RBL Bank Sweep in FD

What is the RBL Bank Sweep-in FD?

The RBL Bank Sweep in FD works like a Flexi Fixed Deposit. Once your savings or current account balance crosses the set limit, the extra amount is moved into an FD in multiples of ₹1,000. These deposits are created at the end of the day with a default tenure of 181 days and earn the applicable RBL Bank FD interest rates. This way, your surplus funds grow at FD rates, while the remaining balance continues to offer liquidity in your savings account.

Key Features of the Auto Sweep Facility in RBL Bank

The Auto Sweep Facility in RBL Bank has the following highlights:

• Liquidity and Optimised Earnings: Surplus beyond your sweep-in balance shifts to FDs, earning FD rates with easy liquidity.
• Applicable FD Interest Rates: Swept-in deposits enjoy the same interest rates as regular fixed deposits, providing better returns than savings balances.
• Easy Activation Process: Customers can conveniently activate the Sweep in FD RBL Bank facility through internet banking, mobile banking, or by visiting a branch.
• Custom Sweep-in Balance: The account holder can set a preferred Sweep in Balance, above which surplus funds will be converted into fixed deposits.

How to Activate RBL Bank Sweep-in FD?

Activating the RBL Bank Sweep in FD facility is simple and can be done digitally and offline.

1. Online Activation

   RBL Bank customers can activate the Money Max Deposit or Flexi Sure Fixed Deposit facility online:

   • Log in to Net Banking/App: Access RBL Bank internet banking or RBL MyBank app with your credentials.
   • Go to Deposits Section: Navigate to deposits and choose the Sweep in FD option under Money Max or Flexi Sure FD.
   • Set Sweep in Balance: Enter your preferred sweep-in balance limit based on your savings or current account usage.
   • Link Account: Confirm the savings or current account to be linked with the Sweep in FD facility.
   • Review & Confirm: Verify all details and submit your request to activate the facility instantly.
   • Track Your FD Status: View FD balance and maturity through Net Banking or the MoBank app.

2. Offline Activation

   For customers who prefer in-person assistance, the Sweep-in FD facility at RBL Bank can also be activated by visiting the nearest branch:

   • Visit Nearest Branch: Go to your nearest RBL Bank branch and inquire about the Money Max Deposit or Flexi Sure FD.
   • Request Setup: Ask the bank staff to enable the Sweep in FD facility linked with your account.
   • Fill Application Form: Complete the form by providing details like sweep-in balance, account number, and tenure preferences.
   • Submit KYC Documents: Provide any additional KYC documents if required for activation, only for new customers.
   • Bank Verification: The bank team will verify your details and process the Sweep in FD activation request.
   • Receive Confirmation: Once the facility is activated on your account, you will get confirmation.

Key Takeaways

The RBL Bank Sweep in FD through Money Max Deposit and Flexi Sure FD helps depositors optimise surplus funds. Once your account exceeds the chosen Sweep in Balance, the excess is auto-swept into a fixed deposit in multiples of ₹1,000. This allows you to earn applicable RBL Bank FD rates higher than savings accounts while retaining liquidity.