Indian Bank Sweep in FD

What is an Indian Bank Sweep-in FD?

Indian Bank Sweep in FD is designed to make your savings more effective without compromising flexibility. These deposits can be opened for a period ranging from 15 to 180 days for a savings account, and the interest is paid at the time of maturity or closure. For current account holders, the IND ASPIRE Account provides this facility in three variants: Silver, Gold, and Platinum. Deposits are created in multiples of ₹25,000 once the threshold of ₹1 lakh is crossed, with tenures ranging from 7 days to 1 year. 

Key Features of the Indian Bank Sweep in FD

Here are the key features of the Sweep in FD Indian Bank:

• Seamless Transaction Support: With the Indian Bank Sweep in FD from a savings account, the sweep is carried out every Sunday.
• Simple Activation Process: The Sweep in FD facility at Indian Bank can be activated quickly through Internet Banking, Mobile App, or by submitting a request at your nearest branch.
• Promotes Savings Discipline: By moving surplus money into deposits automatically, the Auto Sweep Facility in Indian Bank encourages regular saving while still retaining liquidity for day-to-day needs.

How to Activate an Indian Bank Sweep-in FD?

You can easily activate the Indian Bank Sweep in the FD facility either online through Net Banking or Mobile App, or offline by visiting a branch. Here’s how to do it:

1. Online Activation

   To set up the Indian Bank Sweep in FD online, follow these simple steps:

   • Log in to Net Banking or Mobile App: Use your authorised credentials to access Indian Bank Internet Banking or IndSMART Mobile Banking App.
   • Navigate to the Fixed Deposit Section: Locate the Fixed Deposit option on the dashboard.
   • Select FD Sweep in Facility: Choose the FD Sweep in or Auto Sweep Facility option.
   • Enter Account Details: Provide details of your Indian Bank savings and FD accounts you want to link.
   • Set Sweep Parameters: Enter the threshold balance and tenure for the sweep in FD.
   • Verify and Confirm: Carefully review all entered details, proceed with OTP verification, and click Confirm to activate the facility.
   • Receive Confirmation: A confirmation message or receipt will be generated once the facility is activated.

2. Offline Activation

   You can also apply for an Indian Bank Sweep in FD offline by visiting your nearest branch:

   • Visit an Indian Bank Branch: Go to your nearest Indian Bank branch to initiate the Sweep in FD request.
   • Fill Out Declaration Form: Obtain and complete the Auto Sweep Facility Declaration Form available at the branch.
   • Submit Required Documents: Provide necessary documents such as PAN card, ID proof, and address proof if not already updated.
   • Provide Account Details: Mention your current or Savings Account details and specify the sweep in instructions.
   • Deposit Amount (if required): Ensure the minimum balance is maintained in your account for sweep activation. This allows your surplus funds to start earning Indian Bank FD interest rates.
   • Confirm Setup: Submit the form; the bank official will verify and process your request.
   • Collect Confirmation: Once approved, you will receive confirmation that the Sweep in FD facility has been linked to your account.

Key Takeaways

The Indian Bank Sweep in FD is a facility that automatically transfers the excess balance from your current or savings account into a fixed deposit. This helps you maximise returns while still maintaining flexibility. With this system, you can benefit from higher FD interest rates on your surplus funds and continue to enjoy easy liquidity for regular purchases and payments. The sweep is carried out in multiples of ₹10,000 for savings accounts and ₹25,000 for current accounts, ensuring optimal utilisation of surplus funds while maintaining liquidity.