Capital Small Finance Bank Sweep in FD

What is the Capital Small Finance Bank Sweep in FD?

The Capital Small Finance Bank Sweep-in FD facility automatically transfers surplus funds typically in multiples of ₹5,000, into a fixed deposit. If the Sweep in Balance in your flexi current account falls below the required minimum, funds are transferred back from the FD to maintain the balance. Only the necessary amount is withdrawn, while the rest continues to earn interest at the applicable Capital Small Finance Bank FD interest rate. The facility offers flexible tenures, ranging from 7 days to 10 years, depending on the customer's preference.

Key Features of Capital Small Finance Bank Sweep in FD

Capital Small Finance Bank enables you to get higher returns on your additional funds without restricting them. Here are some of the key features of the Auto Sweep Facility:

• Auto-Renewal Option: You have an opportunity to renew your Sweep in FD automatically at maturity, or you may opt to renew your Sweep in a preferred way.
• Competitive FD Interest Rates: Sweep-in FDs will have the same interest rates as the regular fixed deposits, depending on the preferred tenure.
• Premature Withdrawal: Premature withdrawal can be done, but they may be subjected to penalties or a lower interest rate, as per the conditions of the FD.
• Eligibility: In order to qualify for this facility, customers need to have a Resident Savings Account with the Capital Small Finance Bank and may have a minimum average monthly balance, which could be varied according to the kind of savings account.

How to Apply for Capital Small Finance Bank Sweep in FD?

Applying for the Capital Small Finance Bank Sweep in FD facility is easy and can be done either online or offline.

Online Application

• Log in to NetBanking or Mobile App: Log in to Capital Small Finance Bank NetBanking or mobile application.
• Ensure Savings Account: Make sure that you have a bank savings account.
• Navigate to Fixed Deposit: Go to the Fixed Deposit section.
• Select ‘Sweep-in FD’ Option: Select the ‘Sweep-in FD’ option.
• Add Savings Account: Add your savings account and establish the sweep-in limit.
• Verify Information and Activate: Check the information and verify activation.

Offline Application

Customers who intend to apply physically can visit the closest branch of the Capital Small Finance Bank.

• Visit Nearest Branch: Go to your local branch of the Capital Small Finance Bank.
• Request Sweep-in FD Application: Ask to receive the Sweep in FD application.
• Fill Out the Form: Fill in the form with the necessary information.
• Submit Identity Proof: Provide identity proof documents.
• Bank Verification: The bank will authenticate your information.
• Activation After Verification: The facility will be activated after verification.

Key Takeaways

The Capital Small Finance Bank Sweep-in FD enables customers to have the best returns on excess money without losing liquidity. The additional money is deposited into fixed deposits with a higher FD interest rate as compared to savings. It offers the convenience of saving with flexible tenures, which can be activated either online or offline.