Jammu & Kashmir Bank Sweep in FD

What is the Jammu & Kashmir Bank Sweep-in FD?

Jammu & Kashmir Bank Sweep in FD, offered under the Smart Saver Term Deposit Scheme (SDD), works like a Flexi Fixed Deposit. For savings accounts, when the balance crosses ₹5,000, the surplus is transferred into a Sweep-in FD in multiples of ₹10,000. For individuals, Hindu Undivided Families (HUFs), sole proprietorships, and partnerships (other than LLPs) current accounts, the sweep-in facility triggers once the balance crosses ₹25,000 or the prescribed limit of the account variant (whichever is higher).

Key Features of the Jammu & Kashmir Bank Sweep in FD

The auto-sweep facility in Jammu & Kashmir Bank under the Smart Saver scheme offers the following features to its depositors:

• Liquidity and Optimised Earnings: Surplus funds above the set threshold are converted into fixed deposits, offering higher returns while keeping money accessible.
• Attractive Interest Rates: Swept-in deposits earn the same competitive FD interest rates as regular FDs, with tenures typically fixed at 180 days.
• Convenient Setup: The Sweep in FD Jammu & Kashmir Bank facility can be activated quickly through branch assistance or select digital banking channels.
• Current Deposit Accounts : Auto-sweep activates beyond ₹1,00,000 or the prescribed average monthly balance. However, for Platinum Current Accounts, the sweep in threshold limit is ₹5,00,000.

How to Activate Jammu & Kashmir Bank Sweep-in FD?

Activating the Sweep in FD Jammu & Kashmir Bank facility is simple and can be done online and offline. Here’s how:

1. Online Activation

   You can conveniently activate the Sweep in FD Jammu & Kashmir Bank (Smart Saver Term Deposit Scheme) through digital banking. Just follow these steps:

   • Log in to Digital Banking: Access J&K Bank Net Banking or J&K Bank mPay Delight+ app with your registered credentials to begin the activation process.
   • Go to Deposits Section: Navigate to the deposits menu, where different fixed deposit and smart deposit options are available for selection.
   • Select Sweep in FD Option: Choose the Sweep in FD or Smart Saver Term Deposit Scheme from the list of deposit products shown.
   • Enter Sweep in Balance: Set your preferred Sweep in Balance (₹5,000 for savings accounts and ₹25,000 for current accounts) to define the threshold.
   • Choose Tenure and Multiples: Select the deposit tenure (commonly 180 days) and confirm the multiples applicable (₹10,000/₹25,000) as per account type.
   • Review and Confirm Setup: Verify all entered details carefully and submit. Once confirmed, your Sweep in FD will be activated successfully.

2. Offline Activation

   If you prefer in-person assistance, you can activate the Sweep in FD by following these steps:

   • Visit Nearest Branch: Go to your nearest Jammu & Kashmir Bank branch to request Sweep in FD activation.
   • Request Facility Setup: Inform the bank staff about activating the Smart Saver Term Deposit Sweep in FD facility.
   • Collect Application Form: Obtain the Sweep in FD application form and ensure all required fields are filled correctly.
   • Enter Account Details: Specify the threshold balance, linked savings or current account, and preferred tenure on the form.
   • Submit KYC Documents: Provide necessary identification documents like PAN, Aadhaar, or proof of address, if requested.
   • Receive Activation Confirmation: After processing, the bank will confirm successful activation of your Sweep in FD facility.

Key Takeaways

The Sweep in FD Jammu & Kashmir Bank, offered under the Smart Saver Term Deposit Scheme, is designed to maximise the returns on your unutilised funds. The surplus is automatically transferred into fixed deposits whenever your account balance exceeds the threshold of ₹5,000 for savings accounts or ₹25,000 for current accounts. These deposits are created in set multiples, ensuring efficient fund utilisation. While earning attractive Jammu & Kashmir Bank FD interest rates, you also maintain liquidity, making it a perfect blend of flexibility and higher earnings.