Punjab and Sind Bank Sweep in FD

What is Punjab and Sind Bank Sweep-in FD?

Punjab and Sind Bank Sweep in FD provides a smart way to grow surplus funds while maintaining easy liquidity. This facility is offered through the PSB Flexi Savings Deposit and the PSB Smart Business Flexi Current Deposit Scheme. Under the PSB Flexi Savings Deposit Product, excess balance is swept into fixed deposits in multiples of ₹5,000 for a period ranging from 46 days to 180 days, earning applicable Punjab and Sind Bank FD rates. 

Key Features of Punjab and Sind Bank Sweep in FD

Here are the key features of the Sweep in FD Punjab and Sind Bank:

• PSB Flexi Savings Deposit Sweep-in Threshold: For personal account holders, the sweep facility starts once the balance crosses ₹50,000. For corporate account holders, it begins when the balance exceeds ₹2,00,000.
• PSB Smart Business Flexi Current Account Threshold: The sweep-in facility under this scheme starts once the account balance crosses ₹5,00,000 for all customers.
• Simple Activation: You can quickly start the sweep in options through internet banking, mobile banking, or visiting your nearest Punjab and Sind Bank branch.
• Builds Financial Discipline: Extra funds are channelled into deposits without effort, encouraging consistent saving and allowing you to maintain liquidity.

How to Activate Punjab and Sind Bank Sweep-in FD?

You can activate the Sweep-in FD facility at Punjab and Sind Bank quickly through online or offline modes.

1. Online Activation

   Punjab and Sind Bank customers can apply digitally for the Sweep-in FD using NetBanking or the PSB UnIC Mobile Banking App. Just follow these simple steps:

   • Log in to Net Banking or Mobile Banking App: Open the PSB UnIC app or Net Banking portal and sign in using your authorised credentials.
   • Go to the Fixed Deposit Section: Select the Fixed Deposit or Sweep in FD option from the main dashboard.
   • Choose FD Sweep in: Select the FD Sweep in option or Auto Fixed Deposit.
   • Provide Account Details: Enter your savings account details and the FD account you want to link.
   • Set Sweep Parameters: Define the threshold balance and select the tenure for the Sweep in FD.
   • Review and Confirm: Double-check the details, complete OTP verification, and submit.
   • Get Confirmation: Once activated, you will receive a confirmation message or receipt for your Sweep in FD.

2. Offline Activation

   Those who prefer in-person guidance can set up the Sweep-in FD by visiting their nearest Punjab and Sind Bank branch and follow these steps:

   • Visit Punjab and Sind Bank Branch: Go to your nearest Punjab and Sind Bank branch to initiate the Sweep in FD request.
   • Fill Out Declaration Form: Obtain and complete the Auto Fixed Deposit Declaration Form available at the branch.
   • Submit Required Documents: Provide documents such as PAN card, ID proof, and address proof if not already updated.
   • Provide Account Details: Mention your Savings Account details and the sweep-in instructions.
   • Deposit Amount: Ensure the minimum Sweep in balance is maintained in your account for sweep activation.
   • Confirm Setup: Submit the form; the bank official will verify and process your request.
   • Collect Confirmation: Once approved, you will receive confirmation that the Sweep in FD facility has been linked to your account.

Key Takeaways

Punjab and Sind Bank Sweep in FD helps customers maximise returns while keeping funds accessible. The PSB Flexi Savings Deposit Product moves surplus balance above ₹50,000 for personal account holders and ₹2,00,000 for corporate account holders into fixed deposits. The transfer takes place in multiples of ₹5,000 with tenures ranging from 46 to 180 days. For current account holders, the PSB Smart Business Flexi Current Deposit Scheme sweeps in amounts above ₹5,00,000 in multiples of ₹50,000 for 15 to 90 days, earning applicable FD interest rates.