Sweep-in Facility
What is the Sweep-in Facility?
- Any deficit in your Savings or Current Account is taken care of – the exact value comes from your Fixed Deposit
- Deposits are broken down in units of Rs 1/-thereby minimising Interest Loss
What are the benefits?
- Earn higher interest on your money until it is swept-in, while the remaining Fixed Deposit continues to earn you interest
- Link multiple deposits to your Savings Account
- Enjoy flexibility in altering the period of deposit, maturity and payment instruction, principal amount and roll over period
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Who is eligible?
- Resident Individuals
- Hindu Undivided Families
Are there fees?
Sweep-in with Savings Account
In case of Saving Accounts, the average balance applicable to the Savings Account chosen by you, needs to be maintained irrespective of the value of the fixed deposit. Service charges applicable would be as per the Savings Account selected by you.
Sweep-In with Current Account
In case of Current Accounts, the average balance applicable to the Current Account chosen by you, needs to be maintained irrespective of the value of the fixed deposit. Service charges applicable would be as per the Current Account selected by you.
If the Fixed Deposit is held for less than 7 days, your interest for the amount transferred is forfeited.
Have questions?
Will both the principal and interest amount of my Fixed Deposit be considered?
Just the principle amount of your Fixed Deposit is considered.
Can a Fixed Deposit be linked to two different Savings Accounts for the Sweep-in?
A Fixed Deposit can only be linked to one savings account for the Sweep-in facilityThe Sweep-in facility, allows you to transfer money from your savings account into a fixed deposit or vice-versa. You can have this done by a standing instruction, if the money in the account goes above or falls below a limit you have decided upon. You can also gain the high interest rates that come with a Fixed Deposit, along with the liquidity of a savings Account..
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 facilityThe Sweep-in facility, allows you to transfer money from your savings account into a fixed deposit or vice-versa. You can have this done by a standing instruction, if the money in the account goes above or falls below a limit you have decided upon. You can also gain the high interest rates that come with a Fixed Deposit, along with the liquidity of a savings Account. 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.
Can I have a Super saver facility and a Sweep-in facility on the same Savings Account?
It is possible to have both these facilities on the same Savings Account. It is important to note that if there are insufficient funds in your Savings Account, your overdraft limit will be exhausted before units of the Sweep-In Fixed Deposits are used prematurely.
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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What can you do online?
- Get Fixed Deposits advice online.
- Liquidate Fixed Deposits online
- Mark Sweep-in on Fixed Deposits held in single name
Did you know?
- You can earn higher interest on money till it is swept-in from your Fixed Deposit
- You can minimise loss in interest amount by Sweep-in only the amount you need in your Savings /Current account, and
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Get started with your Sweep-In facility
You can avail sweep-in facilityThe Sweep-in facility, allows you to transfer money from your savings account into a fixed deposit or vice-versa. You can have this done by a standing instruction, if the money in the account goes above or falls below a limit you have decided upon. You can also gain the high interest rates that come with a Fixed Deposit, along with the liquidity of a savings Account. through netbanking on deposits held in single name .
To register for NetBanking click here.
Did you know?
- You can earn a higher rate of interest on the money in your Fixed Deposit till it is swept-in to your Savings/Current account.
- You can sweep-in from your Fixed Deposit only the exact amount you require in your Savings/Current account, while the rest of your Fixed Deposit remains intact. This helps you minimise the loss of interest on your Fixed Deposit.
You can also benefit from
- Our Super Saver facilityLike two accounts working together, with the Super Saver Facility, you can choose between a Savings Account and a Current Account to link to your Fixed Deposits and enjoy the rewards of an overdraft facility to supplement your household or business requirements. for optimum utilisation of the funds in your Savings / Current account. This facility is only for Fixed Deposits that are in a single name in case you are using the facility via NetBanking; however, if you visit a branch there is no such restriction. In case you do not have NetBanking you first have to register for the facility before you can enjoy our Super Saver facilityLike two accounts working together, with the Super Saver Facility, you can choose between a Savings Account and a Current Account to link to your Fixed Deposits and enjoy the rewards of an overdraft facility to supplement your household or business requirements..
- Invest an amount every month in HDFC Bank Recurring deposits so as to meet your financial needs.
