• Fixed Deposit Sweep-in

    A Sweep In or auto sweep facility is a balance that's in excess of the stipulated amount which is transferred into a fixed deposit for a tenure of 1 year. The amount transferred will earn you a higher rate of return. The sweep facility is a kind of fixed deposit, and it is linked to your savings account or current account depending on which account you hold with the bank. If the bank has the sweep facility, under your instructions you can specify the amount you want to sweep into a fixed deposit and link it to either the savings or current account. The other benefit of a sweep facility you can make withdrawal from such fixed deposits for any emergencies, without affecting your savings or even breaking the deposit amount, or even worrying about the interest since it will still continue to earn interest on the full fixed deposit amount.

    How does the Sweep In Facility Work?

    Some banks offer you the facility to open a savings bank account and link the same to your fixed deposit, while some offer you the facility based on the overdrafts taken by you. In the latter process, is a better option since this gives you access to have an account like savings or current accounts that will not require you to have a minimum balance. If there is a situation wherein your account has an insufficient balance the bank as per your instruction will sweep funds from your fixed deposit into your account linked to it. The amounts can range from Rs. 1 to Rs. 1,000, depending on the instruction given to your bank, and interest lost will be on the amount that's swept and not the full deposit amount.

    What can be the Advantages of Sweep-in Facility?

    There are many advantages of this facility, below are some them:

    1. Any individual who runs a small business and has a current account need not take an overdraft on the fixed deposit held by them, setting up a sweep account will be more beneficial for them.

    2. With this facility being available, you can now draw the exact amount you require and need, instead of like an overdraft where that is a stipulated amount to be draw which more often that not ends up being more than you need.

    3. You don't lose interest on the fixed deposit, you lose interest only on the amount drawn or swept.

    4. There are no additional fees or charges that need to be paid like in the case of overdraft facilities that are levied by banks.

    5. The interest earned as well, will be higher than a regular savings account. For example, if the money in a savings account earns you a rate of 4.8% per annum the same money swept into a fixed deposit will earn you almost double the 4.8% per annum.

    6. Many banks even offer you the facility to link multiple fixed deposits to you sweep account.

    Is there any Eligibility for Sweep-in Account?

    Yes, you have to open a fixed deposit of at least Rs. 25, 000, or alternatively you could open a premium account wherein the minimum balance on either a monthly or quarterly basis is in the range of Rs. 25, 000 - Rs. 1, 00, 000.

    Is a Sweep In facility different from a Flexi Deposit?

    With a Sweep In facility any excess amount get swept into a fixed deposit automatically. This amount can be anything from Rs. 1 and above the threshold limit and it also doesn't require you to open a new fixed deposit for this purpose. A Flexi Deposit on the other hand requires you to manually need to book a fixed deposit and then link the same with your savings or current account.

    For a more convenient and easy method of keep your surplus funds in a facility earning you a better interest rather that manually have to book it like in a Flexi deposit, one can use the Sweep In facility. With this facility there are no charges. penalties, or even fees for breaking the fixed deposit, you only lose interest rate on the amount taken out of the Sweep In account.

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    Fixed Deposit Sweep-in Reviews

