ICICI Home Finance Sweep-in FD

What is ICICI Home Finance Sweep in FD?

ICICI Home Finance Sweep in FD offers the flexibility of a savings account and earns interest of a fixed deposit. Any excess beyond the set limit will be swept into a tied fixed deposit and will earn interest as per the applicable ICICI Home Finance FD rates. The deposits swept in still remain accessible because money can be deposited in the savings account whenever it is needed. Sweep-in FD tenure options normally follow the normal fixed deposit terms provided by ICICI Home Finance.

Key Features of ICICI Home Finance Sweep in FD

Sweep in FD ICICI Home Finance is meant to enhance returns on excess deposits and, at the same time, maintain liquidity through the following features:

• Linked Fixed Deposits: It is possible to have a savings account with multiple fixed deposits linked under the Sweep in facility. In cases where money is needed, the follows the predefined order for sweep-out.
• Automatic Conversion: Any savings in excess of the threshold will automatically be converted into fixed deposits, and therefore any extra savings will accrue more than the savings balance.
• Liquidity Support: When savings account balance is less than the required minimum amount, then the required amount is automatically swept out of the related fixed deposit and used to pay the cost of EMIs, cheques or transfers.
• Better Returns: Swept-in funds will be charged an interest based on the ICICI Home Finance FD interest rates, which are most often greater than those of a savings account.

How to Activate the ICICI Home Finance Sweep in FD?

ICICI Home Finance provides online and offline procedures to activate the sweep in FD facility.

Online Application

Activation of the ICICI Home Finance Sweep in FD is possible using the digital banking channels, and the steps are as follows:

• Log in to Banking Portal: Log in to net banking or mobile banking of ICICI Home Finance.
• Check Account Eligibility: Check that your savings account is eligible.
• Navigate to the Deposits Section: Open the Fixed Deposit or Deposits section.
• Select Sweep in FD: Select the Sweep in FD option.
• Set Minimum Balance Threshold: Set the minimum balance threshold.
• Review and Confirm: Review the details and confirm activation.

Offline Application

Those who like having branch service activate the Sweep in FD facility offline:

• Visit the Nearest Branch: Pay a visit to your ICICI Home Finance branch closest to you.
• Request Application Form: Requests the Sweep in FD or auto sweep application form.
• Enter Essential Information: Enter the savings account and FD information.
• Set Preferred Threshold Limit: Set the preferred threshold limit.
• Submit the Form with KYC Documents: Submit the form with required KYC documents.
• Verification and Activation: ICICI Home Finance verifies and activates the facility.

Key Takeaways

ICICI Home Finance sweep-in FD is a viable alternative that an investor can use to get better returns on their excess savings without losing liquidity. The surplus is automatically transferred to the fixed deposits, where it earns interest according to the prevailing FD interest rates. The money can be obtained at any time, and the transactions are smooth. The facility best suits investors with surplus balances who wish to receive a greater rate of return than in a regular savings account.