Central Bank of India Sweep in FD

What is the Central Bank of India Sweep-in FD?

The Central Bank of India Sweep in FD makes your savings better without losing flexibility. Once activated, the bank transfers the surplus balance daily into fixed deposits whenever your account crosses the set threshold. For the Cent Samvridhi Savings Account, the threshold is ₹50,000, while for the Cent Samvridhi Current Account, the threshold is ₹2,00,000. The surplus is transferred in multiples of ₹25,000 for the current account. The transferred amount earns higher returns than regular savings at the prevailing Central Bank of India FD rates.

Key Features of the Central Bank of India Sweep in FD

Here are the key features of the Sweep in FD Central Bank of India:

• Fixed Tenure & Auto Renewal: Cent Samvridhi Savings Account deposits run for 179 days and renew automatically at maturity. Deposits from a Cent Samvridhi Current Account run for 7 days, with a maximum period of 90 days, and earn the applicable interest rate.
• Ease of Setup: Auto Sweep Facility in Central Bank of India can be activated through internet banking, mobile banking, or visiting a Central Bank of India branch.
• Encourages Better Returns: Surplus funds start earning FD rates, higher than regular savings account interest, while you retain access to your money when needed.
• Minimum Balance Requirement: To avail the facility, you must maintain a quarterly average balance of ₹25,000 in your account.

How to Activate the Central Bank of India Sweep in FD?

Applying for the Sweep in FD facility in the Central Bank of India is simple and can be done online or offline.

1. Online Process

   You can conveniently enable the Sweep-in FD facility for your Cent Samvridhi account through NetBanking or the mobile app. Just follow these steps to complete the setup quickly:

   • Log in to NetBanking or Mobile App: Access your Cent NetBanking or Cent Mobile application using your authorised credentials.
   • Navigate to the Fixed Deposit Section: Locate the Fixed Deposit or Auto Sweep option in the dashboard.
   • Select FD Sweep in Facility: Choose the Sweep in/Auto FD feature linked with the Cent Samvridhi account.
   • Enter Account Details: Provide your savings account and FD details to link.
   • Set Sweep Parameters: Define the threshold balance (₹50,000, e.g.) and confirm the sweep settings.
   • Verify and Confirm: Complete OTP verification and confirm activation.
   • Receive Confirmation: Once the facility is activated, you will receive an on-screen message or SMS.

2. Offline Process

   If you prefer visiting the branch, the Sweep-in FD facility can also be activated easily in person. Follow these steps to complete the process:

   • Visit the Branch: Approach your branch and request activation of the Sweep in FD facility.
   • Fill Out Declaration Form: Obtain and complete the Auto Sweep/FD form provided at the branch.
   • Submit Documents: Provide PAN, ID proof, and address proof if required.
   • Provide Account Details: Mention your savings account number and sweep instructions.
   • Maintain Minimum Balance: Ensure at least ₹50,000 balance for the facility to activate.
   • Confirm Setup: Submit the form; the bank official will process and confirm your request.
   • Collect Confirmation: You’ll receive confirmation that the Sweep in FD has been linked once approved.

Key Takeaways

The Central Bank of India Sweep in FD is a smart facility for depositors who want to maximise returns without losing liquidity. It automatically transfers the Sweep in balance above ₹50,000 into 179-day fixed deposits. The FD earns higher FD interest rates than a savings account and is auto-renewed. This way, you enjoy better returns than a savings account while ensuring payments and withdrawals happen without any hassle.