Escolar Documentos
Profissional Documentos
Cultura Documentos
AutoSweepAccountEnableitinyourSavingBankAccount
HOME
Search
SOLUTIONS
OLD-ARTICLES
BOOK
SERVICES
SCHOOL
CATEGORIES
http://www.jagoinvestor.com/2011/03/autosweepbankaccount.html
1/34
4/21/2016
AutoSweepAccountEnableitinyourSavingBankAccount
Ajay opens a new Savings Bank account with SBI. He enables Auto-Sweep facility on his savings
bank account and de nes the threshold limit of Rs 30,000 . Now suppose he has Rs 10,000 lying
in the bank, He will be earning normal 3-3.5% interest on this money. After that if he deposits
Rs 60,000 in his account, his total balance would be 70,000. But as this is above his threshold
limit, the extra amount of 40,000 will be converted into a xed deposit automatically and start
earning returns equal to normal Fixed deposits with SBI (for example 8%). This way he always
has 30,000 in his account for his daily requirements, and he has 40,000 converted into Fixed
deposits which again is available to him incase he requires it.
Now suppose he has to withdraw 10,000 from his account, he will actually withdraw it from the
cash lying in saving bank , and his balance will reduce to 20,000. However on the other hand if
he wants to withdraw Rs 50,000 . then in that case, as his account balance will be just 30,000,
an additional Rs 20,000 will be auto-reversed from his Fixed Deposit and he can withdraw total
50,000 .
Opportunity cost
A lot of us dont bother about how much idle money is lying in our account and for how long. This happens
because we think I might need it soon, so lets not commit to any investment. But then, the money keeps
lying in the bank for months and months and sometimes even years.
Suppose your account has Rs 1 lac for 1 year, it will earn 3.5% interest on it, which is Rs 3,500 for a year.
However if you have auto-sweep enabled in your savings account with threshold limit of Rs 20,000, the
additional 80,000 will actually be in form of a xed deposit and it will earn an interest of 8% (assumption).
In this, you will earn 3.5% of 20,000 which turns out to be Rs 700 and 8% of 80,000 which is Rs 6,400 , a
total of 7,100 , which is almost 100% more than the rst case .
http://www.jagoinvestor.com/2011/03/autosweepbankaccount.html
2/34
4/21/2016
AutoSweepAccountEnableitinyourSavingBankAccount
A lot of people have much more than 1 lac in their accounts, not just 1 lac. You can earn some extra returns
if you just enable auto-sweep on your saving account . So nd out if your bank provides the facility, just do
it, and get it right away!
Also note that different banks have different names for this facility. For eg., ICICI Bank calls it Auto Sweep
, HDFC Bank calls it Sweep-In account , and SBI calls it Saving Plus. . Here is a list of other banks and the
name by which they call this Auto-Sweep facility (thanks for Gopal Gidwani for the info)
IDBI Bank Sweep-in Savings Account
Axis Bank Encash 24
Union Bank Union Flexi Deposit
HDFC Bank Super Saver Facility
Bank of India BOI Savings Plus Scheme
Oriental Bank of Commerce Flexi Fixed Deposit Scheme
State Bank of India Multi Option Deposit Scheme
Allahabad Bank Flexi- x Deposit
Bank of Maharashtra Mixie Deposit Scheme
Corporation Bank Money Flex
United Bank of India United Bonanza Savings Scheme
Dont over do it
While Auto-sweep is a wonderful thing for salaried class people who want to maintain liquidity, as well as
want to earn more interest on their unused money, one should not over do it. If you are very sure that the
money lying in your account will really not be used for long, better to use the normal Fixed deposit or Debt
funds. Only if you are unsure of your money lying in bank and when you might need it, you should be using
http://www.jagoinvestor.com/2011/03/autosweepbankaccount.html
3/34
4/21/2016
AutoSweepAccountEnableitinyourSavingBankAccount
Auto-Sweep facility.
The way auto-sweep works, it makes it an ideal place to park emergency funds . So if you have kept 6
months of expenses as your emergency fund in Saving Bank, then you can enable auto-sweep facility and
set threshold limit as 2-3 months of expenses, so that rest of the money can earn a better interest.
Comments: Did you know about Auto sweep account earlier? Do you think it will be helpful for you and do
you plan to enable it?
