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FAQs |
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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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What are the charges on the Sweep-In facility?
If you have linked your fixed deposit to a Savings Account and you maintain Rs. 50,000/- or more in your fixed deposit, then there is no service charge for this facility. In case, your fixed deposit falls below Rs. 50,000/-, the service charges applicable for Savings Account are levied.
In case you have availed of the Sweep-In facility on your Current Account, service charges as per the Current Account selected by you will be applicable.
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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?
Yes. On Fixed
Deposit which have an overdraft limit set up, sweep-in on the said Fixed
Deposit will be triggered only to the extent of the amount on which lien is
not marked .
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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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