City Union Bank Sweep in FD

What is the City Union Bank Sweep-in FD?

City Union Bank Sweep in FD allows your surplus funds to earn prevailing FD interest rates while remaining accessible. Only the amount you need is returned to your account when required, so your surplus continues earning City Union Bank FD interest rates. These deposits can be opened for tenures ranging from 30 days up to 5 years and are created in multiples of ₹5,000, giving you flexibility and easy access to your funds.

Key Features of City Union Bank Sweep in FD

The Auto Sweep Facility in City Union Bank comes with the following features:

• Maintains Transaction Balance: Funds are transferred back whenever the balance in your account falls short, ensuring smooth transactions without decline or overdraft issues.
• Ease of Setup: The facility can be activated easily through Internet Banking, the CUB Mobile Banking App, or at a branch.
• Minimum Deposit Requirements:
  • For savings account holders (individuals), the minimum deposit is ₹100, and deposits are made in multiples of ₹100.
  • For MSME current accounts, the minimum deposit is ₹1,000, and deposits are made in multiples of ₹1,000.
  • For corporate current accounts, the minimum deposit is ₹10,000, and deposits are made in multiples of ₹10,000.

How to Activate City Union Bank Sweep-in FD?

The Sweep in FD City Union Bank can be set up online through Internet or Mobile Banking, or offline at the branch.

1. Online Activation

   You can activate the Sweep in FD facility conveniently through City Union Bank Internet Banking or the CUB Mobile Banking App by following these steps:

   • Log In: Access City Union Bank’s Internet Banking portal or the CUB Mobile Banking App using your authorised credentials.
   • Navigate to the FD Section: Go to the Fixed Deposit option from the main dashboard.
   • Select Sweep Option: Choose “Sweep in FD” or “Flexifix FD” to link your savings account.
   • Enter Details: Provide your account number, threshold balance, and FD tenure.
   • Verify & Confirm: Complete OTP verification and confirm the setup.
   • Receive Confirmation: After activation of the Sweep-in FD facility, customers get an on-screen message and, in many cases, an SMS or email notification.

2. Offline Activation

   To set up the Sweep-in FD in person, simply apply at your nearest City Union Bank branch by following these steps:

   • Visit the Branch: Visit your nearest City Union Bank branch and request the Sweep in FD facility.
   • Fill Out the Declaration Form: Obtain the Auto FD Declaration Form at the branch and fill in the required details.
   • Submit Documents: Provide necessary documents such as PAN, ID proof, and address proof as per KYC norms.
   • Provide Account Details: Mention your savings account number and clearly specify the sweep instructions.
   • Maintain Minimum Balance: Ensure that your savings account meets the required threshold for activation.
   • Collect Acknowledgement: Once your request is processed, the bank will give you an acknowledgement that the Sweep-in FD is linked to your account.

Key Takeaways

City Union Bank Sweep in FD is a practical facility that automatically moves surplus funds from your savings account into fixed deposits where they earn better returns. Investors enjoy higher FD interest rates while keeping funds liquid for daily needs. The sweep is executed in multiples of ₹5,000, with a minimum threshold of ₹10,000, and the FD tenure can range from 30 days to 5 years. This facility can be set up both online and offline.