Bank of Baroda Sweep in FD

What is the Bank of Baroda Sweep-in FD?

Bank of Baroda Sweep in FD facility allows surplus balances from the account into fixed deposits while maintaining liquidity. The BOB Super Savings account can be activated for customers residing in urban or metro regions with a minimum monthly average balance of ₹20,000. It allows surplus funds to earn Bank of Baroda FD rates, while the remaining portion earns interest at the applicable Bank of Baroda savings account rate.

Key Features of Bank of Baroda Sweep in FD

The Sweep in FD facility at Bank of Baroda comes with the following features:

• Higher Returns: The swept-in funds earn fixed deposit interest rates higher than regular savings account rates.
• Flexibility & Customisation: You can set the threshold limit and choose the FD tenure as per your financial goals, making the facility adaptable to your needs.
• Overdraft Protection: In case of insufficient balance in your savings account, the required funds are transferred back from the linked FD to prevent declined payments.
• Simple Setup: Auto Sweep Facility in Bank of Baroda can be activated conveniently through internet banking, mobile banking, or by visiting a branch, provided you hold a Bank of Baroda savings account.
• Systematic Allocation: Excess funds are auto-transferred into FDs in set multiples, while needed amounts can be withdrawn without breaking the entire deposit.

How to Activate Bank of Baroda Sweep-in FD?

Applying for the Sweep in FD facility with Bank of Baroda can be completed online through Net Banking or offline via a branch.

1. Online Activation

   To avail a sweep in FD Bank of Baroda online, follow these step-by-step instructions:

   • Access Net Banking or Mobile App: Log in securely using your authorised credentials through Bank of Baroda Internet Banking or the bob World Mobile App.
   • Go to Fixed Deposits: Open the Fixed Deposit section from the main menu or dashboard.
   • Opt for Sweep-in Facility: Select the available Sweep-in FD or Auto Fixed Deposit option.
   • Provide Account Information: Enter the savings account variant details you wish to link to the fixed deposit.
   • Define Sweep Settings: Set the threshold balance for the sweep-in and choose the deposit tenure.
   • Review and Authorise: Check all entered details, complete OTP authentication, and submit the request.
   • Receive Confirmation: Once the sweep-in facility is activated, the bank provides an on-screen acknowledgement and a transaction reference number (or receipt) for record.

2. Offline Activation

   You can also activate the Bank of Baroda Sweep in FD facility by visiting your nearest branch.

   • Visit the Branch: Go to the nearest Bank of Baroda branch and request activation of the Sweep in FD facility.
   • Fill Out the Form: Obtain and complete the Auto Fixed Deposit Declaration Form available at the branch or official website.
   • Submit Documents: Provide documents such as PAN card, ID proof, and address proof.
   • Provide Account Details: Mention your Bank of Baroda savings account details and sweep-in instructions.
   • Maintain Required Balance: Ensure your savings account has the minimum monthly average balance for sweep-in activation.
   • Confirm Setup: Submit the form to the bank official and collect confirmation once the facility is successfully linked to your account.

Key Takeaways

To maximise your interest earnings without sacrificing liquidity, utilising a sweep-in and sweep-out FD facility ensures your idle savings are automatically moved into a deposit whenever they exceed a certain threshold. Bank of Baroda Sweep in FD moves surplus funds from your savings account into a fixed deposit. The system splits deposits into suitable multiples as per the savings account variant to reduce interest loss and can be activated online and at a branch, making it flexible and easy to use.