Indian Overseas Bank Sweep in FD

What is an Indian Overseas Bank Sweep-in FD?

Indian Overseas Bank Sweep in FD provides flexibility and better returns by linking deposits with different account types. For current account holders, the IOB CD Platinum Plus provides this facility with an Average Quarterly Balance (AQB) of ₹5 lakh. For the IOB Trendy Account, the sweep-in starts once the sweep-in balance crosses ₹50,000, and deposits are created in multiples of ₹2,000. This ensures your surplus funds earn higher Indian Overseas Bank FD rates while keeping your money accessible whenever required.

Key Features of the Indian Overseas Bank Sweep in FD

Main highlights of the Sweep in FD Indian Overseas Bank facility are:

• Overdraft Protection: The Sweep in FD sweeps funds from your FD to maintain the required savings balance, preventing declined payments and overdraft charges.
• Ease of Setup: The IOB sweep-in facility can be activated easily via Internet Banking, Mobile Banking, or by visiting a branch.
• Builds Saving Habit: The auto sweep facility in Indian Overseas Bank helps you save regularly while keeping your funds available whenever needed.

How to Activate an Indian Overseas Bank Sweep-in FD?

The activation process of the auto-sweep Facility in Indian Overseas Bank with Indian Overseas Bank is simple. It can be completed online through Net Banking, Mobile app, or offline via an Indian Overseas Bank branch.

1. Online Activation

   To start Sweep in FD with Indian Overseas Bank online, follow these simple steps:

   • Log in to Internet Banking or Mobile App: Use your authorised credentials to access IOB NetBanking or the IOB Mobile application.
   • Go to Fixed Deposits: Select the Fixed Deposit option from the dashboard.
   • Choose Sweep in FD: Pick the option called Flexi FD or Auto Sweep.
   • Enter Account Details: Provide your savings account details to be linked with the deposit.
   • Set Sweep Rules: Enter the threshold amount and sweep multiples.
   • Review and Confirm: Check all details carefully, complete OTP verification, and confirm your request.
   • Get Confirmation: You will receive a message or receipt confirming that the Sweep in FD has been activated.

2. Offline Activation

   You can also apply for an Indian Overseas Bank Sweep in FD offline by visiting your nearest branch:

   • Visit the Branch: Visit the nearest Indian Overseas Bank branch and request to start a sweep in FD.
   • Fill the Form: Ask for the Sweep in FD form and fill it with the required details.
   • Submit Documents: Provide PAN, ID proof, and address proof if they are already updated in your account.
   • Give Account Details: Enter your savings account information and mention the sweep-in instructions.
   • Maintain Minimum Balance: Keep at least a sweep in Balance in your account, as this is the threshold for Sweep in FD.
   • Confirm with Bank Official: Submit the form; the bank official will verify and process your request.
   • Get Confirmation: Once activated, you will receive confirmation that the Sweep in FD has been linked to your account.

Key Takeaways

The Indian Overseas Bank Sweep in FD is a convenient option for depositors who want both growth and flexibility. Under this facility, surplus balances from your account are automatically transferred into fixed deposits where they earn higher returns. This way, you benefit from better FD interest rates while keeping funds available for everyday needs. It offers an easy and automated way to maximise returns without losing liquidity.