South Indian Bank Sweep in FD

What is the South Indian Bank Sweep-in FD?

South Indian Bank Sweep in FD is a facility where surplus balances in an eligible current or savings account are converted into fixed deposits automatically. In the case of the SIB RUBY Savings Account, balances above ₹3 lakh are swept into fixed deposits in multiples of ₹10,000, with a limit of ₹10 lakh per account. These deposits are created for a 92-day tenure with a minimum balance requirement of ₹25,000. For business users, the CD Smart Current Account with Flexi Smart Deposit offers the same facility with higher limits. These deposits are maintained in multiples of ₹10,000, with a maximum cap of less than ₹3 crore. 

Key Features of South Indian Bank Sweep in FD

The Auto Sweep Facility in South Indian Bank offers the convenience of a savings account with the yield of a fixed deposit. Key highlights include:

• Liquidity and Better Earnings: Surplus funds are placed in FDs earning higher returns than savings accounts, yet you can access them anytime.
• Prevailing FD Interest Rates: Swept-in deposits earn interest at applicable South Indian Bank FD rates, generally higher than standard savings account rates.
• Simple Activation: The facility can be enabled or cancelled anytime via internet banking, mobile banking, or branch request.

How to Activate the South Indian Bank Sweep-in FD?

Activating the South Indian Bank Sweep in FD is available online and offline. Here’s the process followed for both retail and business customers:

1. Online Activation

   You can easily activate the South Indian Bank Sweep in the FD facility through net banking or the SIB Mirror+ app by following these steps:

   • Login via Net Banking/ Mobile App: Access your CD Smart current account or SIB RUBY savings account online.
   • Navigate to Flexi Smart Deposit: Go to the deposit section and choose the sweep-in option.
   • Set Sweep in Balance: Enter your preferred threshold for automatic conversion.
   • Link Account: Select the account tied to the Flexi Smart Deposit.
   • Review & Confirm: Verify the details and submit for activation.
   • Activation: Once enabled, surplus funds are placed in fixed deposits.

2. Offline Activation

   If you would rather get in-person help, you can visit your nearest South Indian Bank branch and activate the Sweep in FD facility by following these simple steps:

   • Visit Branch: Head to your nearest South Indian Bank branch.
   • Request Flexi Smart Deposit: Ask the staff to enable your Sweep in FD facility.
   • Complete Application: Fill out the form, specifying preferred balance and linked account.
   • Submit KYC: Provide ID and address documents if prompted.
   • Processing: Bank officials will verify your details and process the request.
   • Confirmation: You’ll be notified once the facility is successfully activated.

Key Takeaways

The South Indian Bank Sweep in FD helps customers link their savings or current account to the FDs. In the SIB RUBY Savings Account, amounts above ₹3 lakh move into fixed deposits of ₹10,000 each for 92 days at FD interest rates. In the CD Smart Current Account with Flexi Smart Deposit, surplus above ₹50,000 is placed in deposits from ₹50,000, in multiples of ₹10,000, up to less than ₹3 crore. This facility allows you to earn higher returns on your surplus funds than a savings account while keeping it accessible.