IndusInd Auto Sweep FD

Individuals can opt for IndusInd Bank’s fixed deposit account which comes with a highly effective auto-sweep facility. A big advantage of availing one of these IndusInd auto sweep FD accounts is that you continue to earn more interest without letting go of the liquidity of a savings account. 

It is quite easy to enable the auto-sweep feature for IndusInd Bank bank accounts. Also, the documentation process is pretty straightforward. By approving this, you can finally start earning greater returns as applicable for various IndusInd term deposits across different tenures. 

Book IndusInd Bank fixed deposit on Stable Money and earn up to 7.50% per annum.

What is an IndusInd Bank Sweep-in FD?

An IndusInd Bank Sweep-in FD is a smart banking facility that links a savings or current account with a fixed deposit. Surplus funds are automatically transferred into an FD to earn higher interest, while retaining liquidity through automatic sweep-in when account balances fall below required levels.

How IndusInd Auto-Sweep FD Works?

IndusInd Bank's sweep-in/sweep-out feature automatically transfers funds from your savings account after it exceeds a specified limit to a term deposit for a set period. Upon enabling the auto sweep facility, if the balance in your savings bank account/current account goes below the minimum maintenance amount, the required sum is drawn by breaking FDs. 

The IndusInd auto-sweep FD interest rates correspond to the term deposit returns for the chosen tenure. Likewise, you can get up to 7.71% annualised interest on picking a set period of 1 year 6 months to below 1 year 7 months. Whereas, senior citizens can earn an additional interest of 0.50% per year. 

How to Apply for an IndusInd Auto Sweep FD Account?

To enable the auto-sweep-in/sweep-out facility, you must visit a nearby branch and fill out the sweep-in form from IndusInd Bank. At present, there is no online procedure to turn on this auto-sweep feature. 

Similarly, if you are wondering how to disable auto-sweep in for IndusInd Bank, then you must follow a similar procedure and submit a written declaration by visiting the concerned bank branch. 

Eligibility Criteria to Avail IndusInd Auto Sweep FD 

Both corporate and individuals who already have a fixed deposit with IndusInd Bank and continuously receive interest in a current account or savings bank account are eligible for an auto-sweep FD. For further details regarding this, you can contact the customer support of IndusInd Bank. 

Documents Needed to Authorise Auto-Sweep in Facility

The necessary documentation for allowing auto-sweep in are as follows:

• Application form 
• ID proof documents like Aadhaar card, any government-issued photo ID, passport, any senior citizen ID or PAN card
• Address proof documents like any utility bill, bank statement with cheque or passport, etc.
• Introduction signed by an existing bank customer of IndusInd Bank
• Passport-size photograph of the applicant

Key Highlights of IndusInd Auto Sweep FD

The major features of IndusInd Bank’s sweep-in/sweep-out facility are listed below:

• The minimum account balance will vary based on the category of savings bank account/current account initially chosen by a customer.
• Both interest rates and senior citizen benefits will be extended as per the corresponding term deposit regulations.
• Duration for the auto-sweep in the facility can be chosen between 30 days and 24 months.
• Finally, people opting for the sweep in/sweep out may avail nomination facility and also can decide to foreclose their FD account.

Final Word

By choosing the IndusInd auto sweep FD, you ensure your deposits are liquid, safe and accessible in the case of emergency fund requirements. To enjoy this privilege for the longest possible period, you can choose the sweep-in/sweep-out feature for a maximum of 24 months. Additionally, you can prematurely close your account if you need to even after selecting this plan. 

Through Stable Money, it is very easy to book an IndusInd Bank fixed deposit online. For more information and to check the updated interest rates, download our app today.