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AutoSweepAccountEnableitinyourSavingBankAccount
byManishChauhan448comments
DoyouhaveaBankAccount?Offcourseyoudo!Howmuchmoneydoyouhaveinyouraccount?5,000?20,000?orafewlacs?Ifyouhavealotof
cash,lyingidleinyourBankAccount,andatthesametimeyoudontwanttocommittolongterminvestment,youneedtoenabletheAutoSweep
facilityinyourSavingsBankaccount.ThiswillmakesureyouearngoodinterestonamajorpartonthecashlyinginyourSavingsaccount.

JagoinvestorProvidesClaimSettlementAssistancetoyourFamilyforLife
Insurance
Yes,IamInterested

WhatisAutoSweepAccount?
AutoSweepisafacilitywhichprovides,thecombinedbenefitsofaSavingsBankaccountandFixedDeposits.AutoSweepfacilityinterlinksyour
savingbankaccountwithaDepositaccountandmakessureanyextraamountlyinginyourbankaccountaboveathresholdlimitisautomatically
transferredtoFixeddepositsandyouearnbetterinterestonyourmoney.

HowAutoSweepworks?
ThisishowAutoSweepworks.Youdefineathresholdlimit,andmoneyuptothatlimitwillbeintheformofcashinyoursavingsaccountandany
amountabovethis,limitwillautomaticallybeconvertedintoaFixedDepositandyouwillstartearningnormalFDreturnsonthatpartofthemoney.
Atanypointintime,ifyouneedmoneymorethanislyinginyourbankaccount,themoneylyingintheFixedDepositsisReversedsweepedintoyour
savingsaccountandyoucanwithdrawtheamountyouwish.
Example
AjayopensanewSavingsBankaccountwithSBI.HeenablesAutoSweepfacilityonhissavingsbankaccountanddefinesthethreshold
limitofRs30,000.NowsupposehehasRs10,000lyinginthebank,Hewillbeearningnormal33.5%interestonthismoney.Afterthatif
hedepositsRs60,000inhisaccount,histotalbalancewouldbe70,000.Butasthisisabovehisthresholdlimit,theextraamountof

40,000willbeconvertedintoafixeddepositautomaticallyandstartearningreturnsequaltonormalFixeddepositswithSBI(forexample
8%).Thiswayhealwayshas30,000inhisaccountforhisdailyrequirements,andhehas40,000convertedintoFixeddepositswhichagain
isavailabletohimincaseherequiresit.
Nowsupposehehastowithdraw10,000fromhisaccount,hewillactuallywithdrawitfromthecashlyinginsavingbank,andhisbalance
willreduceto20,000.HoweverontheotherhandifhewantstowithdrawRs50,000.theninthatcase,ashisaccountbalancewillbejust
30,000,anadditionalRs20,000willbeautoreversedfromhisFixedDepositandhecanwithdrawtotal50,000.

Opportunitycost
Alotofusdontbotherabouthowmuchidlemoneyislyinginouraccountandforhowlong.ThishappensbecausewethinkImightneeditsoon,so
letsnotcommittoanyinvestment.Butthen,themoneykeepslyinginthebankformonthsandmonthsandsometimesevenyears.
SupposeyouraccounthasRs1lacfor1year,itwillearn3.5%interestonit,whichisRs3,500forayear.Howeverifyouhaveautosweepenabledin
yoursavingsaccountwiththresholdlimitofRs20,000,theadditional80,000willactuallybeinformofafixeddepositanditwillearnaninterestof8%
(assumption).Inthis,youwillearn3.5%of20,000whichturnsouttobeRs700and8%of80,000whichisRs6,400,atotalof7,100,whichisalmost
100%morethanthefirstcase.
Alotofpeoplehavemuchmorethan1lacintheiraccounts,notjust1lac.Youcanearnsomeextrareturnsifyoujustenableautosweeponyoursaving
account.Sofindoutifyourbankprovidesthefacility,justdoit,andgetitrightaway!
Alsonotethatdifferentbankshavedifferentnamesforthisfacility.Foreg.,ICICIBankcallsitAutoSweep,HDFCBankcallsitSweepInaccount
,andSBIcallsitSavingPlus..HereisalistofotherbanksandthenamebywhichtheycallthisAutoSweepfacility(thanksforGopalGidwanifor
theinfo)
IDBIBankSweepinSavingsAccount
AxisBankEncash24
UnionBankUnionFlexiDeposit
HDFCBankSuperSaverFacility
BankofIndiaBOISavingsPlusScheme
OrientalBankofCommerceFlexiFixedDepositScheme
StateBankofIndiaMultiOptionDepositScheme
AllahabadBankFlexifixDeposit
BankofMaharashtraMixieDepositScheme
CorporationBankMoneyFlex
UnitedBankofIndiaUnitedBonanzaSavingsScheme

