Equitas Small Finance Bank Sweep-in FD

What is Equitas Small Finance Bank Sweep-in FD?

Equitas Small Finance Bank Sweep in FD facility transfers surplus funds from your current account into a fixed deposit to help you earn higher interest without losing access to your money. This helps you take advantage of Equitas Small Finance Bank FD rates. Fixed deposits under the sweep-in facility are created for a default tenure of 90 days for all accounts, unless stated. Otherwise, at the usual FD tenures (of up to 10 years) at the respective interest rates.

Key Features of Equitas Small Finance Bank Sweep in FD

These Equitas Small Finance Bank sweep-in-FD features help customers make better use of their savings while keeping their funds readily available.

• FDs in Fixed Units: Deposits and redemptions under the facility are processed in multiples of ₹10,000.
• Quarterly Interest Calculation: Interest is determined every quarter using the FD interest rates for the tenure chosen.
• Premature Withdrawal Rules: If depositors break an FD using sweep-in or manually methods, the bank can adjust the interest or apply the necessary penalty.
• Account-Level Activation: Customers must activate the facility on every account, as it is not available on a combined basis.
• No Monthly/Quarterly Payout Option: Customers do not have the option of monthly or quarterly payouts on Sweep-in FDs.
• Eligibility Conditions: Available only for select current account variants and not offered to cooperative banks, NBFCs, or financial institutions.
• Deactivation Rules: The facility can end within two working days, while existing FDs continue unless depositors choose to close them on their own.

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

Customers can set up the Sweep-in FD easily using online banking or branch visits for their own savings needs. Follow the steps below to set up the facility as you choose.

Online Application Process

The Sweep-in FD can be activated by investors through these steps:

• Log in to Internet Banking: Log in to your Equitas internet banking account securely.
• Navigate to Deposits Section: Open the deposits section available on your dashboard menu.
• Select Sweep-in FD: Choose the Sweep-in FD activation option from the listed services.
• Enter Minimum Balance: Provide your chosen minimum balance for the sweep.
• Confirm PAN Details: Confirm PAN details to enable sweep-in processing successfully.
• Submit Request: Send the application and obtain confirmation through your email account.

Offline Application Process

Below is the offline method depositors may follow to initiate the Sweep-in FD at Equitas Small Finance Bank:

• Visit Nearest Branch: Visit the nearest Equitas Small Finance Bank branch personally.
• Request Activation Form: Request the Sweep-in FD activation form from bank staff.
• Fill in Details: Fill required account and PAN details carefully in the form.
• Specify Minimum Balance: Specify the minimum balance necessary to activate surplus funds sweep-in.
• Submit Form with Documents: Provide the signed form plus all relevant identification papers.
• Receive Confirmation: The bank evaluates the request and delivers activation confirmation rapidly.

Key Takeaways

The auto sweep facility in Equitas Small Finance Bank helps you earn higher returns by automatically moving surplus funds into fixed deposits while keeping funds accessible. Depositors may set a minimum balance, and surplus funds shift into FDs from ₹1,000. The service includes weekly sweep-in, LIFO withdrawals, quarterly interest, and a default 90-day FD tenure. Activation needs the depositor’s PAN details and can be completed online or at a branch.