    • ICICI Bank Fixed Deposit
      "Customer centrice & User friendly app"
      0.5 4.0/5 "Great!"
      I am doing Fixed Deposit with ICICI BANK and its been around 5years. They haven't been paying good interest and its more or less same like other banks as I used to hold my salary account with ICICI, I have decided to be with one bank. There is no locking period and its flexible. They do give good support and the app is user friendly. Even deposit account can be opened through i-mobile or net banking itself.
      Was this review helpful? 0
      , nasik
      Reviewed on Oct 15, 2019
    • SBI
      SBI Fixed Deposit
      "Good"
      0.5 3.0/5 "Satisfactory"
      I had a Fixed Deposit in State Bank of India, I have completed the tenure before 3months ago. I have no issues with the customer service. They are given me 7% interest rate for 2years. There is no profit and processing fee. I got an online access, where I can check the interest rate anytime on the YONO app or else SBI online.
      Was this review helpful? 0
      , tirupati
      Reviewed on Oct 15, 2019
    • SBI Fixed Deposit
      "Interest charges are good. "
      0.5 3.0/5 "Satisfactory"
      I have invested some money through FD. My salary account is in SBI so i have a zero ATM charges and the limit is not actually set by SBI. They do have short term FDs which is pretty good. I have invested the money of Rs. 60000 and the interest rate is 10.01% for the tenure period of 16 months. There is no lockin period. There is no hassle to getting the money back.
      Was this review helpful? 6
      , kolkata
      Reviewed on Oct 01, 2019
    • Dena Bank Fixed Deposit
      "Good plan for senior citizen"
      0.5 2.0/5 "Expected more"
      I have invested the money in Dena bank through Fixed deposit and the growth is not that much good. They are not taking any hidden charges. Only because of the Government undertaken bank, i have selected them. They are providing a interest rate of 6% per annum. I have invested the money of Rs. 2 lakhs. There is a lockin period of 1 year.
      Was this review helpful? 2
      , new delhi
      Reviewed on Sep 24, 2019
    • Axis Bank Fixed Deposit
      "Interest should be increased for FD"
      0.5 3.0/5 "Satisfactory"
      I have opt for fixed deposit for the tax saving purpose because I have chosen five years tenure with AXIS Bank, still its going on. Only once I Invested my money it has the locking period of five years. I have option to check my transactions through mobile app. But I have concern about the interest rate is very lesser for this FD.
      Was this review helpful? 5
      , hyderabad
      Reviewed on Sep 19, 2019
    • SBI Fixed Deposit
      "FD process should be simpler"
      0.5 1.0/5 "Really Bad"
      I had fixed deposit with SBI then I withdrawn the amount, I done Rs. 3 lakhs of investment on my daughter name then I taken the liquidity to purchase the land, at the time I struggled a lot to take that money because the process was difficult to withdrawn the money after seven months of tenure.
      Was this review helpful? 15
      , madurai
      Reviewed on Sep 03, 2019
    • Union Bank of India Fixed Deposit
      "Not good"
      0.5 3.0/5 "Satisfactory"
      I had a Fixed Deposit with Union Bank of India and its closed 18 to 19 months due to personal reasons. I am doing investment but my experience is not good with FD account. In my home town, there is no other banks so just decided to go with this bank. The returns are good.
      Was this review helpful? 6
      , bangalore
      Reviewed on Aug 28, 2019
    • HDFC Bank Fixed Deposit
      "Good to go with HDFC"
      0.5 5.0/5 "Blown Away!"
      I have one FD with HDFC, I deposited Rs. 1 lakh, I was opt for 45 days of tenure. Finally I got 6.25% of interest for 45 days. It won't cover the tax, if we need tax benefits we should go for five years term. I can track the details through netbanking, on the maturity date the amount credits automatically in the account. Even the notification can customized.
      Was this review helpful? 7
      , bangalore
      Reviewed on Aug 27, 2019
    • HSBC Bank Fixed Deposit
      "wrong calculation of interest rates"
      0.5 0.5/5 "Unacceptable"
      HSBC staff wrongly pre closed my fixed deposit .. and calculated the interest rates wrongly and when asked them for clarification never got back .. even after following up with them repeatedly for more than 3 months.. would highly recommend not using their services.
      Was this review helpful? 4
      , visakhapatnam
      Reviewed on Aug 24, 2019
    • SBI Fixed Deposit
