MoneyMaximizer Facility (Sweep-out facility)
MoneyMaximizer
With our MoneyMaximizer facility, convert your surplus money into high earning Fixed Deposits with the flexibility of using these funds whenever required. So you get the best of both the worlds - the liquidity of a Savings account and the benefit of higher interest rates
- Maximize Returns - Money is never idle in the savings account. Creation of a linked Fixed Deposit ensures higher earnings through a higher rate of interest as against the regular savings bank interest rate.
- Hassle free Fixed Deposit booking - Automated Fixed Deposit booking based on predefined thresholds ensures there is no need to visit or contact the branch to book Fixed Deposits
- Maximize Flexibility & Liquidity - Fixed Deposits booked through the MoneyMaximizer facility comes along with sweep-in facility. Thus the shortfall of funds in the savings account can be addressed through sweep-in of funds from Fixed Deposits booked through sweep-out.
- Auto Renewal - Under this facility, when your deposits fall due, the bank will automatically renew the principal and accrued interest for the same tenure as the original deposit
Eligibility
MoneyMaximizer facility is available on demand with the SavingsMax, Women’s Savings account and the Kid's Advantage account.
| Particulars | SavingsMax Account | Women’s Savings Account | Kid’s Advantage Account |
|---|---|---|---|
| Sweep-out facility threshold | 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 | In the event of the balance in Women’s Savings Account exceeding / reaching Rs.1,00,000/-, the amount in excess of Rs. 75,000/- will be swept out in to a Fixed Deposit | In the event of the balance in Kid’s Advantage account exceeding / reaching Rs.35,000/-, the amount in excess of Rs. 25,000/- will be swept out in to a Fixed Deposit |
| Minimum amount of FD booked through sweep-out | Rs 25,000/- | Rs 25,000/- | Rs 10,000/- |
| Minimum amount retained in Savings account post Sweep-out | Rs 1,00,000/- | Rs 75,000/- | Rs 25,000/- |
| Maximum amount of FD booked through sweep-out | Rs. 14,99,999/- | Rs. 14,99,999/- | Rs. 14,99,999/- |
| Example - 1 | If the balance in the a/c reaches Rs.1,35,000/-, amount retained in the a/c will be 1,00,000/- & value of FD booked will be Rs.35,000/- | If the balance in the account reaches Rs.1,10,000/-, amount retained in the a/c will be 75,000/- & value of FD booked will be Rs.35,000/- | If the balance in the account reaches Rs.40,000/-, amount retained in the a/c will be 25,000/- & value of FD booked will be Rs.15,000/- |
| Example - 2 | If the balance in the a/c reaches Rs.1,24,900/-, total amount is retained in the a/c, no fixed deposit would be booked | If the balance in the account reaches Rs.99,900/-, total amount is retained in the a/c, no fixed deposit would be booked | If the balance in the account reaches Rs.34,900/-, total amount is retained in the a/c, no fixed deposit would be booked |
Important note
- Sweep Out from CASA accounts will be considered and allowed at UCIC ID / Cust ID level for booking of Fixed Deposits. The Fixed Deposit terms and conditions to such sweep out cases will also be applicable at Cust ID / UCIC level of customer.The interest rate applicable on multiple deposits, across all channels, made by the same customer in a single day( through sweep out / renewal / fresh booking ) in one particular tenor bucket would be the rate which is applicable for the aggregate value
- Sweep-out request will be processed only if PAN number of the 1st applicant is quoted on the Savings Account Opening Form or MoneyMaximizer form
- Sweep-out will be triggered every Monday, at the start of the day
- An email advice will be sent to the email id, for the Fixed Deposits booked through this facility. Physical hard copies of the advices will not be sent on the mailing address
- Fixed Deposits will be booked for a tenure of 1 year 1 day, at the prevailing interest rates.
- Sweep - In facility is available by default on the Fixed Deposits booked through sweep-out.
- The customer will be eligible for senior citizens rates on Fixed Deposits only if the age proof has been provided to the Bank, and status of customer ids updated as senior citizen
- Funds from the Fixed Deposit booked through sweep-out would be utilized only for shortfall of funds. Any shortfall in minimum balance requirement would not be fulfilled through Money Maximizer facility.
- Sweep in facility is not available for IPO Application through ASBA/ rights issue. There should be sufficient clear balance in account for such processes
- Sweep in facility is not available for investing in securities
- Rest of the T&C would be as per respective Savings account & Fixed Deposit booked for customer.
(To know more about the Savings account ==> Refer respective Savings account product page
To know more about your Fixed Deposits ==> Refer Fixed Deposits Section)