Flexi Fixed Deposit (FD) | Features and Benefits | Flexi Fixed Deposits Vs Normal Fixed Deposits

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What is a Flexi Fixed Deposit?
A flexi fixed deposit, as the name suggests is a fixed deposit which offers flexibility and convenience to customers. It is traditionally a combination of a fixed deposit and a recurring/savings account, ensuring customers get the benefit of high interest rates offered by Fixed Deposits plus liquidity offered by saving accounts.

Banks offering flexi fixed deposit schemes
A number of banks in India offer flexi fixed deposit schemes to customers, some of which are:

Union Bank of India– Union Bank of India offers a flexi fixed deposit scheme which goes by the name of “Union Savings Flexi Deposit Account”. This scheme merges the features of fixed deposits and saving deposits, offering a unique entity to customers.

Allahabad Bank – The “Flexi Fix Deposit” scheme offered by Allahabad Bank offers maximum returns to customers without them having to sacrifice liquidity of their funds. The minimum deposit required for this account is Rs 25,000.

Bank of Baroda – Bank of Baroda offers Flexi Deposit Schemes for corporates, helping them manage their funds efficiently, with deposit periods ranging from 7 days to 1 year. The minimum deposit under this scheme is Rs 5 crores.

State Bank of India – State Bank of India offers flexi FDs under its Flexi Deposit Scheme with a minimum deposit requirement of Rs 5,000 and a minimum tenure of 5 years. Individuals can choose to increase their deposit through flexible instalments.

ICICI Bank Flexi Deposit Scheme – The Flexi Deposit Scheme offered by ICICI Bank merges a Savings or Current account with a Flexi Deposit. Individuals should ensure they maintain a balance of Rs 10,000 for a Savings account or Rs 20,000 for a Current account. The term for a Flexi Deposit account ranges from 15 days to 91 days.

Bank of India – Bank of India offers a Flexi Fixed Deposit under the name of “Star Flexi Recurring Deposit Scheme” which can be opened either as an individual or joint account. Terms for this deposit range from 12 months to 10 years, offering customers flexibility and ease of operation.

Axis Bank – Axis Bank offers Flexi Fixed Deposits under the name of “Encash 24 Flexi Deposit”, combining the liquidity of a Savings Account with the interest of a Fixed Deposit. The term for this deposit ranges from 6 months to 5 years.

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