Fees and charges
Sweep-in with Savings Account
In case of Saving Accounts, the average balance applicable to the Savings Account chosen by you, needs to be maintained irrespective of the value of the fixed deposit. Service charges applicable would be as per the Savings Account selected by you.
Sweep-In with Current Account
In case of Current Accounts, the average balance applicable to the Current Account chosen by you, needs to be maintained irrespective of the value of the fixed deposit. Service charges applicable would be as per the Current Account selected by you.
If the Fixed Deposit is held for less than 7 days, your interest for the amount transferred is forfeited.
Have questions?
I have made a Fixed Deposit with HDFC Bank. I want to update my PAN details in the account, how should I update my new PAN details?
Please submit your requirement at the nearest branch, through a written letter, duly signed along with a PAN card copy. Also, do carry your PAN Card with you for verification.
Your PAN details will be updated within 7 working days, once the application is found to be in order.
We regret our inability to act upon the instructions you have sent us through NetBanking, through scanned, faxed or e-mailed instructions. However, this is for security and authentication purposes.
We trust you will appreciate that this is to protect our customers' interests.
Why is the principal amount and the fixed deposit maturity amount of my Fixed Deposit the same?
When your Fixed Deposit is booked with the quarterly / monthly interest pay out option, the maturity amount is the same as the principal amount. The interest amount will be credited to your account at quarterly / monthly intervals.
Where can I get Fixed Deposit advice from?
You can now download Fixed Deposit advice through Netbanking in pdf format.
With effect from July 13th, 2009 we’ve started sending Fixed Deposit advice over e-mail for Fixed Deposits booked through NetBanking. Physical advice has been discontinued for Fixed Deposits booked through NetBanking.
An electronic mail advice is sent to you on your registered e-mail ID within 2-3 working days from the date of booking. You will need to enter the primary Customer Identification Number as a password to open the attachment.
If you are registered for e-mail statements, Fixed Deposit advice will be sent to your e-mail ID registered with the Bank. This is applicable for all Fixed Deposit booked / renewed through any mode whether Branch, PhoneBanking or NetBanking. Physical advice is discontinued.
In case you do not receive the advice on your e-mail, we request you to check your Spam / Junk folder.
Please Note:
- At any point, if you wish to check your Fixed Deposit holdings, they can be viewed on the Fixed Deposit summary page on NetBanking.
- In case your e-mail id is not updated with the bank, you are requested to contact the nearest branch and update your e-mail ID.
- In case you wish to have a physical advice, you may walk into the nearest HDFC bank branch.
- A copy of the e-mail advice may be submitted to the branch in case of premature liquidation of the deposit. The e-mail advice copy is as acceptable at our branches as the physical advice.
How can I book a Fixed Deposit through NetBanking?
You can book Fixed Deposits through NetBanking provided:
- You have registered for the facility with necessary online financial transaction rights
- Your PAN number is updated under your Customer Identification Number in Bank's records
The following are the steps required to book your Fixed Deposit online:
- Access your NetBanking account with your Customer ID and IPINIt is an Internet password that is given to customers to access their NetBanking. It is a confidential password for the security of their account. (NetBanking Password)
- Select "Open New Fixed Deposit" option under the Fixed Deposit menu from the Menu bar located on the left hand side of the web page
- Select the desired values from the Drop-down lists
- Once complete, click on "Continue" and "Confirm" the details entered
A new web page, confirming the Fixed Deposit booking, will be displayed. Physical advice will not be sent for Fixed Deposits booked through Net Banking. An electronic mail advice will be sent to you on your registered e-mail ID within 2 working days. The password for your Fixed Deposit Advice will be your Customer ID.
At any point, if you wish to check your Fixed Deposit holdings, the same may be viewed on the Fixed Deposit summary page on Net banking. In case you want physical advice, you may walk into your nearest HDFC bank branch.
Does HDFC Bank offer preferential rate of interest on Fixed Deposits for Senior Citizens?
We offer preferential rate of interest on Fixed Deposits for Senior Citizens. If you are a senior citizen, all you need to do is register as one by calling any Branch with proof of your Date of Birth. Once registered as a Senior Citizen, you are eligible for preferential rates of interest on Fixed Deposits opened through NetBanking as well.
Click here to Interest Rates on Fixed Deposits.
The Fixed Deposit will be booked in the same combination/ order of names as the existing Current/Savings account, from which the funds are being transferred.
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