DisadvantagesofAutoSweepAccount
AutoSweephassomedisadvantagestoo.IngeneraltheinterestratesofnormalfixeddepositandFDsunderAutoSweeparesame,butsomebanks
chargeapenaltyiftheFDunderautosweepaccountsarebrokenbeforesomedurationlike1yrand1day.ButIthinkthatsfine.Ifnot8%,youwillat
leastget7%,stillbetterthan3.5%.
SomebanksarealsoknowntogivesimpleinterestontheAutosweepFixedDepositsandnotcompoundinterestasincaseofnormalfixeddeposits.

Dontoverdoit
WhileAutosweepisawonderfulthingforsalariedclasspeoplewhowanttomaintainliquidity,aswellaswanttoearnmoreinterestontheirunused
money,oneshouldnotoverdoit.Ifyouareverysurethatthemoneylyinginyouraccountwillreallynotbeusedforlong,bettertousethenormal
FixeddepositorDebtfunds.Onlyifyouareunsureofyourmoneylyinginbankandwhenyoumightneedit,youshouldbeusingAutoSweepfacility.
Thewayautosweepworks,itmakesitanidealplacetoparkemergencyfunds.Soifyouhavekept6monthsofexpensesasyouremergencyfundin
SavingBank,thenyoucanenableautosweepfacilityandsetthresholdlimitas23monthsofexpenses,sothatrestofthemoneycanearnabetter
interest.
Comments:DidyouknowaboutAutosweepaccountearlier?Doyouthinkitwillbehelpfulforyouanddoyouplantoenableit?

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{446commentsreadthembeloworaddone}
1HiteshMarch31,2011at4:56pm
Ihavecheckedathdfcwebsiteanditstatesthatithassomeservicechargeattachedtothissweepinfacility.Inthatcasetheinterest%mayreduce
more.
Reply
2ManishChauhanMarch31,2011at5:01pm
Hitesh
Canyougivemethelinkyouarechecking,Ilookedatthissite:
http://www.hdfcbank.com/personal/accounts/fixed_deposits/sweep_in_account/sweepin.htm
alsoingeneralthisfacilityisnotchargable,butifbankdecidestochargeforit,Iamnotsureifwecandoanything,youhavetochooseor
notchoose.
manish
manish
Reply
3SidharthMarch31,2011at10:24pm
Himanish,
Onceagainveryinformativearticle.
Iamjust1montholdtothiswebsite&soexcitedthat,ireadallthearticlesfrom2007injust1week.
itshelpmealotinmyfinanancilplanning
exno.ofmutualfundsreducedto10from17.
restartfewdiscontinuedSIP.
Thanksforallyourhardwork.
Reply
4ManishChauhanApril1,2011at1:16pm
Sidharth
Thanksforsharingyourexperience,Iamhappythatyoutooksomeactionsbygettingmotivatedfromthisblog.thatsreally
inspiring,theseactionsarethethingwhichwilltakeyourfinanciallifefromoneleveltoanother.
Keepreading
Manish
Reply
5NitinGuptaApril1,2011at10:53am
Thehdfclink,hasastatementYoucanavailofboth,aSuperSaverFacilityaswellasaSweepInFacilityifyouhavelinkedyour
depositstoaSavingsFacility.Itmeansthatsupersaverandsweeoinaredifferent.
Iamconfused.
Reply
6ManishChauhanApril1,2011at1:18pm
Nitin
AreyouNRI?becauseSuperSaverseemstobeaSweepinkindoffacilityforNRIcustomersfromHDFC
Manish
Reply
7ManishChauhanApril1,2011at1:22pm

