SIB Flexi Smart Deposit

SIB FLEXI SMART DEPOSIT

General Features

• A fixed deposit linked to your CD Smart account.
• Fixed Deposit maintained in units of “Rs.10,000/-” Minimum Deposit Rs 50,000/- Maximum less than Rs 3 Cr.
• Fixed Deposit is broken automatically on a Last In-First Out basis and minimum units transferred to CD a/c when the CD balance falls below Rs 25,000/-
• Flexi is broken automatically on a Last In-First Out basis. This mechanism is popularly known as “Sweep in” facility.
• The breakage from deposit will be treated as a part-closure of the flexi deposit. i.e. system would calculate the interest for the amount and period for which the broken amount remained with the bank based on the premature closure interest rate.
• Flexi breaking only happens at EOD so that any intraday debit can also be adjusted with any intraday credits.
• “ Interest adjustment due to sweep in happen only at branch day end and customer is liable to remit the interest adjustment shortage amount, if any, when required. ”
• Interest is paid out every quarter.
• “ Loan facility cannot be availed from Flexi Deposits. ”
• Pre closure penalty is applicable.
• “ Lien cannot be marked in flexi deposits. ”
• TDS is applicable on interest.

If you already have a Current account CD Smart Account with our bank

Download the application form & Terms & Conditions Filled application form and Annexure

with CD Smart account and no other documents are required

• Download the application form
• Fill in the details and sign the form
• You may bring the filled up form, two passport-size photographs and other relevant documents (as instructed by the Branch Manager) to our branch.

You may contact our nearest branch for more details.

Terms and conditions