Bank of India Sweep in FD

What is Bank of India Sweep in FD?

Bank of India Sweep in FD is part of the bank’s Savings Plus Scheme. It sweeps surplus funds from your savings account into an FD in multiples of ₹25,000 to gain a higher interest. In case your sweep in balance reduces, funds from your FD are withdrawn by the Last-In-First-Out (LIFO) procedure. The rest will keep on receiving interest at the current Bank of India FD interest rate. In this manner, your funds are available and continue to get better returns with flexible FD terms. Deposits are made for a term of between 15 days and 179 days (SDR) and 180 days and 364 days (DBD) at the choice of a customer.

Key Features of Bank of India Sweep in FD

BOI Sweep-in FD facility allows you to make the most of your available account balance without locking up your funds. Here are its key highlights:

• Auto Sweep and Reverse Sweep: Through the Auto Sweep Facility in Bank of India, the excess funds automatically get converted to FDs and reverted when the balance falls below the limit.
• Increased Returns: The money sweeping in will be gaining standard FD interest that is normally higher than the interest paid on savings accounts.
• Premature Withdrawal: FDs can be partially withdrawn through the sweep-in facility without the need to close the entire FD. However, Bank of India FD premature withdrawal may depend on applicable term and the type of the deposit.
• Flexible Tenure: Customers can choose deposit periods generally ranging from 7 days to 10 years under the Savings Plus Sweep facility.
• Eligibility Requirement: You must have a savings account that qualifies for the Savings Plus Scheme and maintain the minimum balance specified by the bank.

How to Apply for Bank of India Sweep in FD?

The Bank of India Sweep in FD facility can be activated both online and offline.

Online Application Process

Sweep in FD facility can be accessed in the form of BOI Internet Banking or the BOI Mobile App.

• Access the Account: Log in to BOI NetBanking or the BOI mobile application.
• View Account Services: Click on the menu and go to account services.
• Go to Deposits Tab: Open the Term Deposit or Fixed Deposit tab.
• Select Sweep-in Option: Choose the FD Sweep-in or SavingsPlus.
• Enter Details: Add your account information and adjust the sweep threshold limit.
• Verify and Activate: Check the details and verify to start the facility.

Offline Application Process

You can also activate Sweep in FD Bank of India by visiting any BOI branch.

• Visit Branch: Visit the nearest Bank of India branch.
• Request Form: Ask for the Sweep-in / Savings Plus FD activation form.
• Fill Form: Fill in your account details and set the sweep threshold limit.
• Submit Form: Submit the form along with valid ID proof.
• Verification: The bank will verify your details and documents.
• Activation: After approval, the Sweep in FD facility will be activated.

Key Takeaways

The Bank of India Sweep FD is a smart way of making more of your savings. The extra amount in your account is moved as a fixed deposit with a better FD interest rate. Similarly, the required amount is automatic>ally refunded in case of a drop in balance. Thus, it is convenient to access funds and can be conveniently activated online or by branch.