http://www.thinkplaninvest.com/2009/10/whatissupersaverandsweepinaccounts/
Reply
8rajuMarch31,2011at5:00pm
HiManish,
Nicearticleonceagain.
Itwillbegood,ifwecangettheinfoofthebankswhichoffersthiskindoffacilitywithdifferentnames.
BecausepeoplehavesavingsaccountindifferentbanksnotjustICICI,HDFC,SBI.
AsIknow,IDBI,Indianbankalsoofferssimilaroptionwithsomedifferentname.
Onceagainthanksforyourarticle.
Regards,
Raju
Reply
9ManishChauhanMarch31,2011at5:07pm
Raju
IDBIcallsitSweepInaccount,notsureaboutIndianbank
manish
Reply
10MuraliSeptember19,2013at5:14pm
HiManish
Howtoavailthisfacilityifwealreadyhaveasavingsbanka/c(salarya/c)withidbi.
Regards
Murali
Reply
11ManishChauhanSeptember25,2013at2:09pm
Talktotheircustomercare!
Reply
12GopalGidwaniMarch31,2011at6:56pm
HiRaju,
Someofthebanksthatofferthisproductunderdifferentnamesinclude:
IDBIBankSweepinSavingsAccount
AxisBankEncash24
UnionBankUnionFlexiDeposit
HDFCBankSuperSaverFacility
BankofIndiaBOISavingsPlusScheme
OrientalBankofCommerceFlexiFixedDepositScheme
StateBankofIndiaMultiOptionDepositScheme
AllahabadBankFlexifixDeposit
BankofMaharashtraMixieDepositScheme
CorporationBankMoneyFlex
UnitedBankofIndiaUnitedBonanzaSavingsScheme
Thislistisalittleold.IfanybankhaswithdrawntheproductorchangedthenamefortheproductthenIamnotsureofit.
BestRegards
GopalGidwani
Reply
13ManishChauhanApril1,2011at1:19pm
Gopal
Thanksfortheinfo,Ihaveaddeditonthemainblog
Manish
Reply
14AbhilashMarch31,2011at5:03pm

LetssaythatIenabletheautosweepfacilityonmyaccount.Ithenbreatitandsweepbacktheentireamountafter6months.SodoIgettheFD
interestratefor6monthsontheautosweptamountassumingthatthereisnopenalty?
Reply
15ManishChauhanMarch31,2011at5:09pm
Abhilash
Yes,yougettheinterestforanydurationforwhichFDwasthere.Alsonotethatyoudonthavetodoanythingmanuallyfromyourside,.
Foryouitwillappearasifyouhaveallthemoneyincash,thissweepinconverstionofextracashintoFDisallbytechnology.
manish
Reply
16shanuFebruary24,2014at6:12pm
plstellinmoredetailifminimumperiodforfdis1year.
canwegettheintrestfor6monthforfdinautosweep?
Reply
17ManishChauhanMarch3,2014at11:11am
Youwillgetinterestforwhateverdurationyouopenit
Reply
18HiteshMarch31,2011at5:06pm
Himanish,
thelinkisthesameasyoumentionedbutundertheheadingsweepinfacilitythereis3rdpointofservicesandfees.butwhenweclickonititdoes
notshowthefees.
Thanks
Hitesh
Reply
19ManishChauhanMarch31,2011at5:08pm
Hitesh
Thatlinkisageneralfeeslinkandnotforthisparticularservice.
Manish
Reply
20SanghmitraMarch31,2011at5:08pm
Hi,
ItsastonishinghowwedidntknewsucheasywayofparkingmoneyGoodinfo
Willgoforitsoon..
Justneedtoclarify,doesitworklikeeveryexcessamountatmonthendfrequency(correctmeifwrong)getstransferredtoFDatparticualr
interestrate(whichiswhat?).Whenwillbethematuritydate?
Reply
21ManishChauhanMarch31,2011at5:14pm
Sanghmitra
Whenyouenabletheservice,youwillhavetotellthebankaboutallthesedetailsthathowlongtheFDshouldbelike1month,3monthor
1yretc.Dependingonyourinputs,itwillbefunctioning.
Manish
Reply
22somApril1,2011at12:17pm
IthinkinSBIthesystembydefaulttakesitfor12months.IncaseofBankofBarodaitisbydefaultfor180days.
Reply
23ManishChauhanApril1,2011at1:20pm
Som

