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Flexi Recurring Deposit

A new business owner in her primes, Aarti, has a book store in Mumbai. Feeling settled and satisfied with the growth of her business, Aarti decided to invest some amount of her earnings in such a kind of risk-free bank scheme that would keep her money safe.

Aarti did her research over the internet and took advice from her financial advisor following her intentions. She finally decided to invest a chunk of her earnings into Recurring Deposits. Here are all her findings and information about the Flexi Recurring Deposit. 

What is Flexi Recurring Deposit? 

As the name suggests, Flexi Recurring Deposit is a very convenient and flexible service for depositors to invest money in lump sums as and whenever they can/ wish. The Flexi RD consists of two sections, including a core amount. The core amount holds the deposits made by the account holder during the RD opening process and consists of a flexible amount that may vary every month depending on the fund availability with the account holder. 

Every Flexi Recurring Deposit needs to be opened with a core amount for a specified period of time. The variable factor in this situation of securing deposits can be incremented in specific multiples along with a cap on the amount that is to be invested by the account holder. 

The rate of interest on the core amount is as per the applicable rates specified for the recurring deposit tenure. The flexible part of the amount will take on the interest rate from the deposit date. The account holders are supposed to pay the core amount on a pre-determined date; otherwise face a late penalty. 

Flexi Recurring Deposit Calculator 

The Recurring Deposit is a ubiquitous financial service availed all over the country and provides attractive interest rates. Several Banks use third-party calculator facilities that benefit you with the amount you will receive at the time of maturity. These calculators are straightforward to use and thus require basic details like the amount of investment, tenure, and interest rate. 

Flexi Recurring Deposit Services at Different Banks 

Banks all over India offer multiple Flexi Recurring Deposit schemes. We have curated a list with details of banks providing Recurring Deposit services: 

ICICI Bank – iWish Flexible RD 

 ICICI bank’s iWish Flexible Recurring Deposit offers one of the best interest rates ranging from 7.00% to 7.50 % for tenures of 6 months to 10 years. With no amount limit, the account holders can deposit any amount at any point in the tenure. The account holders need not make deposits every month. There is no pre-closure penalty or hidden fees if you wish to close your account before the end of the tenure, making it an ideal option. , The customers completely manage this account, and they can set their goals for the account and make deposits accordingly. Even family members and friends can chip in and make contributions to reach the goal amount. 

State Bank Of India – SBI Flexi Deposit 

State Bank of India introduced its SBI Flexi Deposit scheme that allows customers to decide the amount they wish to deposit in the account yearly. But the amount selected by the customers should fit the minimum and maximum range provided by the bank. 

 Rs. Five thousand is the minimum amount that can be deposited, and the maximum amount is Rs. 50,000, which can be increased according to customer preferences in multiples of Rs. 500. Customers are allowed to make multiple deposits all over the year. Any default in payments may lead to a charge of Rs. 50. The interest rate offered is compounded quarterly, and the deposit tenure ranges from 5 years to 7 years. Customers can make their SBI Flexi Deposit Payments as debits from savings, current, and OD accounts. SBI Flexi Deposit avails preferential interest rates for Senior citizens.

Bank of India – Star Flexi Recurring Deposit 

Bank of India’s Star Flexi Recurring Deposit scheme assists customers in choosing a core amount and making flexible installments in the duration of the tenure. The deposit installments need to be multiples of Rs. 500. Customers using the metro branches can pay an increment in multiples of Rs. Five hundred whereas the semi-urban and the rural branch customers can pay an increment of Rs.100. The Bank of India does not cap on its minimum and maximum limits. Nomination facility is also available with Star Flexi Recurring Deposit Account. The tenure for this deposit scheme can range from 12 months to a maximum of 10 years. The maturity value depends on the amount deposited during the recurring deposit.

How to Apply? 

If you have a saving account and net banking enabled, the RD account opening is a matter of a few minutes then. But if you don’t have a net banking facility, you can contact your bank, and after filling out the net banking form, you’ll be able to apply for an RD account. 

  • With Net Banking enabled, you have to log in to your account with the assigned User Name or ID and password. 
  • Go to Open a Recurring Deposit account option and fill up the details required, like the amount you want to deposit every month and your deposit tenure. 
  • Once done with all the details, you will link your savings account. 
  • Linking the savings account will allow you to make monthly installments easily, and you can even set the account to pay installments every month to avoid any penalties automatically.  


Features and Benefits 

Every individual having a savings account at a bank can easily open a recurring deposit account effortlessly

  • No documentation is needed if you have a savings account and have activated net baking
  • Easy to apply, online account opening 
  • Recurring deposits can be managed online 
  • Easy to keep a check on your interests and growth
  • Risk-free financial services, stay worry-free, and pay the installment on time to avoid penalties. 


Recurring deposits are one of the simplest and most convenient financial products available for you to invest in and gain profit. Short-term tenure investments in RD’s are the most profitable. Our article is curated to assist you with some of the best RD account options available.

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