In this article I will be writing about the feature Super Save and Sweep-In provided by the HDFC bank to its customers. I am writing this post with the details from HDFC bank. Also it is the response for our reader (Siva) posted in ask questions. His question is
HDFC bank offers sweep-in and super-saver facility .. Can you please explain about these .. Thanks Siva
Please read this article to know more about these facilities. If you like this article please subscribe to our articles.
What is Super Saver Accounts?
Super Saver accounts are like opening the Savings Bank and Fixed Deposit account together. Many people know that when you are opening Fixed Deposit with tenure of 5 years, it is not good to pre-close the whole account for the urgent need of money which may be lesser than the Fixed Deposit account. For that purpose Super Saver Facility helps you to liquidate the money when you need with 2% higher interest rates. The following are the key points concerning Super Saver Facility:
- It is an over draft facility for the Fixed Deposit
- You can get up to 75% of the fixed deposit account as the Over Draft
- The interest rates for the borrowed amount will be 2% higher than the Fixed Deposit interest rates
- You can enable this facility for your Fixed Deposit by visiting the nearest bank branches.
What is Sweep-In Accounts?
Sweep-In facility also help you to utilize the Fixed Deposit, but without taking the overdraft on your fixed deposit account. The following are the key points regarding the Sweep-In facility:
- Linking the Saving Bank account and Fixed Deposit account.
- In case of short fall of amount in the savings account, use the sweep-In facility to with draw money from fixed deposit.
- The same interest rates will be charged for the remaining fixed deposit amount.
- The advantage of this account is you need not get the over draft or close the FD account to fulfill your needs.
Super Saver and Sweep-In Facility offered by HDFC Bank
As I have already mentioned, the sources for this article is taken from the HDFC bank and stats also applicable for the HDFC bank. The rates may be different for the other banks. If you are using the same facility in any other banks, please post it in the comments section.
Summary
I hope this article is very useful for many readers. If you have surplus amount in the savings account, please make it Fixed Deposit and use the sweep-in to fulfill your needs. Enjoy the high interest rates. Thank you for reading this article. If you have any doubts please post it in the comments section.
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June 2, 2010 at 11:33 pm
which is better supersaver or sweep-in?
April 19, 2011 at 9:21 am
Dear Sir,
I am having two savings account in your prestige Bank. The one which is Savings account(let it be A/c-A) and the other is Salary Account(Let it be A/c-B).
I got successfully transferred my B-account from Sahnewal Branch to Model town Branch in which, I was already having a A-Account.
My Fixed Deposit Accounts and PPF Account are linked to A-account, and now i Want to Close my A-Account, as i want only one saving account to be continued and would like to Link all the F.D. accounts and PPF account with the B-Account.
What should I do?. Kindly guide me the best way.
June 15, 2011 at 1:18 am
Any other bank offering this faclity
June 15, 2011 at 1:24 am
Hello Varughese Nainan,
Yes. Other banks also will offer this kind of features. But, name of the scheme may be different. Check with other banks.
Thanks,
Krishna
July 29, 2011 at 11:59 pm
What is the interest given by the Banks , as and when u either withdraw or deposit any sum? For xampl, I withdraw after 6months of creation of such an a/c, say Rs.10k or deposit a further sum of 30k …….what will be the max interest will the balance sums earn?
Will it be eligible for the SeniorCitizen benefits?
Mani
December 20, 2012 at 1:49 pm
why interest is credited in savings account after sweepin? and then deducted as TD recovered?