Experience the security of a Fixed Deposit with the added convenience of a Savings Account! With Compound Interest on a quarterly basis, SVC's Flexi Recurring Deposit Account ensures more for you.
- Flexi Recurring Deposit enables a depositor to save a stipulated amount or a core deposit month on month, for a fixed period of time. Depositors have the option to raise their core deposit by ten times subject to maximum of Rs. 20,000/- per month, within their tenure
- The Deposits in this type of account earn compound interest on quarterly basis
- Installments may be remitted by standing instructions to transfer via the ‘Core deposit’ amount each month from the current/ savings accounts in the same branch or from another branch to their Flexi Recurring Deposit accounts free of charge
- Should the balance in the account be insufficient to make the transfer, the standing instructions may be treated as cancelled under advice to the depositor
- The Flexi Recurring Deposit Scheme is open to all categories viz. Individual and Non- individual entities
- A Flexi Recurring Deposit account shall be accepted for periods in multiples of three months only up to the maximum period of five years
- The minimum core deposit amount should be Rs. 500/-
- An excess amount up to ten times the core deposit amount subject to maximum of Rs, 20,000/- per month can be deposited
- The Excess amount deposited should be in multiples of Rs.500/- only
- It is mandatory for the depositor to deposit the core deposit amount every month
- The excess amount deposited in a given month will not be utilized for payment of future installments
- The Deposit can be placed for a minimum tenure of 12 months to a maximum tenure of 60 months
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