Union Bank of India Sweep in FD

What is the Union Bank Sweep-in FD?

Union Bank Sweep in FD is available for savings and current accounts. In the Savings Flexi Deposit scheme (SBNFD), for savings account balance crossing a set limit, the extra amount is swept into an FD in multiples of ₹5 lakh with a tenure of 46 to 90 days. Under the Current Flexi Deposit Scheme (CDFFD), deposits are made in multiples of ₹1 lakh with a 15 to 91-day tenure. The facility lets depositors earn Union Bank of India FD interest rates on surplus funds while keeping them accessible. 

Key Features of Union Bank of India Sweep in FD

The following are the features of the Auto Sweep Facility in Union Bank of India:

• Weekly Sweep-in: The Savings Flexi Deposit Scheme (SBNFP) and the Current Flexi Deposit Scheme (CDFFD) follow a weekly sweep-in process.
• Easy Activation: The Union Bank of India Sweep in FD can be activated easily via NetBanking, Mobile Banking, or by visiting a branch.
• Financial Discipline: This facility automatically transfers surplus funds from the account into fixed deposits, helping the balance earn higher interest while allowing withdrawals when required.
• No Penalty on Non-Maintenance: Customers are not penalised for not maintaining the minimum balance.
• Free Account Closure Window: There is no penalty for closing the account within 14 days of opening or after completing 12 months.
• Cash Deposit Limit: Cash deposits up to ₹50 lakh per month are free of charge.

How to Activate the Union Bank of India Sweep-in FD?

Union Bank of India allows you to activate the Sweep-in FD facility easily, either through online banking or by visiting a branch.

1. Online Activation

   To activate the Sweep in FD online, depositors may follow these steps:

   • Log in to Net Banking or App: Use your credentials to access Union Bank of India Internet Banking or the Vyom App.
   • Go to the Fixed Deposit Section: Select the Fixed Deposit option from the menu.
   • Select Sweep in FD Facility: Choose FD Sweep in or Auto Fixed Deposit.
   • Enter Account Details: Provide your savings account and FD details.
   • Set Sweep Parameters: Enter your threshold balance and tenure preference.
   • Verify and Confirm: Review the details, complete OTP verification, and confirm.
   • Receive Confirmation: You’ll receive confirmation after activation.

2. Offline Activation

   You can also apply for the Union Bank of India Sweep in FD by visiting your nearest branch. Follow these steps:

   • Visit the Branch: Visit your nearest Union Bank of India branch and request the Sweep in FD facility.
   • Fill the Declaration Form: Collect and complete the Auto Sweep Declaration Form provided at the branch.
   • Submit Documents: Provide necessary documents like PAN card, ID proof, and address proof if not already updated.
   • Give Account Details: Share your savings account number and specify your sweep instructions.
   • Submit for Verification: Hand over the form to the bank official, who will check and process your request.
   • Get Confirmation: Once approved, you will receive confirmation that the Auto Sweep Facility in Union Bank of India is linked to your account.

Key Takeaways

Union Bank of India Sweep in FD allows customers to grow savings while keeping funds accessible. Under the Savings Flexi Deposit Scheme (SBNFP), surplus amounts are swept into deposits in multiples of ₹5 lakh with a 46–90-day tenure. Under the Current Flexi Deposit Scheme (CDFFD), transfers occur in multiples of ₹1 lakh with a tenure of 15–91 days. Since FD interest rates play a crucial role in determining the overall returns from any fixed deposit investment, this facility enables depositors to earn FD interest rates while maintaining liquidity and flexibility.