DCB Bank Sweep in FD

What is the DCB Bank Sweep-in FD?

 DCB Bank Sweep in FD is designed to earn FD interest on surplus balance without compromising flexibility. If you use this facility, the bank will sweep the money whenever it reaches a set threshold. Only the exact amount needed is withdrawn from the current account, allowing your excess balance to start earning DCB Bank FD rates. 

Key Features of DCB Bank Sweep in FD

Here are the key features of the Auto sweep facility in DCB Bank:

• Overdraft Protection: Funds are swept from your FD to maintain the required Sweep-in Balance, preventing declined payments and overdraft charges.
• Ease of Setup: The Sweep-in FD can be activated through Internet Banking, Mobile Banking, or by visiting a branch.
• Automatic Fund Allocation: Surplus amounts are transferred into fixed deposits automatically, while remaining accessible for withdrawals when required.
• Free Transactions Linked to Balance: Customers get a free monthly cash deposit and withdrawal limit equal to three times the previous month’s average balance in the linked current accounts.

How to Activate DCB Bank Sweep-in FD?

Applying for the Sweep in FD facility with DCB Bank is simple and can be done online through Internet Banking or offline by visiting a branch. Here’s how you can set it up:

1. Online Activation

   You can easily activate the DCB Bank Sweep in FD online through Internet Banking or the Mobile Banking App by following these steps:

   • Log in to Net Banking or Mobile App: Sign in using your authorised credentials to access DCB Internet Banking or the Mobile Banking App.
   • Go to the Fixed Deposit Section: Select the Fixed Deposit option from the main dashboard.
   • Choose Sweep in Facility: Click the FD Sweep in or Auto Fixed Deposit option.
   • Enter Account Details: Provide your DCB Bank current account details and specify the FD account you want to link.
   • Set Sweep Parameters: Define the threshold balance, multiples, and tenure for the sweep in FD.
   • Verify and Confirm: Double-check the details, complete OTP verification, and click Confirm to activate the facility.
   • Get Confirmation: Once the facility is activated, you will receive a confirmation message or receipt.

2. Offline Activation

   You can also apply for a DCB Bank Sweep in FD offline by visiting your nearest DCB Bank branch:

   • Visit DCB Bank Branch: Go to your nearest DCB Bank branch to initiate the Sweep in FD request.
   • Fill Out Declaration Form: Obtain and complete the Auto Fixed Deposit Declaration Form available at the branch.
   • Submit Required Documents: Provide necessary documents such as PAN card, ID proof, and address proof.
   • Provide Account Details: Mention your current account details and specify the sweep in instructions.
   • Confirm Setup: Submit the form; the bank official will verify and process your request.
   • Collect Acknowledgement: Once approved, you will receive an acknowledgement or confirmation slip indicating that the Sweep-in FD facility has been linked to your account.

Key Takeaways

The DCB Bank Sweep in FD links your current account to a fixed deposit, automatically transferring surplus funds when the balance exceeds a set limit. The excess amount earns prevailing FD interest rates, while the remaining balance stays accessible for regular transactions. This system offers FD interest on the extra balance while retaining access to funds.