Recently got multiple calls from HDFC RM to check if I am interested in Sweep in deposits. Earlier the calls used to be related to Mutual Funds and Savings + Insurance schemes.
Were you able to find answer for this..Is IDFC good for sweep in?
well, FDs are created in sweep-in, and bank employees are always behind us for FDs.
After reading multiple threads, sweep-in FDs look very messy, if someone is looking to invest in short term while maintaining liquidity, what's the better way in ur opinion
How many months are you looking for when you say short term?
6 months max, 6-7L
If you dont need money before 6 months then kotak's sweep in can be a good option. It gives 7% for sweep-in FD if you hold it for 6 months. Look for Activ money on their website.
Got it, any idea about Idfc sweep-in rates and flexibility?
Super helpful man thanksAuto Sweep Facility: Open Auto Sweep Account | IDFC FIRST Bank
Auto Sweep Account automatically transfers surplus funds into an FD, by linking your savings account with a fixed deposit. It helps you grow funds by offering higher interest while maintaining liquidity.www.idfcfirstbank.com
Look at the FAQs..
View attachment 100469
So FD tenure is 370 days which is more than an year.
FD interest rates are coming around 6.25% for 370 days.
Link for FD rates
It seems after repo rate reduction Kotak also reduced interest rates on their sweep-in FDs.
Earn up to 7%* Interest with Kotak ActivMoney Savings Account
Open a Kotak ActivMoney Savings Account today to earn up to 7% interest on your idle funds & conveniently access your money anytime without penalties through automatic transfers to Fixed Deposit.www.kotak.com
Every account of Kotak have different threshold for sweep-in FD.
Hope this helps.
