What is FFD account in bank?

What is FFD account in bank?

A Flexi-Fixed deposit is a special kind of deposit offered by banks in India. It is a combination of a demand deposit and a fixed deposit. The depositor is able to enjoy both the liquidity of savings and current accounts and the high returns of fixed deposits.

How do I open a FFD account?

To open the Flexi Fixed Deposit Scheme, you need a minimum balance of Rs. 50,000 in your savings/current accounts. Account-holders can open Flexi FD for a tenure ranging from 46 days – 1 year.

Which bank gives highest interest on FD monthly?

Interest Rates on Monthly Income FD Schemes

Bank	Tenure	Interest Rates
HDFC Bank FD	7 days to 10 years	2.50% to 5.50%
Kotak Bank FD	7 days to 10 years	2.50% to 5.30%
Axis Bank FD	7 days to 10 years	2.50% to 5.75%
Bank of Baroda FD	7 days to 10 years	2.80% to 5.25%

How can I withdraw money from flexi fixed deposit?

How can I withdraw money from flexi fixed deposit? You can withdraw money from your savings or current bank account that has been merged with your flexi fixed deposit scheme.

What is the difference between FFD and FD?

Difference between Flexi Fixed Deposits and Regular Fixed Deposits. The Flexi Fixed Deposit’s benefits ensure that it has a clear edge over regular fixed deposits. This is majorly owing to the convenience of liquidity that they specialize in. Flexi fixed deposits ensure the advantage of availing loan facilities as well …

How do I close my FFD account?

Steps to Close an FD Offline by Visiting Branch (Premature)

1. Step 1: Visit the bank branch and get a form for premature withdrawal.
2. Step 2: Fill the form with necessary details such as name, bank account details, and FD number among others.
3. Step 3: Submit the document with the bank and they will process your request.

What is Fixed Deposit scheme?

A fixed deposit, also known as an FD, is an investment instrument offered by banks, as well as non-banking financial companies (NBFC) to their customers to help them save money. With an FD account, you can invest a sizeable amount of money at a predetermined rate of interest for a fixed period.

Is Flexi FD good?

A flexi-fixed deposit is a special kind of deposit scheme offered by banks. In flexi- fixed deposit, the depositor is required to manually add money to their deposit account. The depositor opting for a flexi FD gets the benefit of both the liquidity of savings accounts and the high returns of fixed deposits.

Which scheme is best for monthly income?

6 Best Monthly Income Schemes In India

• Fixed Deposit. Undoubtedly one of the best and most low-risk income schemes is a bank Fixed Deposit (FD).
• Post Office Monthly Income Scheme (POMIS)
• Long-term Government Bond.
• Corporate Deposits.
• SWP from Mutual Funds.
• Senior Citizen Saving Scheme.

What is a flexi interest rate?

flexiRate rates allow you to earn higher interest rates by locking away a portion of your savings within your account for periods up to 12 months.

Can I close Recurring Deposit before maturity?

A Recurring Deposit is like a Fixed Deposit. Once the RD amount has been deposited, it cannot be withdrawn until maturity.

Can we withdraw money from fixed deposit before maturity?

Fixed deposits, with a premature withdrawal facility, allow the depositor to close the FD before the date of maturity arrives. This comes as a relief in times of cash crunch. However, a certain amount may be required to be paid by the depositor as a penalty to the bank. This usually ranges between 0.5% and 1%.

Which bank is best for FD for 6 months?

List of banks with the best FD rates for amount below Rs 1 Cr across different tenures

Bank	6 months – 1 year	> 5 years
DCB Bank	5.95%	6.75%
Axis Bank	4.4% – 5.15%	5.50%
HDFC Bank	4.40%	5.50%
IndusInd Bank	4.5% – 5.75%	6.25% – 6.50%

Which bank is best for flexi deposit?

2021’s Top Banks Providing Flexi Fixed Deposit Schemes

1. SBI Flexi Deposit Account.
2. ICICI Flexi Deposit Account.
3. Axis Encash 24 Flexi Deposit Account.
4. Union Savings Flexi Deposit Account.
5. Bank of India Star Flexi Deposit Account.
6. Bank of Baroda Yatha Shakti Jama Yojana.
7. Central Flexi Yield Deposit Account.

How can I save 50 lakhs in 5 years?

50 lakhs in five years….

1. Parag Parikh Long Term Equity Fund.
2. Mirae Asset India Equity Fund.
3. Axis Focused 25 Fund.
4. Axis Bluechip Fund.
5. ICICI Prudential Bluechip Fund.
6. ICICI Prudential Nifty Next 50 Index Fund.
7. Franklin India Low Duration Fund.
8. Franklin India Ultra-Short Bond Fund.