Butdonttheyaskyouforyourpersonalprefference?Ithoughtifainvestordoesnotmentionanypersonalpreference,then
onlythedefaultnumberscomeintopicture?>
Manish
Reply
24AmritAugust10,2012at12:52pm
HiManish,
Ithinkyouareright.bydefaultSBIputthesweepaccountmoneyfor1yrs.Ihaveanexperienceforthat.Ihadopened
theaccountinSBIbutiwasnotawareabouttherulesandregulationofsweepaccount.Idepositedaround20,000inmy
accountandfewdaylaterisawtheminsweepaccountfor1year,thenonlyicametoknowthatthereissomethinglike
sweepaccount.
Reply
25ManishChauhanAugust10,2012at5:37pm
Soforyourcasesweepaccountwasactivatedbydefault?thatshouldideallynothappen!
Reply
26DevendraDecember8,2014at9:02pm
SomeofbankManagersarereallyveryknownofaboutthesefeaturessotheyactivateatthetimeofaccount
opening.Butstilltherearelotsofoldagemanagerswhicharenotawareofnewinterfaceofcomputer
softwareanditsfacilities.
Reply
27AmarnathMarch31,2011at5:23pm
ThisiswhatICICIsaysaboutautosweepaccount!.
DearMr.Reddy,
EffectiveOctober1,2005,fundsfromyoursavingsaccountwillbemovedtocreatefixeddepositsonlyonyourspecificrequests.
WeareunabletoserviceyourrequesttocontinuethefacilityofAutosweepinyouraccountasthelastdate(January31,2006)toplacearequest
forcontinuationofthefacilityiscompleted.
Thisisintimatedtoallourcustomersalongwiththeaccountstatements.
However,youcangivespecificrequesttothebanktocreateaFixedDepositbysweepingmoneyfromyoursavingsaccountandlinktheFDso
createdtothesavingsaccount.
FeaturesofMoneyMultiplieraccount(earlierknownasautoinvestaccountorquantumoptima):
ThecreationoflinkedFixedDeposit(FD)willbedoneonlyonspecificrequestfromthecustomer.
1.YouhavetogivespecificrequesttothebanktocreateaFixedDepositbysweepingmoneyfromhissavingsaccountandlinktheFDsocreated
tothesavingsaccount.
2.MinimumbalanceinthesavingsaccountshouldbeRs.15,000togeneratealinkedFDrequest
3.FDrequestswillbemadeinmultiplesofRs.5,000only.
4.YoumayhavemorethanoneFDlinkedtothesameaccount.youneedtogivespecificrequestforeachFDcreationandlinking.
5.ThelinkedFDswillbeunderthesameCustomerID.
6.AllFDslinkedtotheaccountwillbeenabledforautomaticreversesweepinmultiplesofRs.5,000whenthebalanceinthesavingsaccountfalls
belowRs.10,000.
7.FDswillbebrokeninLIFO(LastInFirstOut)basisforreversesweep.
KindlynotethatMoneyMultiplierAccountisalsoupdatedintheTermsandConditionssectiononthewebsitehttp://www.icicibank.com.
Reply
28ManishChauhanMarch31,2011at6:21pm
Amarnath
Thanksforsharingthis,whendidICICIsendyouthisemail?becauseitseemsautosweepwithICICIwillnotbethatattractive!
Manish
Reply
29AmarnathMarch31,2011at8:58pm

