Dhanlaxmi Bank Sweep-in FD

What is Dhanlaxmi Bank Sweep-in FD?

Dhanlaxmi Bank Sweep in FD is a facility available on both the Dhanam Vanitha Savings Account and the Maxigain Current Account. Surplus balances are automatically moved into fixed deposits to help customers benefit from favourable Dhanlaxmi Bank FD rates. The Dhanam Vanitha Savings Account automatically sweeps any balance above ₹25,000 into fixed deposits, helping depositors earn higher interest while maintaining easy access to funds when the savings balance falls. Designed for resident Indian women, this account offers services such as ATM access, cheque book usage, and free digital options. 

Key Features of Dhanlaxmi Bank Sweep in FD

The auto sweep facility in Dhanlaxmi Bank helps you manage extra funds efficiently through the following features:

• Automatic Conversion to FD: When depositors hold more than the needed balance, the extra funds are shifted into an FD.
• Periodic Balance Review: The system regularly checks account balances and transfers surplus amounts into deposits on a scheduled basis. This ensures that customers with varying minimum balance requirements, such as ₹500 for Dhanam Vanitha and ₹5,00,000 for Maxigain, are accommodated.
• Instant Sweep-In for Shortfalls: Customers receive funds through a sweep in balance whenever the account balance is low.
• Better Use of Idle Money: Ensures your surplus amount works efficiently instead of remaining unused in the savings account.

How to Apply for Dhanlaxmi Bank Sweep in FD?

Getting started with the Sweep in the FD facility is simple and convenient. The facility can be activated through internet banking or in person at a branch.

Online Application Process

To use the sweep-in FD feature online, customers may follow the instructions provided below:

• Log in to Net Banking: Log in to Dhanlaxmi Bank net banking using valid credentials.
• Access Account Settings: Go to account settings and open the sweep facility section.
• Select Eligible Account: Choose your eligible account to activate sweep in your FD.
• Set Threshold Amount: Provide the required threshold for the automatic sweep-in to occur.
• Review Details: Check all information carefully before you approve the request.
• Submit Request: Fill in your details and obtain an email confirming activation.

Offline Application Process

The offline method to set up the sweep-in FD facility at Dhanlaxmi Bank for depositors is outlined below:

• Visit Bank Branch: Visit your nearest Dhanlaxmi Bank branch during working hours.
• Request Application Form: Request a sweep in the FD activation form from the bank staff.
• Fill in Required Details: Provide your personal details and account information in the form.
• Mention Threshold Amount: Provide a threshold amount for creating automatic sweep-in deposits.
• Submit Documents: Provide the form filled out and attach all related documents.
• Receive Confirmation: Get a confirmation message once the sweep facility has been activated.

Key Takeaways

Dhanlaxmi Bank Sweep in FD helps customers to earn better returns by moving surplus funds into fixed deposits. The facility keeps funds within reach through sweep-in while giving depositors higher FD interest rates for a tenure range of 7 days to 10 years. It helps customers work with less effort and keeps funds flowing steadily with routine monitoring. Activation can be done through internet banking or at the branch. It allows investors to gain better earnings in a practical way without reducing access to their funds.