Yes Bank Sweep in FD

What is the Yes Bank Sweep-in FD?

Yes Bank Sweep in FD moves surplus funds from savings or current accounts. It allows surplus balances to move into fixed deposits automatically once the set threshold is crossed. Only the required amount is swept back when you need money, so your funds stay accessible. The surplus funds earn Yes Bank FD rates, with flexible tenure options ranging from 7 days to 10 years.

Key Features of Yes Bank Sweep in FD

Auto Sweep Facility in Yes Bank helps manage your savings effectively. Below are its key features that make the facility beneficial:

• Automatic Balance Maintenance: In the Yes Bank Sweep in FD, money is transferred back from your fixed deposit if your account's Sweep in balance goes below the required level. This helps avoid declined payments and extra overdraft charges.
• Ease of Setup: The Yes Bank Sweep in FD can be activated easily via internet banking, mobile banking, or by visiting a branch.
• Freedom Flexi Current Account: Comes in variants such as Flexi 25, Flexi 45, Flexi 100, Flexi 300, and Flexi 500, with AMB requirements starting from ₹25,000 and going up to ₹5,00,000. These accounts also provide tier-based free cash deposit limits linked to the previous month’s AMB.
• Xtra Gain Current Account: Comes in two variants:
  • Xtra Gain Edge: AMB of ₹25,000 with free cash deposits up to 6 times the previous month’s AMB, capped at ₹25 lakh.
  • Xtra Gain Prime: AMB of ₹1,00,000 with free cash deposits up to 8 times the previous month’s AMB, capped at ₹1 crore.

How to Activate Yes Bank Sweep-in FD?

You can set up a Sweep in FD through Net Banking or by visiting your nearest branch for assistance:

1. Online Activation

   To apply for the Sweep in FD Yes Bank online, follow these steps:

   • Log in: Use your credentials to sign in to Yes Online Net Banking or the IRIS by YES Bank Mobile App.
   • Go to Fixed Deposit Section: Select the Fixed Deposit option from the main menu or dashboard.
   • Choose Sweep-in Facility: Select FD Sweep-in or Auto Fixed Deposit from the available options.
   • Enter Account Details: Provide your Yes Bank savings account details and link it with the fixed deposit.
   • Set Sweep Rules: Define the threshold balance and other sweep parameters per your preference.
   • Review & Verify: Check the details carefully, complete the OTP verification, and confirm your request.
   • Get Confirmation: A message will be sent once the Sweep in FD is successfully activated.

2. Offline Activation

   You can also activate Sweep in FD Yes Bank by visiting your nearest Yes Bank branch. Here’s how:

   • Visit the Branch: Go to the nearest Yes Bank branch and request the Sweep-in FD facility.
   • Fill the Form: Ask for the Auto Fixed Deposit Declaration Form and complete it with the required details.
   • Submit Documents: Provide documents like PAN card, ID proof, and address proof if not already updated with the bank. If your KYC is not updated, these documents are mandatory to complete the process.
   • Give Account Details: Mention your savings account number and the sweep-in instructions.
   • Maintain Balance: Ensure the minimum balance of ₹25,000 is available in your account for sweep activation.
   • Confirm Request: Submit the form; the bank official will verify and process your application.
   • Receive Acknowledgement: The branch team will give you a receipt or slip after activation.

Key Takeaways

Yes Bank Sweep-in FD links savings and current accounts with fixed deposits, so surplus balances earn FD interest while staying accessible. For example, the Freedom Flexi Current Account requires an AMB starting from ₹25,000, while the Xtra Gain Current Account offers Edge and Prime variants with AMB of ₹25,000 and ₹1,00,000. This facility helps balance liquidity with better returns from regular savings due to higher FD interest rates.