itwaslastmonthwhenItrytoenquireontheproduct.Yestheymadeitverydifficultenroll,theyallowonlineFDs/Insurance/and
otherproducts.Butnotthesweepaccount,maybetheydontwanttoencourageppltousethesweepaccountfacilityasitcostmore
tothem.
Reply
30ManishChauhanApril1,2011at1:24pm
Amarnath
Thatsbad.Otherreadershavealsoenrolledforthisfacilityandtheyseemtobeokwithit,checkothercomment
Manish
Reply
31JayaprakashReddyApril2,2011at10:30am
Amarnath,
Ivebeenusingthisservicesincelastcoupleofmonths.Yest,thereisadifferenceinthisfacilityfromotherbanks.Thisfacility
isonewayautomatic.IfyouhaveexcessyoucancreateFDabove15kandtheywillreversesweeptheamountwheneveryour
balancegoesbelow10k.ItlooksgoodtomeandwheneverIdepositamountintheaccountIllcreatemoneymultiplierFDand
throughoutthemonthwhateverpaymentsaregoingfrommyaccount,theywillreversesweeptheamountfromFDtosavings
accountandalsotheyaddinterestfortheamountyoukeptforthatdurationevenifitis1rs.
Reply
32ManishChauhanApril4,2011at9:44am
Thanksfortheupdatefromyourside
Reply
33VijayApril11,2011at1:49pm
IcalledICICIbankcustomerserviceandtheysaidautosweepfacilityisnotavailablenow.Insteadtheyhavemoneymultiplierinwhich
customerhastocreateLinkedFDwhichwillearnFDinterest.Thisamountwillpaidifcustomerdoesnthavesufficientbalancetoserve
chequerequest.
Reply
34ManishChauhanApril11,2011at5:23pm
Vijay
Itsonlyforexistingcusomtersrightnow.
Manish
Reply
35shyamMarch31,2011at5:24pm
IknewabttheAutosweepaccountearlier,butsurelyihvlearntsomethingextrahereabtthepenaltychargesfrombanksandthevariousnames
underwhichthebanksoffer.
Reply
36ManishChauhanMarch31,2011at6:22pm
Shyam
Thatsgreattoknow.Sharesomethingwithuswhichwehavenocoveredhere
Manish
Reply
37NinadApril3,2011at5:26pm
IncaseofHDFCtheyhavepenaltyof1%onpartoftheFDwhichbreaks.IDBIbankdoesnothavesuchpenalty.
OnemorethingwithHDFCbankistheFDsbreakinFIFOmethod.ieoldestFDbreaksfirst.Myownexperiencewasthatduetothis
noneoftheFDscompletedtheirfullterm.NowadaysImanuallybreaktheFDonline(mostlythelastonecreated)incaseof
emergencyfunding.
Reply
38ManishChauhanApril4,2011at9:51am
Ninad

hmm..BreakingFDsinFIFIstyledoesnotlooktogoodtome.Asyousaiditdoesnothelpyougainthemaximumreturns.It
shouldbeLIFOstyle
Manish
Reply
39KRANTINovember5,2012at9:26pm
Hmmm.manishLIFOFIFOmusthaveremindeduofurcomputerengineeringdays!! andthesameisformetoo!!
Nicetoheartheseterms!!!
Reply
40ManishChauhanNovember6,2012at2:56pm
Yup!
Reply
41viswanadhamJune9,2011at1:33pm
IheardthatHDFCBankdoesnotallowonlineliquidationofanFDcreatedmanuallyinabranch.Nothingaboutitiswrittenon
itswebsite,butdoyouhavesomeexperienceonthisissue?
Reply
42TribhuNovember25,2011at8:56am
ThisistruethatFDcreatedfromabranchcannotbecanceledfromsite.IgotthisinformationthroughmailfromHDFC.
Tribhu..
Reply
43ManishChauhanNovember25,2011at11:03am
Tribhu
Iamntsureifthatstrueforallthebanks,ithinkinICICIitspossible
Manish
Reply
44tarunJune4,2011at9:29am
8979658160hello.
Reply
45VikasMarch31,2011at5:25pm
LovelyarticleManish.Ithinkthisissomethingwhichmanypeoplecanmakeuseof.Thanksforsharing.
Reply
46ManishChauhanMarch31,2011at6:22pm
Vikas
Thanks.Shareitwithyourfriendstoo
manish
Reply
47shyamMarch31,2011at5:25pm
But,surelythiswillbevaluabletomanyviewers.
1ceagainManish,Thkxfortheeffort.
Reply
48ManishChauhanApril1,2011at1:25pm
Shyam
Thanks
Reply

