I don't understand. Are you saying that sweep in still exists?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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I don't understand. Are you saying that sweep in still exists?
And kotak gives 7% pa interest on sweep FD..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.
You are repeating what you and I have said already 😂No. If the bank say it doesn't, they may have removed the product. But you do need to be clear about the 2 distinct type of products in your mind yourself, to be able to ask them the right questions to be absolutely sure. Why not describe the product you want, and ask them if they have it? If ICICI don't, it's such a common product that there would be any number of other banks offering it, if you must have it.
If you ask me, you're much better off with the Flexi FD product than with the auto sweep-out - sweep-in thing. It allows you more control over your own money, and potentially could generate more income for you as well. And in the days of netbanking, it requires only minutes more of your time per year!
Believe me, I'm talking from years of experience. I like to be as lazy myself as I can afford, but I'd much rather benefit from it myself than offering it to somebody else (like a bank)!
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Yes, kotak activmoney seems to be a good choice. But be aware, they levy charges without your consent. In my case, they dispatched physical dc without my consent. It took me multiple follow ups to fix it. I lost my trust with the bank.And kotak gives 7% pa interest on sweep FD..
There is no penalty for premature withdrawal.
FDs are created for 6 months maturity..
Looks like kotak has best deal in terms of auto sweep FD..
You are repeating what you and I have said already 😂
ICICI doesn't have an auto sweep facility/money multiplier. However, sweep out and flexi fd are available.
In fact, I told the branch the same feedback and they even assured that they communicate this internally.
yesDoes the excess amount which gets sweeped into a FD be considered for MAB or AQB?