INSUBCONTINENT EXCLUSIVE:
If you want your savings bank account to
garner the interest rate payable on a fixed deposit (FD), you can open an SBI (State Bank of India) savings plus account
In the SBI savings plus account, any excess amount in the savings bank is automatically transferred to the fixed deposit (FD) in the
In SBI savings plus account, the savings bank account is linked to the multi option deposit (MOD) account
The surplus fund above the threshold limit from the savings bank account is transferred to term deposits opened in multiples of 1,000
The term deposit/fixed deposits (FD) range from one year to five.In common parlance, it is also known as sweep-in facility or flexi fixed
When you open the SBI savings plus account or HDFC Bank Sweep-in fixed deposit or ICICI Bank flexi deposit, it's the same concept wherein
the amount above a threshold (that varies from bank to bank) is transferred to the fixed deposit (FD)
And in case the amount falls short of the minimum account balance, the deficit is transferred from the fixed deposit (FD) so as to maintain
the minimum savings account
28.02.2018Revised For Public w.e.f
28.03.20187 days to 45 days5.755.7546 days to 179 days6.256.25180 days to 210 days6.356.35211 days to less than 1 year6.46.41 year to less
than 2 year6.46.42 years to less than 3 years6.56.63 years to less than 5 years6.56.75 years and up to 10 years6.56.75HDFC Bank Sweep-in
FacilityWhen you use the sweep-in facility on your bank savings account, you can link multiple accounts to your savings account
Any deficit in your savings account can be brought in from the term deposit
The HDFC Bank follows the last in first out (LIFO) scheme of transferring funds from the term deposit to savings bank account.There are
several benefits of sweep in facility
The biggest is that the customer is entitled to earn higher interest on the money that is parked in the fixed deposits (FDs) when it is
One must remember that the customer must maintain the minimum account balance (MAB) for using the sweep-in facility
It is interesting to know that one can open basic saving bank deposit (BSBD) also known as the zero-balance accounts with SBI and HDFC Bank
- 90 days5.75%6.25%91 days - 6 months5.75%6.25%6 mnths 1 day- 6 mnths 3 days6.00%6.50%6 mnths 4 days6.00%6.50%6 mnths 5 days- 9
mnths6.00%6.50%9 mnths 1 day- 9 mnths 3 days6.00%6.50%9 mnths 4 days6.00%6.50%9 months 5 days - 9 months 15 days6.00%6.50%9 months 16
days6.25%6.75%9 months 17 days < 1 Year6.25%6.75%1 Year6.85%7.35%1 year 1 day - 1 year 3 days6.50%7.00%1 year 4 days6.25%6.75%1 year 5 days
Years6.00%6.50%The minimum threshold limit for transfer to MOD is Rs 35,000 in the SBI account
After that a minimum of Rs 10,000 is transferred to the multi option deposit
The transfer happens in the multiples of Rs 1,000
It doesn't mean that the term deposit can't be withdrawn.The customer can withdraw/ break open of the deposit
For this purpose, the customer must mention as to what principal to be followed: "first in first out" or "last in first out".HDFC Bank
official website says that if there is a lien marked on the Fixed Deposit, the sweep-in will not be maintained.ICICI Bank Flexi-depositThe
ICICI Bank flexi deposit account can be opened for 15 days to 91 days (in days) as per the standing instructions of the customer.ICICI Bank
days5.756.2561 days to 90 days66.591 days to 120 days66.5121 days to 184 days66.5185 days to 289 days6.256.75290 days to less than 1
year6.571 year to 389 days6.67.1390 days to 2 years6.757.252 years 1 day upto 5 years6.575 years 1 day upto 10 years6.57The flexi deposit
account is a term deposit and the rate applicable on term deposit as per rules will be paid
