AU Small Finance Bank Sweep in FD

What is the AU Small Finance Bank Sweep-in FD?

AU Small Finance Bank Sweep in FD works like a Flexi Fixed Deposit. When your savings or current account balance exceeds the set threshold, the extra funds are transferred into a fixed deposit to earn higher FD interest rates. If your balance falls short later, only the required amount is transferred back from the FD, while the rest continues earning interest.

Key Features of the AU Small Finance Bank Sweep in FD

The Auto Sweep Facility in AU Small Finance Bank offers returns on FDs and liquidity of savings. Here are its key features:

• Auto instruction: Once activated, the facility works without requiring fresh instructions.
• No additional fees: You don’t pay overdraft charges or extra costs if your Savings or Current Account runs short of funds.
• Competitive interest rate: Your surplus continues to earn FD-level returns until it is swept into your account.
• Multiple accounts linking facility: Link multiple Fixed Deposit accounts easily to your Savings or Current Account.
• Enhanced liquidity: It proves useful during urgent requirements such as EMI payments or cheque clearances, helping you avoid payment defaults or any adverse impact on your credit score.

How to Activate AU Small Finance Bank Sweep-in FD?

The Sweep in FD facility at AU Small Finance Bank can be set up quickly via Internet or Mobile Banking, or in person at a branch:

1. Online Activation

   The Sweep-in FD facility can be activated online in a few simple steps, as given below:

   • Log In: Access your account via the AU 0101 App or Internet Banking.
   • Navigate to Deposits: Go to the deposits section and select the Sweep in FD option.
   • Set Threshold: Enter your preferred Sweep in Balance limit based on your savings pattern.
   • Link Account: Choose the savings account linked with the Sweep in FD.
   • Review Details: Cross-check the entered details and make any necessary changes.
   • Activate Facility: Confirm the setup, and the Sweep in FD becomes active instantly.

2. Offline Activation

   For those who prefer in-person assistance, here’s how to enable the facility offline:

   • Visit Branch: Visit the nearest AU Small Finance Bank branch.
   • Request Service: Ask to activate the Sweep in FD AU Small Finance Bank facility.
   • Fill Application: Complete the Sweep in FD activation form with account and threshold details.
   • Provide KYC: Submit the required KYC documents if asked by the bank.
   • Verification: The bank staff will check and verify your details.
   • Receive Confirmation: Once processed, you will be notified when the Sweep in FD is successfully enabled.

Key Takeaways

The AU Small Finance Bank Sweep in FD links a current or savings account with a fixed deposit. When the account balance crosses the set Sweep-in Balance, the surplus is transferred into a fixed deposit at prevailing FD interest rates. Only the necessary amount is withdrawn if funds are required, while the remaining balance continues to earn FD interest. The facility can manage varying cash needs while ensuring that excess funds earn FD interest, typically higher than a savings account.