Abhyudaya Cooperative Bank Sweep in FD

What is Abhyudaya Cooperative Bank Sweep in FD?

Sweep in FD Abhyudaya Cooperative Bank or the Auto Sweep Facility in Abhyudaya Cooperative Bank, sweeps any excess funds in your savings account into a fixed deposit after the sweep-in balance has reached a certain limit. When the balance in your savings account drops below the required minimum, the bank transfers funds back to the fixed deposit one at a time, Last-In-First-Out (LIFO), so that your account stays at the required minimum balance. Only the required amount is withdrawn, and the rest remains earning the current Abhyudaya Cooperative Bank FD rates. Depositors can invest in 7-day to 10-year deposit tenures depending on their choice.

Key Features of Abhyudaya Cooperative Bank Sweep in FD

The Sweep in FD facility of Abhyudaya Cooperative Bank will enable you to earn higher interest on your excess cash without the need to compromise liquidity. Here are some key features:

• Auto-Renewal: Abhyudaya Cooperative Bank Sweep in FDs may be automatically renewed at maturity or may be renewed at a preferred option.
• Competitive FD Interest Rates: Sweep in FD attracts interest rates just like the normal fixed deposits, depending on the tenure chosen.
• Liquidity: The deposit will be transferred back to your fixed deposit as the balance in your account decreases below the set limit. This guarantees that you never run out of balance in your savings account and this is both safe and convenient.
• Flexible Deposit Tenure: You are free to select a deposit tenure that suits your financial ambitions with the shortest period of 7 days or the longest period of 10 years. This is flexible so that you can plan your savings depending on your needs.

How to Apply for Abhyudaya Cooperative Bank Sweep in FD?

The process of applying to the Sweep in FD facility is simple and can be done both online and offline. Below are the required steps you need to follow:

Online Application

The Sweep in FD facility can be activated instantly with the help of NetBanking or the Mobile App of Abhyudaya Cooperative Bank.

• Log in to NetBanking or Mobile App: Enter your NetBanking or Mobile App using your credentials.
• Ensure an Active Savings Account: Make sure that you have an active savings account.
• Navigate to Deposit section: Visit the deposit section or the fixed deposit section.
• Select ‘FD Sweep-in’ Option: Select the ‘FD Sweep-in’ option.
• Fill in Account Details: Fill in the savings account details and the sweep-in threshold.
• Verify and Activate: Check the information and make sure it is activated.

Offline Application

In case you want to use the in-person application, you may also arrange the Sweep in FD by visiting a branch of Abhyudaya Cooperative Bank.

• Visit the Nearest Branch: Find your closest branch of the Cooperative Bank of Abhyudaya.
• Request Sweep-in FD Application Form: Ask the bank representative to send the Sweep in FD application form.
• Fill in Account Details: Enter savings account details and sweep-in threshold.
• Submit the Form and Valid Identification: Hand in the duly filled form and valid identification.
• Verification Process: The bank will cross-check your information and papers.
• Activation of Sweep-in FD: After this, your request will be processed, and the Sweep in FD facility will be activated by the bank.

Key Takeaways

Sweep in FD of the Abhyudaya Cooperative Bank will enable you to earn higher FD interest rates on your surplus money. It makes your savings account flexible when you need it. You will receive a better FD interest rate than in savings account since this will automatically transfer a further sum of cash to a fixed deposit. This facility helps you to make the most out of your money and still have access to it when required. It offers an easy means of effective savings as tenures are flexible and activated easily online.