FD with option to add funds anytime, does it exist?
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Please do not confuse with recurring deposit or special recurring ones where one can add additional amount to installments later (like HDFC dream deposit). Also, not traditional flexi or sweep deposit linkages.
What I need is like a PPF account but not a PPF (no such high lock-in time)... say, I make a FD of ₹10K for 2 years. Later, I can add say, ₹1500 when I have surplus funds any number of times. Interest calculation and maturity amount will be updated accordingly.
Do such deposits exist with any bank in India? Or, any such alternative to PPF with lower lock-in?
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you can get this benefit from OD loan account
basically it is not to earn, but to save on interest
maybe small amount FD can be a good option then you dont need to break all.
a PPF interest is calculated on a monthly basis more like a SB a/c (of course with a higher interest rate ), and a sweep in FD works more or less the same way.
With the given conditions with a fixed/minimal risk rate all I think atm is sweep in in savings accounts (fifo/lifo) as mentioned already above.
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You can also consider these (not availed any of these below, so plz don't consider it a recommendation)
- Flexi Deposit Scheme(SBI)
- Central‘s Flexi Yield Deposit Scheme
- ICICI Bank FD Invest
- Flexi Fixed Deposit
- Encash 24 Flexi Deposit(axis)
- Star Flexi Recurring Deposit
- Flexi Deposit Scheme(Allahabad Bank)
- Flexi Fix Deposit
- Union Savings Flexi Deposit Account
Thanks to all for their inputs...
In that u can do like this
@kkrulesdnation do you know if they allow opening this deposit through netbanking from an account applied online ?
Enable by calling CC
I meant ICICI for earlier comment. @kkrulesdnation
Pls try
I doubt if there is restriction, should be open for all.
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Why don't you create a new FD? Creating nee FD is also beneficial because you can break a smaller amount if you need it.
If you want to put money in am old high interest FD then I can see why you want to do that. But that won't be possible