ReadmoreArticlesfromJagoinvestor
How is interest on
saving bank account is
calcu...
NEXT
529 Comments
Add Comment
Anunay
March 31, 2011 at 10:15 pm
I believe its not worth, although the returns of upto 10% looks attractive but when it
comes to quantum of interest then interest earned is not substantial . It only increases
the complexity and I am sure even a nancial expert will nd it dif cult to reconcile the
http://www.jagoinvestor.com/2011/03/autosweepbankaccount.html
4/34
4/21/2016
AutoSweepAccountEnableitinyourSavingBankAccount
Manish Chauhan
April 1, 2011 at 2:21 pm
Anunay
Why do you think daily interest on saving bank will give enough return , it
still comes out to be around 3.5-3.7% .
Also Financial experts dont go that deep into your Passbooks to look at
number . Can you share what exactly is the reason you think this is not worth
the hassle ?
Manish
Reply
Anunay
April 4, 2011 at 9:53 pm
Hi Manish
I had opened a auto sweep and reverse sweep account with ICICI
bank in 2002, however after 1 and half year the interest I earned
was around Rs. 2800 considering my average credit was Rs. 48000
pm and my minimum balance was Rs 15000 at any point of time.
Being a nancial expert myself i found that understanding and
reconiling of my statements was a herculen task. Trust me being
well educated in nance and even being a nancial expert I had to
spend a lot of time to reconcile my bank statement, I wonder what a
normal person would go through if he would have been at my place.
6-10 years back every bank was boasting of offering auto sweep
and reverse sweep facility which I am sure no bank boasts of. even if
they are providing this facility they never boast of or even mention
about this facility in any of its brochure.
Net net, reward earned by this facility will never match the
expectations according to the balances kept in the savings account. .
For the person whose average credit is Rs 10000, the kind of
http://www.jagoinvestor.com/2011/03/autosweepbankaccount.html
5/34
4/21/2016
AutoSweepAccountEnableitinyourSavingBankAccount
Manish Chauhan
April 5, 2011 at 10:24 am
Anunay
Ok , so by net return , you mean everything considering
number returns + inconvinience too ? I dont know many
who actually reconcile their bank statement personally
,they are mostly interested in seeing money in thier
account . thats all
For those people what do you think ?
Manish
Reply
Anunay
April 6, 2011 at 11:17 pm
Karun
April 7, 2011 at 12:09 am
http://www.jagoinvestor.com/2011/03/autosweepbankaccount.html
6/34
4/21/2016
AutoSweepAccountEnableitinyourSavingBankAccount
Hi
Just coreecting you here its 109.75 in
todays scenario (FDR for one year)
Karun
Reply
Marshal
March 31, 2011 at 9:15 pm
thanks manish for sharing, am using SBI MOD facility from past one year and i think i
did mention this somewhere in your blog as a comment .. and it is really worth barring
cluttered pass book or online statement..
Reply
Manish Chauhan
April 1, 2011 at 2:18 pm
Marshal
But dont you think its better to get 3-4% return even if your pass book is bit
cluttered .
Manish
Reply
http://www.jagoinvestor.com/2011/03/autosweepbankaccount.html
7/34
4/21/2016
AutoSweepAccountEnableitinyourSavingBankAccount
Ahmad Zaib
March 31, 2011 at 8:47 pm
No I didnt know about this and as always this is some nice information!
Thanks Manish once again!
Reply
Manish Chauhan
April 1, 2011 at 2:16 pm
Ahmad
Great
Manish
Reply
Paresh
March 31, 2011 at 8:28 pm
Paresh
March 31, 2011 at 9:39 pm
Manish Chauhan
April 1, 2011 at 2:15 pm
http://www.jagoinvestor.com/2011/03/autosweepbankaccount.html
8/34
4/21/2016
AutoSweepAccountEnableitinyourSavingBankAccount
Paresh
Differnet bank have their own limits . IDBI has a bit over streched
limis i guess
Manish
Reply
Paresh
April 1, 2011 at 10:53 pm
Manish Chauhan
April 4, 2011 at 9:52 am
Paresh
I think thats more important thing for a normal
customer . IDBI has been positioning it self very
well in last 1-2 yrs as a customer friendly bank
which does not charge for basic things .
