Assam Gramin Bank Sweep in FD

What is Assam Gramin Bank Sweep in FD?

The Auto Sweep facility in Assam Gramin Bank allows you to easily transfer surplus funds from your savings account into a fixed deposit, helping you earn better returns with the higher interest rates of the FD. It is activated automatically when your savings account balance exceeds the set threshold. While your account balance stays within the limit, the excess amount benefits from Assam Gramin Bank FD interest rates. When you need to access your fund, it’s taken from the FD, while the remaining balance keeps on earning interest. Thus, you lose interest only on the withdrawn amount. 

Key Features of Assam Gramin Bank Sweep in FD

Sweep in FD Assam Gramin Bank lets you earn more interest on your surplus money and assures you liquidity and flexibility at the same time. Key features include:

• Auto-Renewal Option: Sweep in FD will automatically renew at the time of maturity, or you can also select a preferred renewal option.
• Competitive FD Interest Rates: The Sweep in FD provides the same FD interest rates as the normal fixed deposits, based on the tenure you have selected.
• Adjustable Threshold Limit: You can decide on a minimum balance in your savings account so that only the excess will be deposited into your fixed deposit. In that manner, you will control your savings.
• Eligibility Criteria: To be eligible, you must hold a savings account with Assam Gramin Bank and maintain the required minimum balance.

How to Apply for Assam Gramin Bank Sweep in FD?

It is easy to apply to the Assam Gramin Bank Sweep in FD online and offline.

Online Application Process

The Sweep in FD facility can be enabled by the NetBanking or mobile banking application of Assam Gramin Bank.

• Log in: Log in to Assam Gramin Bank NetBanking or mobile app with your credentials.
• Verify Account: Ensure you have an active Assam Gramin Bank savings account.
• Navigate to FD Section: Click on the section of deposits or fixed deposits.
• Select Sweep in Option: Select the ‘FD Sweep in’ option.
• Enter Details: Enter your savings account details and set the sweep in threshold.
• Activation: Check the information and select activation.

Offline Application Process

You may also apply by visiting your closest branch of Assam Gramin Bank. Below are the steps:

• Visit Branch: Go to the branch and ask them to give you the Sweep in FD application form.
• Request Form: Fill in your savings account and FD details, including the sweep in threshold.
• Fill in Details: Present the filled form with valid documentation (e.g., Aadhaar, PAN, etc.).
• Submit Documents: The bank will check the information and documents against accuracy.
• Verification: The bank will then proceed with your request once it is verified.
• Processing: Upon processing, the Sweep in FD facility will be opened.

Key Takeaways

Assam Gramin Bank Sweep in FD is a convenient way that will enable you to earn more interest on the extra cash. The additional funds will automatically be deposited into fixed deposits from your savings account, earning higher FD interest rates. The facility possesses flexible tenure and can be easily activated both online and offline. This will help you to save efficiently and also get higher interest rates in contrast to a normal savings account.