POSTED BY February 2, 2011 11:00 pm COMMENTS (4)
ONI have recently heard of the Sweep-in facility in FDs. It looks really a good option.
Are there any disadvantages of this option over regular FD.
If not, then I can always put the additional money I have into a FD with sweep in facility.
That way I get interest rates over 8% instead of 3.5% in Savings account.
Please share your thoughts on this.
Thanks.
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I want to know about HDFC Sweep-In Account and advantages of this account over opening FD saparetly and keeping S/A account as it is.
– Are there any differance in interest rates of Sweep-in a/c?
– Are there any charges on operating this account?
– Are there any penalty on premature liquidation on FD part?
what is HDFC SuperSaver a/c?
ps: i am trying to get info on this and will update if i come to know about it.
Thanks,
Irshad
HI,
HDFC SuperSaver Account is SB accounts where you need to maintain min bal of 25K. Once the account reached the maximum value of 1L-1.25L, the excess amount more than 1L will get converted into FD where you will get 8%-8.35% on interest for short span of time (1yr). You can increase the FD maturity time, liquidate the FD in case of urgent need of money, or sweep-in the Principal amount to the SB account.
only becareful to not be over enthuistic for transfering from sb to sweep in fd, otherwise for shorter period , may month or so fd rate may be less than that for sb a/c i.e. less than 3.5%
I don’t see any disadvantage in sweep in FD compared to ordinary FD. Just go for it… and earn more for your money