• The depositor will open a Savings Bank Flexi Account with a minimum initial amount of Rs 15,000/-


• The system will create a linked Fixed Deposit Flexi Account and transfer to it the surplus funds over Rs 10,000/- in multiples of Rs 5,000/- [called units]. Any surplus beyond multiples of Rs 5,000/- will be retained in the SB Flexi Account


• Assuming the initial amount is exactly Rs 15,000/-, the SB Flexi Account will have exactly Rs 10,000/- and the linked FD Flexi Account will have exactly Rs 5,000/- i.e. one unit. If the initial amount is more, the SB Flexi Account will have a balance of Rs 10,000/- or more but less than Rs 15,000/-, such that the linked FD Flexi Account balance will be in multiple units of Rs 5,000/- with minimum Rs 5,000/-


• All the linked Fixed Deposits will have the same maturity period , which will be decided on by the depositor at the time of opening itself

• Whenever the outstanding balance in the SB Flexi Account reaches Rs 15,000/- or more, the excess amount over Rs 10,000/- will be transferred to the linked FD Flexi Account as units of Rs 5,000/-


• Whenever the outstanding balance in the SB Flexi Account goes below Rs 10,000/- the gap will be bridged by transfer from the linked FD Flexi Account in units of Rs 5,000/-. The balance in SB Flexi Account will not be allowed to fall below Rs 10,000/-


• Transfer of funds from FD Flexi to SB Flexi Account will be under LIFO ( Last in First Out ) method where the linked FD units created most recently will be closed first for transfer to the SB Flexi Account

• A minimum Rs 10,000/- as a Savings Bank Account.
• A Minimum of Rs 5,000/ - as a linked Fixed Deposit, with higher amounts in multiples of Rs 5,000/-

• A Passbook will be issued to the depositor with all the details of SB Flexi Account, the linked FD Flexi Account, TDS adjustment if any etc


• No separate Deposit Receipt shall be issued by the Bank for the Union Flexi Deposit Scheme

• Free credit card to depositors who maintain a minimum balance of Rs 1.00 lac
• An International Debit Card will be issued free of cost to all deposit holders under this scheme
• Roll over of deposit on maturity is permitted
• A penalty of Rs 25/- per month will be levied in case of non-maintenance of minimum balance [Rs 10,000/-] in the SB Flexi Account and / or in the linked FD Flexi Account [Rs 5,000/-]
• Nomination facility is available
• TDS is applicable on the deposits in the linked FD Flexi Account
• No loan / overdraft / lien will be permitted against the linked FD Flexi Account under this Scheme

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