Manish
Reply
http://www.jagoinvestor.com/2011/03/autosweepbankaccount.html
9/34
4/21/2016
AutoSweepAccountEnableitinyourSavingBankAccount
Ganesh
March 31, 2011 at 7:47 pm
So what about the tax part of this. We all know that if you take the tax part into
consideration FD gives a pretty bad returns.
Reply
Manish Chauhan
April 1, 2011 at 1:05 pm
http://www.jagoinvestor.com/2011/03/autosweepbankaccount.html
10/34
4/21/2016
AutoSweepAccountEnableitinyourSavingBankAccount
Gopal Gidwani
March 31, 2011 at 7:45 pm
Hi Manish,
I dont think there is a charge for this service from the bank. This is offered as a
complimentary service with the Savings Account to encourage people to keep money
in their Savings Bank Account rather than putting it in a debt fund. If they penalise
customers for availing this service then customers will not opt for this service and it
will beat the entire purpose of this facility.
When I was doing research on the same topic, I did visit websites of a number of banks
offering this product. But I did not nd anywhere mentioned if any bank is charging for
this service. If you are talking about any speci c bank which is charging for this service
then I am not sure and I may be wrong. But as a general trend since this product is a
complimentary product and this bene ts banks more than the customers (even
though customers get the liquidity of a savings account and returns of a xed deposit)
so it makes no sense for banks to charge for this product as it will dissuade customers
from availing this product.
I did read some readers complaining about their account statements cluttered
because of additional accounting enteries due to this facility. But I feel the cluttered
statement is worth it if it helps the customer earn an additional 4-4.5% over and above
the normal return of a savings account of 3.5%
Best Regards
Gopal Gidwani
Reply
Manish Chauhan
April 1, 2011 at 1:54 pm
Gopal
Agree with you on all points . Just that some banks are not that excited to
make this facility easy enough for customers . There many blockages and
rules which keep people stay away from this service.
Manish
Reply
http://www.jagoinvestor.com/2011/03/autosweepbankaccount.html
11/34
4/21/2016
AutoSweepAccountEnableitinyourSavingBankAccount
Pratik Agarwal
March 31, 2011 at 7:21 pm
I too have an experience with Bank Of Baroda, and my experience regarding the
clutterness in pass book was same. Its very very hard to tackle the transactions from
FD to normal account,
regarding interest rate & charges I am not aware, I just once tried my brain to see if all
debits & credits were genuine,
Reply
Manish Chauhan
April 1, 2011 at 1:37 pm
Pratik
So do you feel that the extra money earned by this facility is not of value
compared to the uncluttered ness in your Pass book ?
Manish
Reply
http://www.jagoinvestor.com/2011/03/autosweepbankaccount.html
12/34
4/21/2016
AutoSweepAccountEnableitinyourSavingBankAccount
Rakesh
March 31, 2011 at 7:15 pm
Manish,
Once again very good article.
I had checked with HDFC bank few months ago and they said i cannot link it to my
existing savings account and would have to open a new account and link it.
Thats just too much pain to manage another account.
Rakesh
Reply
Vishnu
April 1, 2011 at 12:50 pm
Hi,
U can do it online through netbanking without any request.
Reply
Somen Jana
August 27, 2014 at 8:58 pm
dear Vishnu,
Can you kindly tell me the procedure to activate the auto sweep
facility through net banking?
Thanks in advance
Reply
Manish Chauhan
April 1, 2011 at 1:32 pm
Rakesh
Ask them for a link on the website where its mentioned that you cant enable
it on your existing account, if they can give you the link , then its ne .
Else tell them you will complain to Banking ombudsman about it, lets see
what do they say in that case
Manish
Reply
http://www.jagoinvestor.com/2011/03/autosweepbankaccount.html
13/34
4/21/2016
AutoSweepAccountEnableitinyourSavingBankAccount
Sameer Bhiwani
March 31, 2011 at 6:54 pm
I have one of these accounts from HDFC, but I have never seen any FD transactions, or
got any sweep in/out noti cations. I really have no way to nd out what part of my
money is earning what interest.
