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Home >> Deposit Schemes >> Flexi Fixed Deposit Scheme
Flexi Fixed Deposit Scheme

FLEXI FIXED DEPOSIT

 

1.      PRODUCT & BENEFIT: 

Flexi Fixed Deposit products offer liquidity in the shape of Savings / Current deposit funds as well as higher returns as are available on fixed deposit funds. Moreover, there is also an element of flexibility as the depositor can meet funds requirement without losing the interest, since transfer of funds to Savings / Current account is made available as an in-built arrangement whenever required by the depositor.  In nutshell, the scheme enables a depositor to get returns on his/her funds as a fixed deposit but at the same time retaining the character of liquidity which is available in Savings Banks/Current Account.

 

 2.  ELIGIBILITY: 

The Scheme is made available at all CBS branches and customer will have to fulfil following conditions for its availment:

 

  • a) Customer will have to open an operative Account (Savings or Current) under the Scheme (Flexi Fixed Deposit), if not maintaining one already. The Account Opening Form (AOF) shall continue to be the same as required for SB / CA. While obtaining Account Opening Form, the type of account will be marked as "FLEXI FIXED" on the AOF itself. The customer shall not be required to undergo formalities of getting issued separate fixed deposit receipts, whenever the funds are transferred from the Savings bank / Current account under the Auto Sweep.
  • b) In addition to the Account Opening Form, a Letter of Undertaking (Annexure II) and acknowledgement for Rules & Regulations (Annexure III) for carrying out the request for the fixed component of Amount and its Periodicity will be obtained from the customer (Proformae enclosed).
  • c) Resident Indian customers shall be eligible to open accounts under the scheme provided they maintain such account in Savings Bank/Current Account under specific category as detailed in Annexure I.
  • d) Flexi Fixed Deposit accounts shall be opened either singly or jointly.
  • e) To avail Flexi Fixed Deposit products, Staff, Ex-staff, Pensioners and Senior Citizens will have to maintain accounts under this scheme. However, concession in minimum balance requirement and penalty thereon for not maintaining minimum balance will not be available to these categories.

 

3.         MINIMUM AMOUNT OF DEPOSIT:

In case of new accounts, the initial deposit, as per the respective category under which the account is proposed to be opened, shall be the pre-requisite. In case of non-maintenance of minimum Average Quarterly Balance (as per Annexure I), penalty as specified against each category of Savings / Current account shall be levied in the account.

 

4.         PERIOD OF DEPOSIT:

A deposit under the scheme shall be accepted as per below chart

S. No

Scheme

Minimum balance for Auto Sweep w.e.f  20th Nov 2017

Flexi Period  w.e.f  20th Nov 2017

      Individuals

        Non Individuals

1

Saving account Smart Save (SB-211)

Auto Sweep shall take place only after the cut off level of Rs. 50000/- in linked Saving Smart Save Account i.e. having a balance of Rs. 50000/- or above the system will allow Auto Sweep in multiple of Rs. 5000/-. However, penalty for not keeping minimum balance will be applicable only if the Minimum Average Quarterly Balance falls below Rs. 25000/-.

Max.179 days          

(Default period 91 days)

Max. 91 days

(Default period 45 days)

2

Current account Premium Gold

(CA-109)

Auto Sweep shall take place only after the cut off level of Rs. 500000/- in linked Current account premium scheme Account i.e. having a balance of Rs. 500000/- or above the system will allow Auto Sweep in multiple of Rs. 25000/-. However, penalty for not keeping minimum balance will be applicable only if the Minimum Average Quarterly Balance falls below Rs. 200000/-.

Max. 91 days

(Default period 45 days)

Max. 91 days

(Default period 45 days)

 

 

 

 

5.         PAYMENT OF INTEREST:

The amount invested in the scheme shall attract rate of interest prescribed by the Bank on domestic Term Deposits from time to time. Simple/ compounded interest shall be booked on quarterly basis but liquidation of interest will be as applicable for the respective scheme.

Staff / Ex-Staff and Senior Citizens will be entitled for additional rates in Flexi Fixed Deposits as applicable in Domestic Term Deposits (as applicable to the category of depositor).

As per the extant rules, premature payment penalty has been levied on amount more than 15 lacs for individual (1%) and for non-individual, irrespective of amount on or after 10.07.2015.  

6.         AUTO SWEEP (SWEEP - IN):

When the balance amount in FFD linked Savings Bank / Current account shall cross over the minimum balance, the excess, in multiple as applicable for different categories as per enclosed Annexure I, will be transferred automatically to Flexi Fixed Deposit account, for the time period as mandated by the depositor at the time of opening of account under the scheme.

