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Fixed Deposits or FDs are one of the most popular and traditional savings instruments in India. Also, there are different types of fixed deposits offered by banks for various financial requirements. Thus, one such modified version of bank fixed deposits is Flexi fixed deposit.

What is a Flexi Deposit?

As the name suggests, a Flexi fixed deposit offers flexibility and convenience to its customers. It is a combination of a fixed deposit and a recurring/savings account. Hence, a Flexi FD helps depositors to avail liquidity of savings account and higher returns of fixed deposits. Therefore, it is a special type of fixed deposit offered by Indian banks. 

This scheme differs from a regular FD in many ways. The primary feature of this scheme is that it combines the advantage of a savings account and a fixed deposit, the “Auto-Sweep feature” (sweep in). Also, depositors can choose to vary their installment amount and the number of monthly deposits in a Flexi fixed deposit. Furthermore, the tenure and maturity of the fixed deposit are decided at the time of deposit.

Best Flexi Fixed Deposit Schemes 2024

1. SBI Flexi Deposit Account

To open an account with State Bank of India under SBI flexi deposit scheme, one needs to have a minimum balance of Rs. 5000 in their savings/current account. The account holders can deposit for a tenure of 5-7 years. Moreover, this scheme offers its customers the convenience to customise their deposit amount through flexible instalments.

Check out SBI Mod Scheme

2. ICICI Flexi Deposit Account

This scheme offered by ICICI bank merges a savings account or current account with a Flexi fixed deposit. Hence, one should make sure that they maintain a minimum balance of Rs.10,000 in their savings account or Rs.20,000 in their current account. Also, the tenure of Flexi fixed deposit for ICICI bank ranges from a minimum of 15 days to 91 days. 

3. Axis Encash 24 Flexi Deposit Account

Axis bank offers a Flexi deposit scheme under the name of “Encash 24 Flexi Deposit”. Also, one can enjoy the dual benefits of liquidity of a savings account and high earnings of a fixed deposit. Furthermore, the tenure of this scheme varies between 6 months and 5 years. 

4. Union Savings Flexi Deposit Account

In Union Bank of India, this scheme is named as “Union Savings Flexi Deposit Account”. The scheme is designed to offer dual benefits of savings account and interest of fixed deposit. Also, the minimum amount required to open an account under this scheme is Rs.50,000 in their savings account. Further, the tenure of this deposit varies from 46 days to 1 year. 

5. Bank of India Star Flexi Deposit Account

Bank of India offers the Flexi deposit scheme under the name “ Star Flexi Deposit”. It provides flexibility to its customers to choose the monthly Flexi instalments. The tenure of this scheme is ranging from 12 months to 10 years. Also, there is no limit on maintaining balance in the savings/current account.

6. Bank of Baroda Yatha Shakti Jama Yojana

Bank of Baroda offers the Flexi deposit scheme under the name “ Yatha Shakti Jama Yojana”. It allows individuals to save every month and also gives the flexibility to increase the monthly instalment. Thus, the minimum amount to open an account under this scheme is Rs.100, and the tenure ranges between 12 months to 120 months.

7. Central Flexi Yield Deposit Account

The Central Bank of India offers the Flexi deposit scheme under the name “ Central Flexi Yield Deposit Scheme”. To open a fixed deposit account, one requires a minimum amount of Rs.50,000 in their savings/current account. Additionally, it provides a floating interest rate that is higher than the regular term deposit interest rates. Further, the tenure to open this account is a minimum of 1 year to a maximum of 10 years. 

8. PNB Swechha Jama Yojna Account

Punjab National Bank offers a Flexi deposit scheme under the name “ Swechha Jama Yojna”. To open an account in PNB Flexi fixed deposit scheme, one needs to have a minimum balance of Rs.100 in their savings/current account. Also, one can open a single or joint account with a period between 6 months to 60 months.  

Features of a Flexi Deposit Scheme


These schemes are designed to offer the convenience of flexible tenure to customers. Therefore, one can select the term based on their financial objectives. 

Interest Rate

In comparison to savings accounts, Flexi deposits offer higher interest rates. Also, this enables depositors to earn better returns on their investments. Check latest fixed deposit interest rate for all banks

Amount of Investment

The depositor has the liberty to choose the investment based on their financial objectives. Also, different banks have different deposit criteria. One has to check with the bank before opening a Flexi deposit account.

Premature Withdrawal

Another benefit of this scheme is that it allows premature withdrawal from their account that enables depositors to meet their liquidity requirements. However, this benefit varies depending on the bank that offers Flexi fixed deposits. Therefore, one should go through the rules and regulations before deciding to opt for this option. 

Loan Facility

Most of the banks offer a loan facility against their Flexi fixed deposits, where this deposit acts as collateral for the loan. However, one should be aware of the policies of the bank.

Simple Process

The process of opening this account is straightforward, seamless and hassle-free. It is a transparent process where one has to fill a form and provide basic details like the amount to invest, tenure of the fixed deposit, and contact details like phone number and address. 


This is another feature that makes Flexi fixed deposit attractive for investors, with the hassle-free account opening process, which is quicker and much easier with the auto-renewal facility. This means that the FD account is automatically renewed at the end of the policy tenure. Thus, the depositor has to not worry about remembering the dates for the renewal of their account.

Differentiate between Flexi and Regular Fixed Deposit

The Flexi fixed deposits offer certain benefits over the regular fixed deposit. This is primarily due to the liquidity and the flexibility they offer. In a traditional fixed deposit, individuals deposit a fixed amount of money for a fixed tenure at a predetermined interest rate. However, withdrawing this amount before maturity is not permitted, which can be a problem during financial emergencies. On the contrary, the Flexi fixed deposit overcomes this problem by allowing the account holders to withdraw a certain sum of money from their savings or current account, which is ultimately merged with the Flexi fixed deposit account. Furthermore, the amount, tenure, and number of instalments are not fixed for a Flexi deposit scheme. They can vary during the investment tenure depending on the bank’s guidelines. 

Explore Types of Bank Accounts in India

Frequently Asked Questions

How to invest in a Flexi deposit?

Investing in this scheme is very seamless and hassle-free. One has to select the bank through which they want to invest. One has to fill a form to provide basic details like the amount to invest, tenure of the fixed deposit, and contact details like phone number and address. Also, one needs to check the minimum amount to invest as it varies from bank to bank. 

How to withdraw money from the Flexi fixed deposit account?

Unlike a regular fixed deposit, one can withdraw money from their Flexi fixed deposit account prematurely. Moreover, they can withdraw from their savings or current account directly, merged with the Flexi deposit account. However, one must check the bank’s guidelines for withdrawing money. Also, most of the banks require a prior intimation for withdrawing money. 

Is TDS applicable on Flexi fixed deposits?

Yes, TDS applies to the interest earned on Flexi fixed deposits.

Explore Fixed Deposit Pages

Fixed Deposit CalculatorFixed Deposit by Banks
SBI FD CalculatorSBI FD Rates
HDFC FD CalculatorHDFC FD Rates
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ICICI FD CalculatorICICI FD Rates
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