Moreover, the sales exec who sold me the a/c said anything above 50k will get FD
interest; I told him that Ill take it only if the amount is 25k, not 50k. He said he will get
it done.
But when I got the a/c docs, it showed 1 lakh i.e. only amount above 1 lakh will get FD
interest. When I called him again, he made excuses.
But for amount even about 1 lakh, I dont see any activity or have any way to really say
that this has worked.
Is there anything else that needs to be done to enable this? How do you know on what
amount, how much interest you got and for what duration?
Sorry if this sounded like a rant, I just had to ink it!
Sameer
Reply
Manish Chauhan
March 31, 2011 at 7:03 pm
Sameer
Thanks for that info, Generally bank will ask you in the form what amount
you need as Threshhold limit . banks will have their own minimum limit . If
you have sweep in enabled , then you should be getting the bene t , It cant
happen that Bank is not giving it to you and incase they are not providing you
bene t, its a clear case of service defeciancy and you should be complaining
abiout it to Bank and then to Banking Ombudsman (coming next in the
article) .
You need to take a step and enquire about it, because you are loosing some
potential money .
manish
Reply
Sameer Bhiwani
March 31, 2011 at 8:42 pm
http://www.jagoinvestor.com/2011/03/autosweepbankaccount.html
14/34
4/21/2016
AutoSweepAccountEnableitinyourSavingBankAccount
Karun
April 1, 2011 at 12:55 am
Hi Sameer,
My experience tells me that pvt sector banks charge a lot of money for small
services.
In your case keeping aside 1 lac in savings A/c at 3.5% defeats all the purpose
of opening a Auto Sweep In A/c.
SBP provides this facility for 10k with interet rate of9.75% (for 1 year).
Karun
Reply
Sameer Bhiwani
April 1, 2011 at 10:04 am
@Karun
Yes, thats the reason why I negotiated it to 25k, but the senior
sales exec was a fraud, his ethics were not as good as his english!
Sameer
Reply
Manish Chauhan
April 1, 2011 at 1:28 pm
Sameer
ok , so this becomes a clear case of negligence by the bank ,
Have you complained to bank about it and it has been 1
month passed from that date ? Now you have to approach
banking ombudsman and I am sure they will take care of
this , may be a little late but, be a bit patient .
See my next article on Banking ombudsman !
Manish
http://www.jagoinvestor.com/2011/03/autosweepbankaccount.html
15/34
4/21/2016
AutoSweepAccountEnableitinyourSavingBankAccount
Manish
Reply
P Venkatesan
March 31, 2011 at 6:17 pm
Nice article.Somebody only know this facility.But some banks give lot of facility,like
SBI give the total balance in passbook( balance,avail balance).But Dhanalakshmi
Bank,only balance availability in passbook.
Reply
Manish Chauhan
March 31, 2011 at 6:25 pm
P Venkatesan
Thanks for sharing that info . I think one account in SBI is something which
one should de nately have . What do you say ?
Manish
Reply
http://www.jagoinvestor.com/2011/03/autosweepbankaccount.html
16/34
4/21/2016
AutoSweepAccountEnableitinyourSavingBankAccount
chandermani
March 31, 2011 at 6:13 pm
One problem i have faced in the past when i used such a facility was that the account
statement becomes very cluttered. There are entries for all sweep in outs and making
sense of the account activity is nearly impossible.
This factor should be kept in mind while using this facility. My experience was with
ICICI bank.
Reply
Manish Chauhan
March 31, 2011 at 6:23 pm
Chandermani
Thats a good info to know , I was not aware of it
sensitive about uncluttered ness than one will have to think about it
Manish
Reply
shyam
March 31, 2011 at 5:25 pm
Manish Chauhan
April 1, 2011 at 1:25 pm
Shyam
Thanks
Reply
http://www.jagoinvestor.com/2011/03/autosweepbankaccount.html
17/34
4/21/2016
AutoSweepAccountEnableitinyourSavingBankAccount
Vikas
March 31, 2011 at 5:25 pm
Lovely article Manish. I think this is something which many people can make use of.
Thanks for sharing.
Reply
Manish Chauhan
March 31, 2011 at 6:22 pm
Vikas
Thanks . Share it with your friends too
manish
Reply
shyam
March 31, 2011 at 5:24 pm
I knew abt the Auto-sweep account earlier, but surely i hv learnt something extra here
abt the penalty charges from banks and the various names under which the banks
offer.
