Best sweep in account in terms of overall experience and benifits.

[hgupta]

Fair enough, Question is - to avoid multiple FD creation -
Suppose I activate first time Sweep in today and got Account no SWFD0001 with initial amount say 1 lakh for 444 days, now till it will not used completely, any subsequent addition will park only into this, and till the time 1 Rs left, any withdrawal took place from this Only !!!

Default setting is 1 year and I think you can't change it, after 1 year it will automatically re invest for 1 more year and so on. No addition in amount can be made in already created sweep in FD. If your money exceeds in savings account, it will create a new fd account number.

 

[akiratoriyama]

IOB also has sweep in facility, seems to work well automatically

 

[rishi4]

How's hdfc?
And does it also create multiple fds on withdrawal, reflecting in multiple fds while filing itr?

 

[Anindya98]

So I've read somewhere that when ppl withdrawing even smaller fractions, banks were breaking their sweep-in FDs and creating new ones everytime, and this went to tax department asking they haven't revealed 40-50 FDs opened that year..so you're saying with SBI, no such issue?

BOB does the same thing
SBI never faced any kind of issue

 

[navdeep22]

Also using sbi auto sweep for more than a year now. Never faced issue

In SBI
If amount > 35k, they do fd of all and leave 25k in savings account, this check happens every few days I think once in a week

If we r drawing all money from savings account and no balance remaining, money withdrawn from FD such that account balance don't go -ve, so in most cases account balance of savings account will hover around 0, if more funds are not added (original FD date remains the same, just some amount is reduced as depends upon how much is withdrawn)

So if you keep adding funds in savings account ocassionally , your number of FDs will grow as each time new fd is created