What Is Fixed Deposit Sweep In Hdfc Bank

Savings accounts have higher liquidity in that they can be withdrawn from at any time but fixed deposits don t have the benefit of such high liquidity.

What is fixed deposit sweep in hdfc bank. Hdfc fixed deposit 7 days to 14 days. Hdfc fixed deposit 15 days to 29 days. This option is very useful auto sweep in is a facility in hdfc bank where a fixed deposit will be broken if the account runs short of the minimum balance. The amount transferred will earn you a higher rate of return.

In the sweep in facility the sum is auto generated to a fixed deposit account from a savings account the flexi deposit requires manual updates. Choose a tenure and amount of your choice to grow your income in a steady fashion. If your saving account is having balance say more than 10000 then excess amount over and above rs 1000 will move to fixed deposit account which is giving interest more than saving bank interest. To avail this facility depositors should have a savings account that is linked to their fixed deposit account.

Here are the hdfc bank fixed deposit interest rates or hdfc bank sweep in deposit facility rates 2020 for various tenures. Basically sweep means transfer from one account to another account. Hdfc bank fixed deposit interest rates 2020 remember that hdfc bank s savings account interest rate is 3 50 4 42. Hdfc bank s sweep in facility enables you to earn an interest rate that s as high as a fixed deposit in your savings account.

The fixed deposit sweep in hdfc or state bank of india offers the same facilities as offered by the flexi deposits of icici bank. Many private and some nationalised bank giving service which is like this. You can open an fd for as less as 5 000 and use it as a back up for your savings or current account with sweep in and super saver facilities. Only the principal amount of the fixed deposit will be considered for the sweep in facility fixed deposit will be broken on last in first out basis sweep in facility is not available on fixed deposits of value greater than 99 99 lacs if there is a lien marked on the fixed deposit please note that the sweep in will not be maintained.

Fixed deposit sweep in is a facility that is provided by lenders banks and non banking financial companies to their customers. This option is very useful. A specific limit is set by the depositor. Hdfc bank fixed deposits and the interest on them are a good source of income in a safe and assured manner.