Reply
Manish Chauhan
March 31, 2011 at 6:22 pm
Shyam
Thats great to know . Share something with us which we have no covered
here
Manish
Reply
Ninad
April 3, 2011 at 5:26 pm
18/34
4/21/2016
AutoSweepAccountEnableitinyourSavingBankAccount
Manish Chauhan
April 4, 2011 at 9:51 am
Ninad
hmm.. Breaking FDs in FIFI style does not look to good to
me. As you said it does not help you gain the maximum
returns . It should be LIFO style
Manish
Reply
KRANTI
November 5, 2012 at 9:26 pm
and the
Manish Chauhan
November 6, 2012 at 2:56 pm
Yup !
Reply
viswanadham
June 9, 2011 at 1:33 pm
19/34
4/21/2016
AutoSweepAccountEnableitinyourSavingBankAccount
Tribhu
November 25, 2011 at 8:56 am
Manish Chauhan
November 25, 2011 at 11:03 am
Tribhu
I am nt sure if thats true for all the banks , i
think in ICICI its possible
Manish
Reply
tarun
June 4, 2011 at 9:29 am
8979658160 hello.
Reply
Amarnath
March 31, 2011 at 5:23 pm
http://www.jagoinvestor.com/2011/03/autosweepbankaccount.html
20/34
4/21/2016
AutoSweepAccountEnableitinyourSavingBankAccount
Effective October 1, 2005, funds from your savings account will be moved to create
xed deposits only on your speci c requests.
We are unable to service your request to continue the facility of Auto-sweep in your
account as the last date (January 31, 2006) to place a request for continuation of the
facility is completed.
This is intimated to all our customers along with the account statements.
However, you can give speci c request to the bank to create a Fixed Deposit by
sweeping money from your savings account and link the FD so created to the savings
account.
Features of Money Multiplier account ( earlier known as auto invest account or
quantum optima):
The creation of linked Fixed Deposit (FD) will be done only on speci c request from
the customer.
1. You have to give speci c request to the bank to create a Fixed Deposit by sweeping
money from his savings account and link the FD so created to the savings account.
2.Minimum balance in the savings account should be Rs.15,000 to generate a linked
FD request
3. FD requests will be made in multiples of Rs.5,000 only.
4. You may have more than one FD linked to the same account. you need to give
speci c request for each FD creation and linking.
5. The linked FDs will be under the same Customer ID.
6. All FDs linked to the account will be enabled for automatic reverse sweep in
multiples of Rs.5,000 when the balance in the savings account falls below Rs.10,000.
7. FDs will be broken in LIFO (Last In First Out) basis for reverse sweep.
Kindly note that Money Multiplier Account is also updated in the Terms and
Conditions section on the web site http://www.icicibank.com.
Reply
Manish Chauhan
March 31, 2011 at 6:21 pm
Amarnath
Thanks for sharing this, when did ICICI send you this email ? because it
seems auto sweep with ICICI will not be that attractive !
Manish
http://www.jagoinvestor.com/2011/03/autosweepbankaccount.html
21/34
4/21/2016
AutoSweepAccountEnableitinyourSavingBankAccount
Reply
Amarnath
March 31, 2011 at 8:58 pm
it was last month when I try to enquire on the product. Yes they
made it very dif cult enroll , they allow online FDs / Insurance / and
other products. But not the sweep-account , may be they dont want
to encourage ppl to use the sweep-account facility as it cost more to
them .
Reply
Manish Chauhan
April 1, 2011 at 1:24 pm
Amarnath
Thats bad . Other readers have also enrolled for this facility
and they seem to be ok with it , check other comment
Manish
Reply
JayaprakashReddy
April 2, 2011 at 10:30 am
Amarnath,
Ive been using this service since last couple of months.
Yest, there is a difference in this facility from other banks.
This facility is one way automatic. If you have excess you
can create FD above 15k and they will reverse sweep the
amount whenever your balance goes below 10k. It looks
good to me and whenever I deposit amount in the account
Ill create money multiplier FD and throughout the month
whatever payments are going from my account, they will
reverse sweep the amount from FD to savings account and
also they add interest for the amount you kept for that
duration even if it is 1rs.
