IndusInd Bank Sweep in FD

What is an IndusInd Bank Sweep-in FD?

IndusInd Bank Sweep in FD facility helps you efficiently use surplus funds in your account by automatically transferring any balance above a predefined threshold into a fixed deposit. These deposits come with a default tenure of 1 year and earn interest at prevailing IndusInd Bank FD rates, which are usually higher than regular savings or current account returns. 

Key Features of IndusInd Bank Sweep in FD

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

• Auto Renewal Facility: The Sweep in FD has an auto-renewal option where the fixed deposit is renewed on maturity, so your money continues earning interest without interruption.
• Average Monthly Balance: The Indus Multiplier Max FD-Linked Savings Account requires you to maintain an Average Monthly Balance of ₹10,000 to avail the sweep in facility.
• Simple Activation: The IndusInd Bank Sweep in FD facility can be activated quickly through internet banking, the mobile app, or by visiting any branch.

How to Activate an IndusInd Bank Sweep-in FD?

Activation of the Auto Sweep Facility in IndusInd Bank can be done easily either online through Net Banking, Mobile Banking, or offline by visiting the nearest branch.

1. Online Activation

   You can activate the IndusInd Bank Sweep in FD facility in just a few quick steps using Net Banking or the IndusInd Mobile App.

   • Login: Use your authorised credentials to access Net Banking or the IndusMobile Banking App.
   • Navigate: Go to the Fixed Deposit section on the dashboard.
   • Select Option: Choose FD Sweep in or Auto Fixed Deposit.
   • Enter Details: Provide your current or IndusInd savings account information and set the sweep instructions.
   • Verify: Review the details carefully, complete OTP verification, and confirm.
   • Confirmation: Receive a message once the facility is successfully activated.

2. Offline Activation

   To activate the IndusInd Bank Sweep in FD facility offline, you must visit your nearest branch and follow these steps:

   • Visit Branch: Visit the nearest IndusInd Bank branch and request to activate the Sweep in FD facility.
   • Fill Form: Complete the Auto Fixed Deposit Declaration Form provided at the branch.
   • Submit Documents: Provide PAN, ID proof, and address proof if not already updated.
   • Give Account Details: Share your current or savings account details and specify the sweep instructions.
   • Maintain Balance: Ensure the minimum sweep in balance required for sweep activation is available in your account.
   • Verification: Submit the form for the bank official to check and process.
   • Confirmation: Receive confirmation once the facility is successfully linked to your account.

Key Takeaways

The IndusInd Bank Sweep in FD facility is a smart banking solution for customers who want to maximise returns on idle funds without compromising liquidity. By automatically transferring surplus balances into fixed deposits in multiples of ₹1,000, it ensures your money earns FD interest rates while remaining readily accessible. With features like auto-renewal, easy activation, and seamless withdrawals, this facility offers a convenient way to optimise savings and achieve better financial growth.