What is Super Saver and Sweep-In Facility?

Introduction

In this article I will be writing about the one of the features Super Save and Sweep-In provided by the banks 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 whne 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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