How to fill Auto Sweep column in Account opening form

If you applying for Saving Bank Account through offline mode which involve filling a Saving Bank Account opening form, then you must have came across a column in form that says Auto Sweep facility or Flexi Deposit. Most of the applicant gets confused with this facility. Most of the Bank nowdays offers Auto Sweep facility in some selected type of Bank account like Saving Bank Plus Account. Auto sweep is a facility where, if the account balance in account holder Account exceeds a minimum threshold limit (usually different for every Bank) then the excess of amount is automatically transferred into fixed Account in multiple of 1000. Thus the amount transferred into fixed Account earns Interest on fixed deposit rates rather saving bank account Interest rate. Thus it let Account holder earns more interest than that is earned from normal saving bank account Interest rates. In case if the amount falls short of threshold limit the amount is withdrawn from fixed deposit automatically to maintain the minimum balance in Saving Account.

How to fill Auto Sweep column in State Bank of India Account opening form

  1. Multi Option Deposit Scheme/Auto Sweep

Type of Deposit: Choose between Term Deposit or Term Deposit ( Reinvestment)
Period of Deposit: Choose the period of Term Deposit in years and month varying from 1 year to 5 year.
Agree Terms & Condition of auto sweep facility
Linked Saving Bank/Current Bank Account Number: Write your Dedicated Bank account number from which your want the excess balance to be deducted and transferred to Fixed Deposit Account.
Lastly, choose the mode how Auto sweep will break like LIFO ( Last in first out) or FIFO( First in First out).

Account holder who doesn’t want to opt for this service may leave this column Blank….