Karur Vysya Bank Sweep in FD

What is Karur Vysya Bank Sweep-in FD?

Karur Vysya Bank Sweep in FD is available for a savings account or a current account. For corporates, the KVB Corp Current Account provides the same benefit with a ₹1,00,000 sweep-in threshold, ensuring better returns with liquidity. These deposits follow the Last-In, First-Out (LIFO) method for withdrawals. 

Key Features of Karur Vysya Bank Sweep in FD

Here are the important features of the Auto Sweep Facility in Karur Vysya Bank that ensure smooth transactions:

• Ease of Setup: The facility can be activated easily through internet banking, mobile banking, or visiting your nearest Karur Vysya Bank branch.
• Overdraft Protection: The surplus amount is automatically transferred into a 90-day fixed deposit when the account balance exceeds the specified limit. This helps you avoid declined payments or overdraft charges.
• Partial Withdrawal Option: You can withdraw a portion of the sweep-in FD, while the balance continues to earn interest.
• Encourages Financial Discipline: By sweeping surplus funds into fixed deposits, this facility helps you grow savings at attractive Karur Vysya Bank FD rates while keeping money accessible whenever required.

How to Activate Karur Vysya Bank Sweep-in FD?

The Sweep-in FD facility at Karur Vysya Bank can be activated online and offline.

1. Online Activation

   You can activate the Karur Vysya Bank Auto Sweep Facility online through Internet Banking or the KVB DLite Mobile App. Just follow these steps:

   • Log in: Sign in to your savings account using Internet Banking or the KVB DLite Mobile App.
   • Go to Deposits: Select the Rainbow Savings Account/KVB Corp Current Account.
   • Choose Facility: Select the auto sweep facility and link it to your savings account..
   • Enter Details: Fill in your account information and set the sweep limit.
   • Verify & Confirm: Review the details, complete OTP verification, and confirm.
   • Get Confirmation: You’ll receive a message once the facility is successfully activated.

2. Offline Activation

   You can also apply for the Karur Vysya Bank Sweep in FD facility offline by following these steps:

   • Visit the Branch: Visit your nearest Karur Vysya Bank branch and request the Sweep in FD facility.
   • Fill Out Form: Obtain and complete the Auto Fixed Deposit Declaration Form.
   • Submit Documents: Provide PAN, ID proof, and address proof if required.
   • Give Account Details: Mention your savings account details and sweep instructions.
   • Confirm Setup: Submit the form; the bank official will verify and process your request.
   • Receive Confirmation: You’ll get a notification once the facility is activated.

Key Takeaways

The Karur Vysya Bank Sweep in FD automatically shifts surplus funds into 90-day deposits, helping you earn better FD interest rates without losing liquidity. Available for savings and current accounts, it follows the LIFO withdrawal method to provide liquidity while earning higher returns. The sweep-in FD is easy to set up online or at a branch and protects overdrafts while encouraging disciplined savings.