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Sweep-in FD banks
- Thread starter palen
- Start date
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- Tags
- sweep-in fd
Tejo
TF Legend
Kotak - ActivMoney available for all variants including 811 :: if Amount Exceeds 25k will be converted to fd.
Paytm - Partnered with indusind :: if amount 1k exceeds ....
Above services are free* and for all
Every bank nowadays provides autosweep facility***, contact RM or branch for queries.
SBI has Saving Plus account is a sweep account. Balance above 10000 will be sweeped to FD in multiples of 5000, it is configurable as I understand.
HDFC savings max account also has sweep features.
HDFC savings max account also has sweep features.
anonymuos
TF Ace
Can you please share more details on this? IndusInd? Paytm? Sweep? What type of account? What is the feature called? Where to enable it?
no idea
i have 0 mab wealth select acc
and any deposit bal above 15k autmoatically goes into a sweep in
silly_putty
TF Premier
how do you activate it? i too have wealth account and needed to activate sweep in feature.
palen
TF Premier
ICICI has no such sweep in facility. Only sweep out.
palen
TF Premier
They don't have the feature anymore. Let me know if you find it.
Your RM told you so?! There is no difference! The complete feature is sweep out - sweep in. One is meaningless without the other! Excess money is automatically swept out of your SB account, and swept in when you need it later. So if sweep out is there, sweep in must be there too! Just ask for clarification.
If they don't offer it any more, you just need to do the same thing manually by opening a Flexi Fixed Deposit: you put your excess money manually into that, and withdraw the amount you need later manually too through your SB account. This is more work, but has its own advantages over the auto sweep out - sweep in thing (which allows you to be lazy at the cost of potentially generating less income).
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palen
TF Premier
I asked in 2 branches and they told me the same. Yes, you can only sweep out from an existing FD when you have deficit amount in your savings account.
Flexi FD would works but it would be easier to manage with something like auto sweep facility. Wish they would introduce it back again.
silly_putty
TF Premier
yes, just had a talk with rm, she said they only had sweep out facility, with money multiplier that is.
it gets auto acitivated when bal goes above 15k
Well, what you've described above as the sweep out facility (from an FD), is actually the very definition of how a Flexi FD works! This is actually a different product from what is normally known as the Sweep-out - Sweep-in facility for a savings account!
So the Bank define sweep out like that these days, so their customers can be kept in a confused state?!
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