Federal Bank Sweep in FD

What is a Federal Bank Sweep-in FD?

The Federal Bank Sweep in FD is available with the Sweep Plus Current Account and the FedSalary Premium Savings Account. Typically created for 181 days, these deposits optimise surplus funds while maintaining liquidity. In Sweep Plus, surplus above ₹3 lakh moves into FD, while in FedSalary Premium, the sweep applies on demand for balances above ₹1 lakh. With competitive FD interest rates, the sweep-in facility provides a smart way to balance safety, growth, and flexibility.

Key Features of the Federal Bank Sweep in FD

The Federal Bank Sweep in FD facility offers multiple features for customers, optimising surplus funds. Some of the key features of this facility include:

• Convenient Activation: The sweep in facility can be quickly activated online or by visiting your nearest Federal Bank branch for easy setup.
• Temporary Overdraft Facility: Credit up to 80% of one month’s salary, capped at ₹1,00,000.
• Account Type Change: If salary is not credited for 3+ months, the account converts to a normal savings account with AMB requirements and standard charges.

How to Activate Federal Bank Sweep-in FD?

Federal Bank makes applying for the Sweep in FD facility easy, allowing you to choose between online and offline modes.

1. Online Activation

   Setting up your Sweep in FD is quick and hassle-free. Just follow these simple steps using Internet Banking or the FedMobile app.

   • Login: Sign in to Federal Bank Internet Banking or the FedMobile App using your customer credentials.
   • Deposit Section: Navigate to the Fixed Deposits menu and choose the available Sweep in Fixed Deposit option.
   • Set Parameters: Enter sweep in amount, FD tenure, linked account details, and threshold balance carefully.
   • Review: Cross-check entered sweep instructions, account details, deposit tenure, and confirm accuracy before submission.
   • Confirm: Authenticate the request with the OTP received on the registered mobile number to activate the sweep facility successfully.
   • Acknowledgement: Receive on-screen confirmation and SMS/email receipt as proof of successful sweep in FD activation.

2. Offline Activation

   Follow these simple steps when visiting your nearest Federal Bank branch to activate the Sweep in FD facility:

   • Visit Branch: Go to your nearest Federal Bank branch and request assistance opening a Sweep in FD.
   • Fill Form: Collect, fill, and sign the Sweep in FD/Flexi FD declaration form provided by the bank.
   • Provide KYC: Submit PAN card, valid identity proof, and residential address documents if required.
   • Specify Sweep Details: Mention your linked account number, minimum sweep in balance, and fixed deposit tenure clearly.
   • Confirm Setup: Hand over the form, and allow the bank official to process the sweep request.
   • Collect Confirmation: Obtain written or SMS confirmation after successfully linking your Sweep in FD facility.

Key Takeaways

The Federal Bank Sweep in FD facility automatically transfers surplus funds from your savings or current account into fixed deposits, enabling you to earn competitive Federal Bank FD rates without compromising liquidity. Deposits are created in predefined multiples, allowing seamless withdrawals whenever required. This facility offers the dual advantage of fixed-deposit-level returns and instant access to funds.