Terms & Conditions

Terms & Conditions for Sweep In Facility

    Terms & Conditions for Sweep In Facility
  1. Sweep-In (also known as Flexi-Fixed Deposit) is a tool for efficient fund management.
  2. It is a facility whereby you create a FD and link it to your Operative Saving/Current Account.
  3. A Flexi-fixed/Sweep In facility enables honoring authorized debits when the balance in the operative account is inadequate.
  4. Under the Sweep-in, the linked fixed Deposit is broken/swept on Last-In-First-Out (LIFO) basis.
  5. The Deposit will be swept with a minimum of Rs.1000/- and in multiples of Rs. 1000 thereof.
  6. In case the balance of Flexi Fixed Deposit drops below Rs 10,000, the entire FD will be swept into the operative account.
  7. The interest rate applicable to the Broken/Swept Deposits will be the contracted rate or the rate applicable for which the deposit remained with the Bank (rate applicable for the tenure on the original date of deposit) whichever is lower on the date of deposit.
  8. In case of Sweep in due to partial or premature withdrawal, the porting of swept in deposit will be subject to premature withdrawal penalty if any applicable as per the banks guidelines.
  9. This facility is available through net banking only to account holders' where the operating instruction/holding pattern is SINGLE i.e. there are no JOINT holders.
  10. Sweep-in facility is not available on Fixed Deposits of value greater than 99.99 lacs.
  11. In case of deposits swept in before 15 days tenure, the savings bank interest rate shall be applicable.
  12. No interest is paid if the deposit is held for the tenure of below 7 days, the minimum period for Term Deposits as per RBI guidelines.
  13. To discontinue with the sweep-in facility on a particular Fixed Deposit, please visit your nearest IDBI Branch.
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