![]() You can only link the Sweep-In facility to the accounts with the same account title. Although do realise that when there are insufficient funds in your Savings Account, your overdraft limit will be exhausted before units of the Sweep-In Fixed Deposits are encashed prematurely.Ĭan I link accounts held in different account titles to the same Savings Account for the Sweep-In facility? Yes, you can have both these facilities on the same Savings Account. You can only have one of the two facilities on a single Fixed Deposit.Ĭan a customer have both a Super Saver facility and a Sweep-In facility on the same Savings Account? When you link more than one deposit to the facility, then the first deposit to be encashed will be the deposit which was opened first.Ĭan I have both a Super Saver facility and a Sweep-In facility on the same Fixed Deposit? In this case, the system will first Sweep-In funds from the oldest deposit opened, i.e., the deposit which was first linked to the Savings Account. Yes, you can link more than one deposit to the Sweep-In Savings Account. However, these units will only be prematurely encashed at the end of the day, if the customer has not deposited any funds in his Savings Account, during the course of the day.Ĭan I have a Sweep-In facility with multiple deposits? HDFC Bank will mark a lien on the Fixed Deposit to the extent of Rs. ![]() 4000/- on this account and it has now come to the bank for clearing: 10,000/-.Īssuming on a particular day, the balance in his Savings Account is Rs. Here's an example to illustrate how the Sweep-In Account works:Ī has Sweep-In facility on his Savings Account with a linked Fixed Deposit of Rs. Your remaining deposits continue to earn the original high rate of interest. On these deposits, you will earn a rate of interest for the period that the deposit has remained with the Bank and that was applicable at the time when the original deposit was placed. Whenever there are insufficient funds in the Savings Account to clear a cheque, we will break units of the deposit (to the next Rupee) to clear the cheque. The Sweep-In facility will link the deposits you choose to the Savings/Current Account. You only need to have a Savings Account or a Current Account with us. The Sweep-In facility gives you the high interest rates of a Fixed Deposit and the liquidity of a Savings Account. ![]() What are the benefits of the Sweep-In facility? Same is the case when you withdraw money using your ATM Card with insufficient funds in your account If funds in your Sweep-In Savings/Current Account are insufficient to clear a cheque, term deposits (Principal Amount) held by you with sweep-in marked, are automatically broken into units. The Sweep-In facility is a cluster deposit (held in units of Re.1) with a cheque book and ATM / Debit card. For enjoying higher interest with better benefits, HDFC is the way! Additionally, a customer can use the Sweep in scheme with the Super Saver pack. Then, the customers get to continue earning interest on the balance after the sweep in is done. The benefits the customer gets to enjoy include the option of choosing his Current account or Savings account. 50,000 then service charges will be applicable in Savings account. However, if the Fixed Deposit is maintained below Rs. 50,000/- and above then no service charges are levied on the Savings account. If Fixed Deposit balance is maintained at Rs. This is not available under FCNR term deposits. This facility is available only under NRO/NRE term deposits. For senior citizens, a higher rate of interest is available.Įligibility and Charges of Sweep in HDFC bankĪll NRI account holders can avail of this facility. Along with the sweep in facility, the customer also gets to enjoy the Super Saver facility only if the Savings account has been linked. The customer can alter the period of deposit, maturity and payment instructions and also the principal amount. Another important feature is that multiple deposits can be linked to the Savings account. For sweep in purposes only the principal amount is considered. An advantage indeed! Interest loss is minimised as only the deficit is filled up in multiples of Re. They can swipe out the amount that they require. Customers are not required to swipe out amount in denominations of a particular amount. Till, the sweep in is done, the customers earn high interest while the Fixed Deposit continues to earn for the customers. ![]() It allows the customers to link either the Savings account or the Current account. ![]() Unlike some banks that allow only the Savings account to be linked to the Fixed Deposit account, this bank provides an option to the customers. ![]()
0 Comments
Leave a Reply. |