The Sweep-Out Facility or the MoneyMaximizer facility is an excellent way to convert your surplus money in your Savings Account into a robust Fixed Deposit with higher interest rates. With the Sweep-Out Facility, you can higher interest with the flexibility of having a Savings Account. This means that when you choose the Sweep-Out Facility, you will be able to earn interest on your surplus money with the ability to withdraw that money at your convenience. The Sweep-Out Facility is designed for the customer's convenience, helping them manage their money in a way that will increase their earnings. The Sweep-Out Facility is available with different HDFC Bank Saving Accounts and their parameters.
Which accounts come with a Sweep-Out Facility?
The sweep-in facility is available on-demand with
SavingsMax Account
Women's Saving Account
Kids Advantage Account
SavingsMax Account:
SavingsMax Account gives you total insurance cover up to Rs.3.29 crore and gives you higher interest rates with the Sweep-Out facility. If the balance in a SavingsMax Account exceeds or reaches Rs.1,25,000, the amount over Rs. 1,00,000 will be swept out into a Fixed Deposit. The minimum amount of FD booked through the Sweep-Out Facility is Rs.25,000, and the maximum is Rs.14,99,999.
Women's Savings Account:
The Women's Savings Account is designed for women. With it, women can enjoy benefits like preferential pricing for loans and other products. It also offers CashBack on shopping and even free insurance cover. If the balance in Women's Savings Account exceeds or reaches Rs.1,00,000, the amount over Rs. 75,000 will be swept out into a Fixed Deposit. The minimum amount of FD booked through the Sweep-Out Facility is Rs.25,000, and the maximum is Rs.14,99,999.
Kid's Advantage Account:
This account offers a debit/ATM card for kids, and this can help you teach your children about money management. In the event of the balance in Kid's Advantage Account exceeding or reaching Rs. 35,000, the amount over Rs. 25,000 will be swept out into a Fixed Deposit. The minimum amount of FD booked through the Sweep-Out Facility is Rs.10,000, and the maximum is Rs.14,99,999.
How does the Sweep-Out facility benefit?
Maximize Your Earnings:
Your money in your Savings Account is sitting, with only a modest interest rate. If you are the type of person who saves money and doesn't spend it willy-nilly, leaving the money with a low interest rate is unused potential. The Sweep-Out Facility lets you create a Fixed Deposit that is linked to your Savings Account. Using this facility ensures that you will earn more with higher interest rates, maximizing your earnings potential. You can earn more interest when compared with the interest in a Savings Account.
Automated Fixed Deposit Booking:
Opening a Fixed Deposit could be a hassle if you are a busy person. Typically, opening a Fixed Deposit would require you to go online and fill out laborious information or visit your bank's local branch. MoneyMaximizer eliminates the need for this. The Sweep-Out Facility allows for automated Fixed Deposit booking. It has predefined thresholds that ensure that you don't need to contact or even visit your local branch to book a Fixed Deposit account.
Availing of the Sweep-Out Facility is a simple process of opening a Savings Account, and then HDFC Bank will take care of the rest. With its great benefits of easily Fixed Deposit booking and higher interest, you have to sit back and relax while earning high interest on your Savings Account.
To open a Savings Account, click here to get started.
Know more about the MoneyMaximiser Facility and its benefits, click here to read more!
*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.