The Product offers liquidity in the shape of Savings deposit as-well-as higher returns are available on funds parked in fixed deposit. Moreover, there is also an element of flexibility as the depositor can meet funds requirement without losing interest, since transfer of funds to Savings is made available as an in-built arrangement whenever required by the depositor.
Salient features of the Product:-
- The account holder's, throughout the quarter, will have to maintain a minimum balance of Rs.25000/-. This limit is for all customers under all categories of branches.
- The exceeding amount in the multiple of Rs.5000/- over the threshold limit of Rs. 2,00,000/- for non-individual customers and Rs.50,000/- for individual customers will be automatically transferred and invested into Bank’s Fixed Deposit Product for the period ranging from 46 days to 180 days.
- Charges of Rs 150/- for Rural/Semi-urban Branches &Rs.300/-for Urban & Metro Branches per quarter would be levied for non-maintenance of minimum balance.
- Reverse Sweep will be in or minimum of a multiple of Rs. 5,000/-.
- Method of Interest calculation will be on Daily Product basis and will compound quarterly as per prevailing FDR guidelines.
- The Flexi Saving Product mandate will be signed by all holders of the account, irrespective of mode of operation therein.
- The product is applicable to resident Indian only. The product is also applicable to Staff/Ex-Staff.
- Normal saving account transactions can be carried out.
- Linked Flexi Fixed Deposit units will be renewed automatically.
- Default period of linked deposits opened under the PSB Flexi Savings Deposit product will be 46 days. On renewal, FDR will be renewed for identical period unless and otherwise specified by customer. Such deposits will carry rates of interest as revised by the Bank from time to time for domestic Term Deposits.
- The existing SB account holders can give an option for converting to PSB Flexi Saving Scheme.
* Nomination facility is available on all deposit accounts opened by individuals. Nomination is also available to a sole proprietary concern account. Nomination can be made in favour of one individual only. Nomination so made can be cancelled or changed by all the account holder(s) any time.