Reply
http://www.jagoinvestor.com/2011/03/autosweepbankaccount.html
22/34
4/21/2016
AutoSweepAccountEnableitinyourSavingBankAccount
Manish Chauhan
April 4, 2011 at 9:44 am
Vijay
April 11, 2011 at 1:49 pm
I called ICICI bank customer service and they said auto sweep facility is not
available now. Instead they have money multiplier in which customer has to
create Linked FD which will earn FD interest. This amount will paid if
customer doesnt have suf cient balance to serve cheque request.
Reply
Manish Chauhan
April 11, 2011 at 5:23 pm
Vijay
Its only for existing cusomters right now .
Manish
Reply
Sanghmitra
March 31, 2011 at 5:08 pm
Hi,
Its astonishing how we didnt knew such easy way of parking moneyGood info
Will go for it soon..
Just need to clarify, does it work like every excess amount at month end frequency (
correct me if wrong) gets transferred to FD at particualr interest rate ( which is what?).
When will be the maturity date?
Reply
Manish Chauhan
March 31, 2011 at 5:14 pm
Sanghmitra
When you enable the service , you will have to tell the bank about all these
http://www.jagoinvestor.com/2011/03/autosweepbankaccount.html
23/34
4/21/2016
AutoSweepAccountEnableitinyourSavingBankAccount
When you enable the service , you will have to tell the bank about all these
details that how long the FD should be like 1 month , 3 month or 1 yr etc .
Depending on your inputs , it will be functioning .
Manish
Reply
som
April 1, 2011 at 12:17 pm
Manish Chauhan
April 1, 2011 at 1:20 pm
Som
But dont they ask you for your personal prefference ? I
thought if a investor does not mention any personal
preference , then only the default numbers come into
picture ?>
Manish
Reply
Amrit
August 10, 2012 at 12:52 pm
Hi Manish,
I think you are right. by default SBI put the sweep
account money for 1 yrs. I have an experience for
that. I had opened the account in SBI but i was not
aware about the rules and regulation of sweep
account. I deposited around 20,000 in my account
and few day later i saw them in sweep account for
1 year, then only i came to know that there is
something like sweep account.
Reply
http://www.jagoinvestor.com/2011/03/autosweepbankaccount.html
24/34
4/21/2016
AutoSweepAccountEnableitinyourSavingBankAccount
Manish Chauhan
August 10, 2012 at 5:37 pm
Devendra
December 8, 2014 at 9:02 pm
Manish Chauhan
December 26, 2014 at 6:56 pm
http://www.jagoinvestor.com/2011/03/autosweepbankaccount.html
25/34
4/21/2016
AutoSweepAccountEnableitinyourSavingBankAccount
Hitesh
March 31, 2011 at 5:06 pm
Hi manish,
the link is the same as you mentioned but under the heading sweep in facility there is
3rd point of services and fees. but when we click on it it does not show the fees.
Thanks
Hitesh
Reply
Manish Chauhan
March 31, 2011 at 5:08 pm
Hitesh
That link is a general fees link and not for this particular service .
Manish
Reply
http://www.jagoinvestor.com/2011/03/autosweepbankaccount.html
26/34
4/21/2016
AutoSweepAccountEnableitinyourSavingBankAccount
Abhilash
March 31, 2011 at 5:03 pm
Lets say that I enable the autosweep facility on my account. I then breat it and sweep
back the entire amount after 6 months. So do I get the FD interest rate for 6 months
on the auto swept amount assuming that there is no penalty?
Reply
Manish Chauhan
March 31, 2011 at 5:09 pm
Abhilash
Yes , you get the interest for any duration for which FD was there . Also note
that you dont have to do anything manually from your side ,. For you it will
appear as if you have all the money in cash , this sweep in converstion of
extra cash into FD is all by technology .
manish
Reply
shanu
February 24, 2014 at 6:12 pm
Manish Chauhan
March 3, 2014 at 11:11 am
raju
March 31, 2011 at 5:00 pm
Hi Manish,
Nice article once again.
