The sweep in FD by HDFC combines the advantages of a savings bank account with a fixed deposit's higher return rate. You would not have to worry about not having enough funds in your account for a transaction if you use the sweep-in feature.
HDFC Sweep-in Facility is a feature that allows an investor to automatically transfer funds from their FD to their savings account when the balance falls below a certain limit. This helps to avoid bounced checks and other penalties for insufficient funds. With this Sweep-in FD facility, one can earn the same interest rate as a fixed deposit on your savings account.
The Sweep-in Facility is a cluster deposit where each unit of Re.1 is held. The bank will automatically break term deposits in order to complete transactions for which there are insufficient funds in your account. It also breaks down deposits so that you can get cash at ATMs right away if you run out of money.
The Sweep-in FD facility of HDFC Bank has the following features:
The most simple way to apply for an HDFC sweep-in FD is through NetBanking. Below is a step-by-step guide for enabling the sweep-in function on an HDFC Bank single account, for example.
Step 1: Sign in to your NetBanking account.
Step 2: Select 'Fixed Deposit Sweep-in' from the drop-down menu. Under the Fixed Deposit tab, you'll discover it.
Step 3: For the sweep-in, you must choose the Savings Account number and the FD number that you want to be linked to.
Step 4: To activate the facility, click 'proceed' and 'confirm.'
HDFC Bank does not levy any fees or charges for the sweep-in facility. However, there are a few things that must be kept in mind before opting for the sweep-in FD:
The HDFC Bank Sweep-in Facility is eligible for the following categories:
These are some of the most major advantages of investing in this type of FD: