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If you have any queries that are not answered
here, please call
us or
write
to us.
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What is the Sweep-In facility?
The Sweep-In facility is a cluster deposit (held in units of Re.1) with a
cheque book and ATM / Debit
card . If funds in your Sweep-In Savings/Current Account are insufficient
to clear a cheque, term deposits (Principal Amount) held by you with sweep-in
marked, are automatically broken into units. Same is the case when you withdraw
money using your ATM Card with insufficient funds in your account.
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What are the benefits of the Sweep-In facility?
The Sweep-In facility gives you the high interest rates of a Fixed
Deposit and the liquidity of a Savings
Account.
You only need to have a Savings Account or a Current Account with us. The
Sweep-In facility will link the deposits you choose to the Savings/Current
Account. Whenever there are insufficient funds in the Savings Account to clear
a cheque, we will break units of the deposit (to the next Rupee) to clear
the cheque. On these deposits, you will earn a rate of interest for the period
that the deposit has remained with the Bank and that was applicable at the
time when the original deposit was placed. Your remaining deposits continue
to earn the original high rate of interest.
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How will the Sweep-In work?
Here's an example to illustrate how the Sweep-In Account works:
A has Sweep-In facility on his Savings Account with a linked Fixed Deposit
of Rs. 10,000/-.
Assuming on a particular day, the balance in his Savings Account is Rs. 1000/-.
And he issues a cheque for Rs. 4000/- on this account and it has now come
to the bank for clearing:
HDFC Bank will mark a lien on the Fixed Deposit to the extent of Rs. 3000/-
(4000/- less 1000/-) and clear the cheque. However, these units will only
be prematurely encashed at the end of the day, if the customer has not deposited
any funds in his Savings Account, during the course of the day.
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Can I have a Sweep-In facility with multiple
deposits?
Yes, you can link more than one deposit to the Sweep-In Savings Account. In
this case, the system will first Sweep-In funds from the oldest deposit opened,
i.e., the deposit which was first linked to the Savings Account. When you
link more than one deposit to the facility, then the first deposit to be encashed
will be the deposit which was opened first.
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Can I have both a Super Saver facility and a
Sweep-In facility on the same Fixed Deposit?
No. You can only have one of the two facilities on a single Fixed Deposit.
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Can a customer have both a Super Saver facility
and a Sweep-In facility on the same Savings Account?
Yes, you can have both these facilities on the same Savings Account. Although
do realise that when there are insufficient funds in your Savings Account,
your overdraft limit will be exhausted before units of the Sweep-In Fixed
Deposits are encashed prematurely.
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Can I link accounts held in different account
titles to the same Savings Account for the Sweep-In facility?
No. You can only link the Sweep-In facility to the accounts with the same
account title. For example, a Fixed Deposit held by A-B can be linked to a
Savings Account held by A-B across branches.
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Can a Fixed Deposit be linked to two different
Savings Account for the Sweep-In?
No. A single Fixed
Deposit can only be linked to one savings account for the Sweep-In facility.
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Are both principal and interest amount of the FD
considered for the Sweep-In facility?
No, only the principal amount of the FD is considered for the Sweep-In facility
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