It will be good,if we can get the info of the banks which offers this kind of facility with
different names.
http://www.jagoinvestor.com/2011/03/autosweepbankaccount.html
27/34
4/21/2016
AutoSweepAccountEnableitinyourSavingBankAccount
Because people have savings account in different banks not just ICICI,HDFC,SBI.
As I know, IDBI ,Indian bank also offers similar option with some different name.
Once again thanks for your article.
Regards,
Raju
Reply
Manish Chauhan
March 31, 2011 at 5:07 pm
Raju
IDBI calls it Sweep In account , not sure about Indian bank
manish
Reply
Murali
September 19, 2013 at 5:14 pm
Hi Manish
How to avail this facility if we already have a savings bank a/c
(salary a/c) with idbi.
Regards
Murali
Reply
Manish Chauhan
September 25, 2013 at 2:09 pm
Gopal Gidwani
March 31, 2011 at 6:56 pm
Hi Raju,
Some of the banks that offer this product under different names include:
IDBI Bank Sweep-in Savings Account
Axis Bank Encash 24
Union Bank Union Flexi Deposit
http://www.jagoinvestor.com/2011/03/autosweepbankaccount.html
28/34
4/21/2016
AutoSweepAccountEnableitinyourSavingBankAccount
Manish Chauhan
April 1, 2011 at 1:19 pm
Gopal
Thanks for the info , I have added it on the main blog
Manish
Reply
Hitesh
March 31, 2011 at 4:56 pm
I have checked at hdfc website and it states that it has some service charge attached to
this sweep in facility. In that case the interest % may reduce more.
Reply
Manish Chauhan
March 31, 2011 at 5:01 pm
Hitesh
Can you give me the link you are checking, I looked at this site :
http://www.hdfcbank.com/personal/accounts/ xed_deposits/sweep_in_account/sweepin.htm
also in general this facility is not chargable , but if bank decides to charge for
it , I am not sure if we can do anything ,you have to choose or not-choose .
http://www.jagoinvestor.com/2011/03/autosweepbankaccount.html
29/34
4/21/2016
AutoSweepAccountEnableitinyourSavingBankAccount
manish
manish
Reply
Sidharth
March 31, 2011 at 10:24 pm
Hi manish,
Once again very informative article.
I am just 1 month old to this website & so excited that, i read all the
articles from 2007 in just 1 week.
its help me a lot in my nanancil planning
ex-no. of mutual funds reduced to 10 from 17.
-restart few discontinued SIP.
Thanks for all your hard work.
Reply
Manish Chauhan
April 1, 2011 at 1:16 pm
Sidharth
Thanks for sharing your experience, I am happy that you
took some actions by getting motivated from this blog .
thats really inspiring , these actions are the thing which will
take your nancial life from one level to another .
Keep reading
Manish
Reply
Nitin Gupta
April 1, 2011 at 10:53 am
The hdfc link, has a statement You can avail of both, a SuperSaver
Facility as well as a Sweep-In Facility if you have linked your
deposits to a Savings Facility. It means that super saver and sweeo
in are different.
I am confused.
Reply
http://www.jagoinvestor.com/2011/03/autosweepbankaccount.html
30/34
4/21/2016
AutoSweepAccountEnableitinyourSavingBankAccount
Manish Chauhan
April 1, 2011 at 1:18 pm
Nitin
Are you NRI ? because Super Saver seems to be a Sweep-in
kind of facility for NRI customers from HDFC
Manish
Reply
Manish Chauhan
April 1, 2011 at 1:22 pm
http://www.thinkplaninvest.com/2009/10/what-is-supersaver-and-sweep-in-accounts/
Reply
Newer Comments
Leave a Comment
Message
Your Name *
Website
Email Address *
SUBMIT
31/34
4/21/2016
AutoSweepAccountEnableitinyourSavingBankAccount
http://www.jagoinvestor.com/2011/03/autosweepbankaccount.html
32/34
4/21/2016
AutoSweepAccountEnableitinyourSavingBankAccount
http://www.jagoinvestor.com/2011/03/autosweepbankaccount.html
33/34
4/21/2016
AutoSweepAccountEnableitinyourSavingBankAccount
Best of
About
Reserved
Team
Services
Forum
Privacy Policy
Disclaimer
Contact
http://www.jagoinvestor.com/2011/03/autosweepbankaccount.html
34/34