Punjab National Bank Sweep in FD

What is Punjab National Bank Sweep-in FD?

Punjab National Bank Sweep in FD facility transfers the surplus amount above the threshold from your savings or current account into a fixed deposit. For savings accounts, surplus funds are swept into FDs in multiples of ₹5,000. For current accounts, the sweep happens in multiples of ₹50,000. The sweep is done in multiples of ₹1 lakh for institutional accounts. When funds are needed only the required sum is withdrawn. At the same time, the rest continue to earn higher Punjab National Bank FD rates. 

Key Features of Punjab National Bank Sweep in FD

Punjab National Bank’s Sweep-in FD facility combines the convenience of a savings or current account with the higher returns of fixed deposits.

• Multiple Variants: The PNB Prudent Sweep Scheme is designed for individual customers. For businesses and institutions, it is available through the PNB SF Prudent Sweep for Institutions, which comes in Standard, Classic, and Advantage variants.
• Threshold Requirements: In savings accounts, the facility activates once the balance crosses ₹50,000. In current accounts, the sweep starts above ₹5 lakh. For institutional variants, the minimum balances are Standard ₹5 lakh, Classic ₹8 lakh, and Advantage ₹10 lakh.
• Liquidity with FD Returns: The swept-in deposits remain linked to the account, and funds are automatically reversed if there is a shortfall, ensuring liquidity while earning FD-level interest.
• Easy Activation: The facility can be activated through internet banking, the PNB ONE mobile app, or visiting the nearest branch.

How to Activate Punjab National Bank Sweep-in FD?

You can use Net Banking, the PNB ONE mobile app, or visit a branch at your convenience for the Auto Sweep Facility in Punjab National Bank.

1. Online Activation

   To activate Sweep in FD online with Punjab National Bank, follow these steps:

   • Log in to Net Banking or App: Use your registered credentials to access your PNB Internet Banking or PNB ONE Mobile App.
   • Go to the Fixed Deposit Section: Select the Fixed Deposit or Sweep-in FD option from the dashboard.
   • Choose the Sweep in Facility: Select the FD Sweep in or Auto Fixed Deposit option.
   • Enter Account Details: Provide your savings account or current account details and the FD account you want to link.
   • Set Sweep Parameters: Enter the threshold Sweep in balance and the tenure for the sweep-in FD.
   • Verify and Confirm: Review all the entered details carefully, complete the OTP verification, and confirm to activate the facility.
   • Get Confirmation: A confirmation message or receipt will be displayed once the FD Sweep is activated.

2. Offline Activation

   You can also activate the Punjab National Bank Sweep in FD facility by visiting your nearest PNB branch.

   • Visit the Branch: Go to the nearest Punjab National Bank branch and request to apply for the Sweep in FD facility.
   • Fill the Declaration Form: Obtain and complete the Auto Fixed Deposit Sweep-in Declaration Form available at the branch.
   • Submit Required Documents: Provide PAN card, identity proof, and address proof if not already updated.
   • Provide Account Details: Mention your savings account number and specify the sweep-in instructions clearly.
   • Maintain Minimum Balance: Ensure the required threshold balance of ₹50,000 is available in your account for sweep activation.
   • Verification and Processing: Submit the form and documents; the bank official will verify the details and process your request.
   • Receive Confirmation: Once approved, you will receive confirmation that the Sweep in FD facility has been successfully linked to your account.

Key Takeaways

The Punjab National Bank Sweep-in FD facility helps you earn higher returns while keeping funds accessible. Surplus balances from your savings account (PNB SF Prudent Sweep Deposit Scheme) or current account (Smart Banking variants) are automatically transferred into fixed deposits once the set threshold is crossed. These deposits are created in multiples of the required amount (₹5,000 for savings, ₹50,000 for current accounts) and earn FD interest rates instead of regular savings rates. The facility can be easily activated both online and at a bank branch.