HDFC Sweep in FD

At some point in your life, you may not have all the funds you need in your savings account to pay any essential or emergency bill. In that case, having the HDFC sweep-in FD facility will give you a higher return rate on the fixed deposit and a savings bank account. The sweep-in ensures that you can use your fixed deposit conveniently and pay for any emergency you need. 

HDFC Sweep-In

The sweep-in facility of HDFC will ensure that you never have low funds in your savings accounts. Whenever you are running low, you can transfer the deficit amount from your fixed deposit to your savings account without having any change in the fixed deposit’s interest rate. Such a facility is given to assist you in emergencies or any purchases that you need to make. 

Further, the HDFC sweep-in FD allows the minimum interest lost when the deposits are broken in Rs. 1 units. You can benefit from the sweep-in facility if you are one of the following:

• Societies and trusts
• Resident individuals
• Hindu Undivided Families
• Private and public limited companies

Fees & Charges for the HDFC Sweep-In

The HDFC sweep-in FD has different charges for savings and current accounts that it offers the facility for. For a savings account, the average balance applicable to the account that you choose needs to be maintained irrespective of the fixed deposit’s value. The service charges applicable for the facility are influenced by the savings accounts you choose. 

Even for the current accounts, you still need to maintain the average balance of your chosen current account, and there will be services applicable to the account. At the same time, your interest in the transferred amount is forfeited if your fixed deposit is held for less than seven days. 

Moreover, the sweep-in facility is not available for IPO investment and securities investment. Hence, you must keep a clear credit balance in a linked current or savings account. 

How to Apply for the HDFC Sweep-In FD?

Step 1: First, you must sign in to your net banking account. 

Step 2: Open the drop-down menu and select the fixed deposit sweep-in from the fixed deposit tab. 

Step 3: You must choose the savings account number and the fixed deposit number you want your sweep-in to be linked. 

Step 4: Once you have picked the numbers, you can click on confirm and proceed to activate the facility. 

Benefits of the HDFC Sweep-in FD

The HDFC sweep-in FD is one of the most beneficial facilities you could opt for. And some of the primary advantages that you get from the facility include the following:

• Benefit from the high interest rate of your fixed deposit while accessing the liquidity of your savings account. You can achieve a better idea of your interest when you use the fixed deposit calculator to make a better decision. 
• The HDFC sweep-in FD has the highest liquidity you can find. You will never run out of money, and your funds are simply moved to your account to ensure you always have a good credit score. 
• HDFC uses the LIFO, a “Last in First Out” rule that indicates your fixed deposit gets transferred to your savings account with the last transaction made. This procedure ensures that you always have cash liquidity. 

Conclusion

The HDFC sweep-in FD facility is incredible when you never want to run out of money to pay for your expenses. The sweep-in facility ensures you can transfer your fixed deposit to your current or savings account. The HDFC sweep-in FD is beneficial for everyone, but you need to ensure that you have not recently started the fixed deposit that you want transferred to your account. If the fixed deposit is held for less than seven days, your transfer amount is immediately forfeited.