UCO Bank Sweep in FD

What is UCO Bank Sweep-in FD?

UCO Bank Sweep in FD helps you earn FD returns on your savings while keeping them accessible. This facility is available for different current or savings accounts variants. In the UCO Asha Pension Savings Account, the minimum balance requirement is ₹25,000 (for Classic variant) in multiples of ₹10,000 for a tenure of up to 180 days. For current accounts, the UCO Business Account requires a minimum balance of ₹50,000 with sweeps in multiples of ₹25,000, while the UCO Business Plus requires ₹1,00,000 with sweeps in multiples of ₹50,000. The deposits earn interest at the applicable FD interest rates.

Key Features of UCO Bank Sweep in FD

UCO Bank offers multiple sweep-in options across different account categories, providing flexibility, liquidity, and higher returns. Below are some of the main features of UCO Bank sweep in FDs.

• Overdraft Protection: Reverse sweeps from linked FDs ensure the savings account has sufficient funds when required, protecting against failed transactions and additional charges.
• Easy Activation: The sweep-in facility can be started through internet banking, mobile banking, or by visiting a UCO Bank branch.
• Auto Sweep Across Account Tiers: Under UCO Tierised savings accounts, the sweep-in facility works as follows:
  • Unique Account: Balance above ₹25,000 is swept in tranches of ₹5,000.
  • Royal Account: Balance above ₹1,00,000 is swept in tranches of ₹25,000.
  • Privilege Account: Balance above ₹5,00,000 is swept in tranches of ₹50,000.
  • Tenure: All sweep-in deposits are created with a maximum tenure of 181 days.

How to Activate UCO Bank Sweep-in FD?

The facility is available for application through online banking and offline branch services.

1. Online Activation

   You can easily activate the Sweep in FD facility from your home using UCO Bank Internet Banking or the UCO mBanking Plus app.

   • Log in: Sign in with your registered credentials on Internet Banking or the UCO mBanking Plus app.
   • Go to Deposits: Open the Fixed Deposit section from the main menu.
   • Choose Sweep in FD: Select the Auto Sweep or Flexi FD option.
   • Enter Account Details: Provide the savings account details you want to link with the facility.
   • Set Preferences: Define the minimum sweep in balance you want to maintain in your savings account and select the FD tenure.
   • Verify & Submit: Confirm the details using OTP authentication and submit the request.
   • Get Confirmation: You will receive an on-screen receipt or SMS once the Sweep in FD facility is activated.

2. Offline Activation

   If you prefer applying in person, you can easily activate the Auto Sweep Facility in UCO Bank by visiting your nearest UCO Bank branch.

   • Visit the Branch: Visit the nearest UCO Bank branch and request the Sweep in FD facility.
   • Fill Out the Form: Collect the Auto Sweep/FD Declaration Form from the branch and fill it in carefully.
   • Submit Documents: Provide your KYC documents, such as PAN card, ID proof, and address proof if not already updated.
   • Give Sweep Instructions: Mention your savings account details, threshold balance, and FD preferences in the form.
   • Confirm Setup: Submit the form to the bank staff for processing.
   • Receive Confirmation: Once your request is approved, you will get official confirmation that the facility has been activated.

Key Takeaways

UCO Bank Sweep in FD allows customers to optimise their balances by linking savings and current accounts to fixed deposits. In the Suvidha Salary Account, amounts above ₹25,000 are swept into deposits in set multiples. The Business Plus Account sets a bigger threshold with correspondingly larger sweep amounts. These deposits earn competitive UCO Bank FD interest rates and are generally created for short tenures of up to 180 days, ensuring higher returns without affecting liquidity.