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This Deposit Scheme has integrated features of the Savings Deposit and Fixed Deposit. Through this scheme, you can enjoy the benefits like liquidity and ease of operation of savings account and higher returns on surplus funds like fixed deposits. The details of the scheme are as under:
Eligibility
NRIs / PIOs/OCIs (other than person resident in Nepal and Bhutan) (Individuals from Pakistan require prior approval of RBI).
Who can open this account?
Individuals
Minimum balance in Savings Account
Rs. 50,000/-
Sweep Out amount (From SB to Flexi Term Deposit account)
Rs. 10,000/- and in multiples of Rs. 10,000/- Upto Rs. 1 Crore per day
Periodicity of Sweep out
Daily
Sweep In amount ( From Flexi term Deposit to SB Account)
Rs. 5000/- and in multiples of Rs. 5000/-
Period of Term deposit
1 year
Free benefits
*Please note that the free benefit will be available only when the minimum balance is maintained at the time of event. ^The month is considered from 16th to 15th of the next month.
Rate of Interest
As applicable to Savings Bank Deposit and Fixed Deposit in force from time to time. Interest will be paid on a quarterly basis on the Fixed Deposit and credited into Savings Deposit Account.
Other Features: