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Flexi FD

xiddy

TF Premier
So my RM called me and told me about Flexi deposits today. She said I'll get the same interest rates as normal FD, but the funds will be liquid and can be withdrawn without any penalty. Sounds too good to be true. Do you guys have any experience with these?
 
So my RM called me and told me about Flexi deposits today. She said I'll get the same interest rates as normal FD, but the funds will be liquid and can be withdrawn without any penalty. Sounds too good to be true. Do you guys have any experience with these?
Currently holding money in Flexible FDs with ICICI and SBI. If savings account balance goes below 10000, amount will get deducted from most recently opened FD and you will get interest on remaining FD balance.
 
Does the entire FD gets broken when the amount falls below 10K?
Nope. For example, I had a FD of 15000. My SA balance was 9400. So, the effective FD amount became 14400. I'll only get interest on 14400. I'll lose any possible interest on 600 bucks. (This happened with ICICI. Never tried for SBI.)
 
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Stupid question. Let's say I create traditional FDs, and for some reason I have to break them before maturity. Then on what amount do I get penalised? The interest alone? or do I lose some of the "invested" amount as well?
 
Stupid question. Let's say I create traditional FDs, and for some reason I have to break them before maturity. Then on what amount do I get penalised? The interest alone? or do I lose some of the "invested" amount as well?
Your principal amount won't be affected in any case for Auto-Sweep FDs/ traditional FDs.
Just interest earned gets decreased due to penalty
 
I think kotak activ scheme dosent impose any penalty on pre mature withdrawal..But it creats fd for 6 months at the applicable roi at that time..for icici you can choose the duration in multipler fd..but that again is blocked for 2 yrs in case you want to earn highest intrest.
 
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