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I do have a Fixed deposit account with SBI and it was carried out by Mom and even I have account for my daughter. Its still running and they have Google application separately to access online. The returns are good. I am doing monthly investment and it was opened quite a long may be 4 years.
      Was this review helpful? 9
      , ahmedabad
      Reviewed on Aug 23, 2019
    • ICICI Bank Fixed Deposit
      "Good"
      0.5 5.0/5 "Blown Away!"
      I just opened a Fixed Deposit with ICICI BANK and have not done any survey on this. I am account holder with them so it was easy to do FD account even they are providing 7% interest rate. The process is very user friendly and never faced any hassle. I could access this account via online.
      Was this review helpful? 6
      , new delhi
      Reviewed on Aug 21, 2019
    • Post Office Fixed Deposit
      "Good for future"
      0.5 3.0/5 "Satisfactory"
      In post office rate of interest is higher for the fixed deposit when compared to the bank, I invested Rs. 5000 on monthly basis its comes in a year Rs. 60,000 after 5 years I got Rs. 3.75,000 I got Rs. 75,000 extra. The service is not comfortable if we have any relative who working there it would supportive or else difficult.
      Was this review helpful? 14
      , burdwan
      Reviewed on Aug 09, 2019
    • SBI Fixed Deposit
      "Good for future saving"
      0.5 5.0/5 "Blown Away!"
      I have FD with SBI, I have opt for one year term there is no such limitation for depositing the money. The interest rate is good for the FD, the online banking is convenient to take liquidity. They resolve the queries on time. Its most safe and secured.
      Was this review helpful? 4
      , visakhapatnam
      Reviewed on Aug 08, 2019
    • SBI Fixed Deposit
      "Average"
      0.5 4.0/5 "Great!"
      I have selected state bnak of indis fixed deposit amount 1 lakhs , Tenure 5 years and Rate of interest 8 percentage after renewal fixed deposit 6 percentage is very less .while document directly bank . Customer service is not good and responsive.
      Was this review helpful? 8
      , kochi
      Reviewed on Aug 05, 2019
    • Kotak Fixed Deposit
      "Excellent Banking"
      0.5 5.0/5 "Blown Away!"
      I activated FD account with Kotak, I have been maintaining this account since when I opened saving account, I converted Rs. 5000 for one year. They are providing interest around 7.6% per annum, the online netbanking and mobile app is very convenient for deposit to FD.
      Was this review helpful? 5
      , mumbai
      Reviewed on Aug 03, 2019
    • ICICI Bank Fixed Deposit
      "Good"
      0.5 4.0/5 "Great!"
      I have invested my FD with ICICI BANK and also have a 3in1 account with them. The interest rate is pretty good. Recently started before 6months, I can do premature withdrawal and also have selected a locking period of 3 years. The customer service is good and overall am satisfied with this bank.
      Was this review helpful? 4
      , mumbai
      Reviewed on Aug 01, 2019
    • Post Office Fixed Deposit
      "Safe and Secured"
      0.5 4.0/5 "Great!"
      My Post office branch is located in own campus hence there is no queue. I opened the fixed deposit, I made one time investment for five years its has tax exemption. They are providing 7% of interest for per annum. I believe it has online access as well.
      Was this review helpful? 12
      , bangalore
      Reviewed on Aug 01, 2019
    • SBI Fixed Deposit
      "Too much good scheme"
      0.5 5.0/5 "Blown Away!"
      Chosen my fixed deposit from State bank of India. I have invested the money of Rs. 57000 and SBI is a most popular bank all over the India and offering all the facilities compared to bank. Since i have a salary account with them, its easy to transfer the money. They are providing the interest rate of 6.5%.
      Was this review helpful? 7
      , kolkata
      Reviewed on Jul 31, 2019
    • Union Bank of India Fixed Deposit
      "Good Investment"
      0.5 4.0/5 "Great!"
      Union of India fixed deposit is same as other investment. Being an existing customer I have opt for one year of fd, the online banking feature is good to open and closing the account, they was no charges for the liquidity of fund before the maturity.
      Was this review helpful? 2
      , mumbai
      Reviewed on Jul 29, 2019
    • SBI Fixed Deposit
      "Good investment plan"
      0.5 4.0/5 "Great!"
      Chosen my fixed deposit from state bank of India because the given rate of interest is high. They are not deducting any service charges. I have invested the money of Rs. 1 lakhs and there is no lockin period and i have chosen the plan for 1 year and they are giving a interest rate of 6.75%.
      Was this review helpful? 10
      , bangalore
      Reviewed on Jul 25, 2019
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