“PSB Smart Business Flexi Current Deposit Scheme”
PSB Smart Business Flexi Current Deposit Product is a multi-option deposit product of the Bank, under this scheme, balance over and above the threshold limit will sweep out and will get invested in Flexi Fixed Deposit product, thus the current account customers will be able to avail higher rate of interest on the surplus funds while maintaining adequate liquidity in the PSB Smart Business Flexi Current Account.
Salient features of the Product:-
- Who can open the Account :
- Resident Individuals: Individual ((excluding Minor)), Sole Proprietorship,
- Resident Non-individuals: Partnership, HUF, LLP, Company, OPC, Association of persons etc.
- Where this account can be opened: All branches are authorized to open accounts under this scheme.
- Transfer of Account: Account can be transferred from One Sol Id to Another Sol Id maximum two time in a financial year.
- Charges for Account Transfer: Rs 150/- for Rural/Semi-urban Branches and Rs 250/- for Urban/Metro Branches.
- The Minimum Balance: As per existing current account scheme.
- The Maximum Balance: No Limit. But aggregate maximum sweep out amount at any point of time; will not exceed Rs. 1, 50, 00,000/-
- The Threshold Limit for Sweep Out: The threshold limit of Rs. 5, 00,000/- for all PSB Smart Business Flexi Current account customers.
- Sweep Out Amount Limit: The amount exceeding the threshold limit will be Swept Out to FD scheme of the Bank in the multiple of Rs. 50,000/-
- Sweep in Amount Limit: The amount will be in multiple of Rs 50,000/- will be swept in the account.
- Method of Sweep In (Reverse Sweep) If the account holder has more than one deposit under the product, the last deposit made under the product will be used first (LIFO) to meet the shortfall and if this is not adequate, the deposit made prior to the last deposit will be used and so on and so forth, until the shortfall is fully met or subject to available balance in the account.
- Maturity Period of Fixed Deposits: The swept out amount will be invested into Bank’s Fixed Deposit Product for the period ranging from 15 days to 90 days.
- The Minimum Balance Charges: As per existing current account scheme.
- Method of Interest calculation: The Method of Interest calculation will be on Daily Product basis and will compound quarterly as per prevailing FDR guidelines.
- Cheque Book Facility : Yes, Available
- ATM Cum Debit Facility : Yes, Available only for Individual Accounts
- Internet Banking Facility : Yes, Available
- Mobile Banking Facility : Yes, Available
- Mode of Operation : Single Operation/ Joint Operation/Operation through Power of Attorney or as the case be.
- Nomination in the Flexi FD Accounts: Wherever Nomination is registered in applicable PSB Smart Business Flexi Current Deposit Scheme, the same nominee will also be applicable/considered to Flexi Deposits made under this scheme.
- Automatic Renewal: Linked Flexi Fixed Deposit units will be renewed automatically for the default period.
- Default period of linked Flexi Deposits: By default the Flexi FD under this scheme opened under the PSB Flexi Currents Deposit product will be 15 days.
- Rate of Interest on Flexi Fixed Deposits: Such deposits will carry rates of interest as revised by the Bank from time to time for domestic Term Deposits.
- Overdraft/Loan against Fixed Deposit: No overdraft / loan will be provided against the security of fixed deposits made under the product.
- Taxation/TDS in the Account: The tax on such interest as earned from the Flexi Fixed Deposits, shall be deducted in accordance with the provisions of Income Tax Act. All these guidelines shall be subject to any modifications as intimated from time to time.
- All other terms and conditions applicable to General Current Deposit Scheme and General Term Deposit Scheme but not mentioned above, shall apply here also.