IDFC FIRST Bank Sweep in FD

What is IDFC FIRST Bank Sweep-in FD?

IDFC FIRST Bank Sweep in FD facility ensures efficient utilisation of surplus funds while maintaining liquidity. These funds earn competitive IDFC FIRST Bank FD rates and provide higher returns than a savings account. For the current account holders, it is available under the BRAVO facility. When the account balance exceeds the preset threshold, the sweep in balance is transferred daily in multiples of ₹1,000 into a 370-day FD. 

Key Features of the IDFC FIRST Bank Sweep in FD

The Auto Sweep Facility in IDFC FIRST Bank offers a practical way to optimise your surplus funds. Here’s what makes it stand out:

• Optimised Liquidity and Returns: Excess balances above your chosen threshold become FDs, ensuring your funds earn while remaining accessible.
• Attractive Interest Yields: You can earn competitive IDFC FIRST Bank FD interest rates of up to 6.30% p.a.
• Maximum Single FD Limit: A single sweep-in fixed deposit can be created up to ₹2.99 crore.

How to Activate Sweep in FD IDFC FIRST Bank?

You can activate the IDFC FIRST Bank BRAVO auto-sweep facility online and offline. Follow these simple steps:

1. Online Activation

   To activate the BRAVO auto-sweep facility online through IDFC FIRST Bank Net Banking or Mobile App, simply follow these steps:

   • Log in to Net Banking/App: Use your IDFC FIRST Bank net banking or IDFC FIRST Bank Mobile App to start.
   • Go to Account Settings: Navigate to your current account settings section.
   • Select BRAVO Facility: Choose the BRAVO (auto-sweep) option in the menu.
   • Set Threshold Balance: Enter the minimum balance for sweep-in, usually ₹2 lakh or more for a current account and ₹50,000 for a savings account.
   • Review and Confirm: Verify your details and confirm the auto-sweep setup.
   • Activation Complete: Surplus funds above the set threshold are now swept daily into fixed deposits.

2. Offline Activation

   If you prefer setting up the BRAVO auto-sweep facility offline, you can do so at the branch by following these steps:

   • Visit Bank Branch: Go to your nearest IDFC FIRST Bank branch.
   • Request BRAVO Setup: Ask for the BRAVO auto-sweep facility for your current account.
   • Fill in Details: Provide account details and specify the sweep-in threshold amount.
   • Review Terms & Conditions: Go through the facility’s terms before submission.
   • Submit Request: Hand over the completed form to the bank staff.
   • Confirmation from Bank: Once linked, you’ll receive confirmation that BRAVO is active on your account.

Key Takeaways

The IDFC FIRST Bank Sweep in FD (BRAVO) facility moves surplus funds above ₹25,000 in savings accounts or ₹2 lakh in current accounts into 370-day FDs. These deposits are created in multiples of ₹1,000 and earn around 6.30% p.a. With instant withdrawals, no penalties, and auto-renewal, it offers a simple, flexible way to earn FD interest rates and grow your money while keeping it accessible.