ICICI Bank Sweep in FD

What is ICICI Bank Sweep-in FD?

The ICICI Bank Sweep in FD facility offered under the Money Multiplier scheme sweeps in the extra amount beyond a specified limit into a fixed deposit. If your savings account balance falls below ₹10,000, funds are transferred back from the FD on a Last-In-First-Out (LIFO) basis to maintain the required balance. Only the exact amount is withdrawn from the deposit when you need money, while the rest continues to grow at the respective ICICI Bank FD rates. Depending on customer choice, the facility allows flexible tenures of 1 year or more.

Key Features of ICICI Bank Sweep in FD

The Sweep in FD ICICI Bank ensures that you earn more on your funds without losing access to liquidity. Some of its standout features include:

• Auto-Renewal Option: ICICI Bank Sweep in FDs can be set for automatic renewal at maturity, or you can choose a preferred renewal option.
• Competitive FD Interest Rates: Sweep-in FDs earn the same FD interest rates as regular fixed deposits, depending on your chosen tenure.
• Premature Withdrawal: ICICI Bank FD premature withdrawal is allowed if you close the deposit before maturity, though it may be subject to applicable charges or a lower interest rate.
• Eligibility Criteria: Customers should hold a Resident Savings Account with ICICI Bank and maintain a minimum average monthly balance of ₹15,000 or ₹30,000, depending on the type of Resident Savings Account.
• Tenure of Deposit: In the Standard Money Multiplier Account, the available deposit tenure ranges from 1 year (minimum) to 10 years (maximum).

How to Apply for an ICICI Bank Sweep in FD?

Applying for the ICICI Bank Sweep in FD facility is simple and can be done online and offline.

1. Online Application

   You can instantly activate the Sweep in FD facility using ICICI NetBanking or the iMobile app.

   • Login: Access your ICICI NetBanking or iMobile app with your credentials.
   • Check Eligibility: Ensure you hold a valid ICICI savings account.
   • Locate FD Section: Go to the dashboard's ‘Deposits’ or ‘Fixed Deposit’ option.
   • Select Sweep in Facility: Choose the ‘FD Sweep in’ option.
   • Provide Account Details: Enter your savings account details and set the sweep in threshold.
   • Review & Confirm: Verify all details and confirm activation.

2. Offline Application

   If you prefer branch banking, the Sweep in FD can also be set up by visiting an ICICI Bank branch.

   • Visit the Branch: Go to the nearest ICICI Bank branch.
   • Request Form: Ask for a bank representative's Sweep in FD application form.
   • Fill Details: Enter your savings account and FD details, including the sweep in threshold.
   • Submit Documents: Provide the completed form and valid documents such as a passport, driving licence, voter ID card, or Job Card.
   • Verify Information: The bank will cross-check the details and documents for better accountability.
   • Activation: Once verification is completed, it will process your request and activate the Sweep in FD facility.

Key Takeaways

The ICICI Bank Sweep in FD is a smart facility that helps customers maximise returns on their surplus balance without losing the flexibility of their savings account. Extra funds are automatically moved into an FD, that earn interest as compared to an ICICI savings account. With flexible tenure options of 1 year or more and the ease of online activation, it offers financial convenience and disciplined saving. In these scenarios, Fixed Deposit doesn't get affected, and hence it continues to earn the highest FD interest rates.