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POSTED BY ON July 20, 2011 7:41 pm ONE COMMENT
I have been getting calls from HDFC bank trying to force me to take the “savings max account with auto sweep to FD”. All the features and benefits seem to be very attractive but what i fail to understand is that all the features are benefitting the customer, then what is the advantage for the bank in it? Is there something hidden? can someone throw some light on this?
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1) Agent targets.
2) Higher AQB.
3) Sweep-out to FD happens only if your SB a/c exceeds 1.25L. It’d be quite stupid to keep that much lying in SB in the first place.
4) 1year 1day deposit rate is usually 0.25% less than 1year 16days. Check website for interest rates.
Quoted from their site:
Optional “MoneyMaximizer” (sweep- out) facility for conversion of your surplus money into high earning fixed deposits, at the threshold of Rs.1,25,000/- . In the event of the balance in SavingsMax account exceeding / reaching Rs.1,25,000/-, the amount in excess of Rs.1,00,000/- will be swept out in to a Fixed Deposit with a minimum value of Rs.25,000/- for a 1year 1day period *