 years for investment amount upto 1.5 Lac
+ Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
#Discount offered by insurance company
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
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