 

7.         REVERSE SWEEP (SWEEP OUT):

Through reverse sweep facility, the amount lying in Flexi Fixed Deposit shall be available to the depositor whenever there is a requirement of funds in his / her / their operative account i.e. savings / current account. As such, whenever the depositor issues a cheque or uses ATM card and the available balance in his/her connected Savings/Current Account is not sufficient, Reverse Sweep will automatically withdraw the required amount from Flexi Fixed Deposit account and the remaining amount in FFD will continue to earn the same rate of interest, as agreed upon in the contract. In such event, the amount from flexi fixed deposit shall be transferred to his / her / their savings / current account by following the LIFO (last in first out) method.

 

However, the funds to be transferred as a reverse sweep to Savings Bank/Current Account will also meet the requirement of maintaining minimum balance.

 

8.         ISSUANCE OF PASS SHEET (STATEMENT) IN LIEU OF DEPOSIT    RECEIPTS:

In lieu of the regular Term Deposit Receipt, the Flexi Fixed deposit Pass Sheet shall be made available to the customers maintaining account under the scheme. A well established arrangement is already in place for generation and dispatch of this statement to the customers.  COPEC Secunderabad will issue pass sheet to the customers of all the branches of the Bank who maintain account under this flexi deposit scheme.  

 

9.         RESTRICTION ON LOAN:

No loan / OD in any shape shall be allowed against deposit held in Flexi Fixed Deposit Scheme.

 

10.       SB Smart Save modified as follows:

  • 1. Average Quarterly balance Rs25,000/-
  • 2. Threshold for transfer to Term Deposit from Saving deposit to be increased to Rs 50,000/- w.e.f. 20th Nov 2017.
  • 3. Speed Clearing with no charges
  • 4. Free ECS debit and Credit
  • 5. Instant credit of outstation cheques upto Rs25,000/-.
  • 6. At Par collection of Government Cheques.
  • 7. Free cheque books (100 leaves p.a.)
  • 8. Minimum sweep out amount Rs2,000/
  • 9. Sweep in amount is fixed at Rs.5,000/-

Current Account Premium Gold

  • 1. Average Quarterly Credit Balance  Rs.2,00,000/-
  • 2. Threshold for transfer to Term Deposit from Current deposit to be increased to Rs 5,00.000/ w.e.f. 20th Nov 2017.
  • 3. No Charges for Personalized Cheque Books
  • 4. Minimum sweep out amount Rs10,000/-
  • 5. Sweep in amount is fixed at Rs.25,000/-

 

 

Annexure I

FLEXI FIXED DEPOSIT SCHEME

                     FLEXI FIXED DEPOSIT SCHEME    (w.e.f 20th Nov 2017)                                                 Annexure-1

 Operative accounts with CBS codes

Requirement of initial deposit / minimum average quarterly balance

Penalty for not keeping minimum average quarterly balance(per-quarter)$

Auto Sweep unit

(sweep in)

Reverse Sweep unit (sweep out)

Period of FFD

 

 

Saving Account

Smart Save Code SB 211

 

 

Rs.25000/-##

 

 

Rs. 400/- per quarter

 

 

Rs. 5000/-##

 

 

Rs. 2000/-

Indiv Max.179 days  (Default period 91 days)

 

Non-Indiv

Max. 91 days

(Default period 45 days)

Current Account

Premium Gold Code CA 109

 

Rs.200000/-**

 

Rs. 2000/- per quarter

 

Rs.25000/-**

 

Rs. 10000/-

 

Indiv & Non-Indv

 

Max. 91 days for both  (Default period 45days)

 

 

 

 

 

 

## Auto Sweep shall take place only after the cut off level of Rs. 50000/- in linked Saving Smart Save Account i.e. having a balance of Rs. 50000/- or above the system will allow Auto     Sweep in multiple of Rs. 5000/-. However, penalty for not keeping minimum balance will be applicable only if the Minimum Average Quarterly Balance falls below Rs. 25000/-.

** Auto Sweep shall take place only after the cut off level of Rs. 500000/- in linked Current account premium scheme Account i.e. having a balance of Rs. 500000/- or above the system will allow Auto Sweep in multiple of Rs. 25000/-. However, penalty for not keeping minimum balance will be applicable only if the Minimum Average Quarterly Balance falls below Rs. 200000/-.

$ Plus Service Tax as applicable

The modifications/ additional concessions/ features in the flexi deposit scheme (SB Smart Save – Code SB 211 & Current Account Premium Gold Scheme –Code CA 109 ) shall be effective w.e.f. 20th Nov 2017 for all accounts (existing/New).Fresh mandate be submitted by customers , in case no mandate received from customer then the fresh flexi deposit shall sweep for revised default period as defined above.