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Flexi Current Account

Now you can earn interest income on your balance of current account. Just avail our Flexi Current Account facility and move your current account’s balance in multiples of ₹ 50,000/- to Flexi Current Account for shorter period and earn interest as per the rate of our short term deposit scheme for up to 180 days.

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Eligibility :
  • This facility can be availed only by Regular Current Account holders. There is no new account opening form is available for the said product. An application cum undertaking form is available which has to be obtained duly signed by all authorized signatories along with normal account opening form and all other documents as per KYC policy.
  • If any existing client wishes to avail this facility, he may opt for the same by submitting an application for availing the facility. A common Application cum Undertaking Form has to be ticked appropriately for opting for the said product.
  • The said form along with normal Current Account opening form and other related documents including KYC documents needs to be furnished in case of new relationships and where existing current account is KYC non-compliant.
  • The application needs to be signed by authorized signatories as per operation mandate. In case of companies necessary resolution / s needs to be obtained.
Features :
  • Deposit amount : ₹ 50,000/- and multiples thereof
  • Nomination facility : Available to eligible persons as per rules
  • DICGC cover : Deposits are insured by DICGC up to ₹ 5 lakh per customer
ROI & Service Charges :
  • Please click hereto know about latest ROI & service charges
Important Terms :
  • The daily minimum balance requirement would be ₹ 1 lakh and minimum unit eligible for sweep out would be ₹ 50,000/- and multiples thereof.
  • The period of this short term deposit for each unit would be for 180 days.
  • The ROI would be as applicable to short term deposit of 180 days period from time to time.
  • On maturity of this short term deposit, proceeds of the same would be credited to the current account along with interest amount after TDS deduction, if applicable. After crediting the proceeds, if clear balance in the current account exceeds threshold limit of ₹ 1,50,000/- again ₹ 50,000/- would be swiped out and form a new unit of this short term deposit at the end of the day.
  • If the short term deposit created out of the current account is required to be closed before 180 days for honoring the cheques / mandates / ECS etc. drawn on the linked current account (if balance in current account is insufficient to pass the cheque / SI / ECS etc.). The LIFO (Latest Unit created would be closed first) method would be used for closure of short term deposit i.e. for sweep in to minimize the loss of interest to the customer. The interest would be paid as per extant rules applicable for before maturity payment of TDRs.
  • If the clear balance at the end of day exceeds ₹ 1,50,000/- an amount of ₹ 50,000 or multiples thereof would be swiped out and kept in short term deposit and balance amount would continue to remain in current account.
  • Payment of interest on deposits would be subjected to TDS rules. In most cases the current accountholders of business account will not be eligible to submit 15G/H, however individuals / proprietors & HUF’s who are eligible to submit the 15G / H may submit the same at the beginning of the year. Eligible Trusts can also submit 15G subject to permission from Income Tax Authorities. Procedure for issuance of TDS certificate generated through TRACES would continue to remain same as applicable to Term Deposits.
  • No fixed deposit receipts are printed for short term swipe outs under flexi current account, however a quarterly statement can be issued to the client. The details of the deposits would be available for viewing through internet banking facility.
Q1. What is Flexi Current Account?
Q2. What are the documents required to open a Flexi Current Account?
Q3. How much balance required for Kalyan Janata Bank’s Flexi Current Account?
Q4. How much & at what rate can I earn interest from Flexi Current Account?
Q5. How to check if my short term deposit is created under Flexi Current Account?
Q6. Is TDS deductible on the interest earned on short term deposits under Flexi Current Account?
Q7. What is Form 15G and 15H?