49chandermaniMarch31,2011at6:13pm
Oneproblemihavefacedinthepastwheniusedsuchafacilitywasthattheaccountstatementbecomesverycluttered.Thereareentriesforall
sweepin\outsandmakingsenseoftheaccountactivityisnearlyimpossible.
Thisfactorshouldbekeptinmindwhileusingthisfacility.MyexperiencewaswithICICIbank.
Reply
50ManishChauhanMarch31,2011at6:23pm
Chandermani
Thatsagoodinfotoknow,Iwasnotawareofit .Yesifapersonistoosensitiveaboutunclutterednessthanonewillhavetothinkabout
it
Manish
Reply
51PVenkatesanMarch31,2011at6:17pm
Nicearticle.Somebodyonlyknowthisfacility.Butsomebanksgivelotoffacility,likeSBIgivethetotalbalanceinpassbook(balance,avail
balance).ButDhanalakshmiBank,onlybalanceavailabilityinpassbook.
Reply
52ManishChauhanMarch31,2011at6:25pm
PVenkatesan
Thanksforsharingthatinfo.IthinkoneaccountinSBIissomethingwhichoneshoulddefinatelyhave.Whatdoyousay?
Manish
Reply
53SameerBhiwaniMarch31,2011at6:54pm
IhaveoneoftheseaccountsfromHDFC,butIhaveneverseenanyFDtransactions,orgotanysweepin/outnotifications.Ireallyhavenowayto
findoutwhatpartofmymoneyisearningwhatinterest.
Moreover,thesalesexecwhosoldmethea/csaidanythingabove50kwillgetFDinterestItoldhimthatIlltakeitonlyiftheamountis25k,not
50k.Hesaidhewillgetitdone.
ButwhenIgotthea/cdocs,itshowed1lakhi.e.onlyamountabove1lakhwillgetFDinterest.WhenIcalledhimagain,hemadeexcuses.
Butforamountevenabout1lakh,Idontseeanyactivityorhaveanywaytoreallysaythatthishasworked.
Isthereanythingelsethatneedstobedonetoenablethis?Howdoyouknowonwhatamount,howmuchinterestyougotandforwhatduration?
Sorryifthissoundedlikearant,Ijusthadtoinkit!
Sameer
Reply
54ManishChauhanMarch31,2011at7:03pm
Sameer
Thanksforthatinfo,GenerallybankwillaskyouintheformwhatamountyouneedasThreshholdlimit.bankswillhavetheirown
minimumlimit.Ifyouhavesweepinenabled,thenyoushouldbegettingthebenefit,ItcanthappenthatBankisnotgivingittoyouand
incasetheyarenotprovidingyoubenefit,itsaclearcaseofservicedefeciancyandyoushouldbecomplainingabioutittoBankandthento
BankingOmbudsman(comingnextinthearticle).
Youneedtotakeastepandenquireaboutit,becauseyouareloosingsomepotentialmoney.
manish
Reply
55SameerBhiwaniMarch31,2011at8:42pm
ThanksManish.ThisiswhereIhaveadoubtperhapsanyHDFCcustomerusingthiscananswerhowdoyouknowwhatisthe
amountearningFDinterest?Shouldwejustseetheinterestamountandbehappy(likesavingsinterest)?ordowehavearightto
knowhowtheyarrivedatthatamount(likeregularFD)?
Reply
56KarunApril1,2011at12:55am
HiSameer,
Myexperiencetellsmethatpvtsectorbankschargealotofmoneyforsmallservices.

Inyourcasekeepingaside1lacinsavingsA/cat3.5%defeatsallthepurposeofopeningaAutoSweepInA/c.
SBPprovidesthisfacilityfor10kwithinteretrateof9.75%(for1year).
Karun
Reply
57SameerBhiwaniApril1,2011at10:04am
@Karun
Yes,thatsthereasonwhyInegotiateditto25k,buttheseniorsalesexecwasafraud,hisethicswerenotasgoodashisenglish!
Sameer
Reply
58ManishChauhanApril1,2011at1:28pm
Sameer
ok,sothisbecomesaclearcaseofnegligencebythebank,Haveyoucomplainedtobankaboutitandithasbeen1month
passedfromthatdate?NowyouhavetoapproachbankingombudsmanandIamsuretheywilltakecareofthis,maybealittle
latebut,beabitpatient.
SeemynextarticleonBankingombudsman!
Manish
Reply
59RakeshMarch31,2011at7:15pm
Manish,
Onceagainverygoodarticle.
IhadcheckedwithHDFCbankfewmonthsagoandtheysaidicannotlinkittomyexistingsavingsaccountandwouldhavetoopenanew
accountandlinkit.
Thatsjusttoomuchpaintomanageanotheraccount.
Rakesh
Reply
60VishnuApril1,2011at12:50pm
Hi,
Ucandoitonlinethroughnetbankingwithoutanyrequest.
Reply
61SomenJanaAugust27,2014at8:58pm
dearVishnu,
Canyoukindlytellmetheproceduretoactivatetheautosweepfacilitythroughnetbanking?
Thanksinadvance
Reply
62ManishChauhanApril1,2011at1:32pm
Rakesh
Askthemforalinkonthewebsitewhereitsmentionedthatyoucantenableitonyourexistingaccount,iftheycangiveyouthelink,then
itsfine.
ElsetellthemyouwillcomplaintoBankingombudsmanaboutit,letsseewhatdotheysayinthatcase
Manish
Reply
63PratikAgarwalMarch31,2011at7:21pm
ItoohaveanexperiencewithBankOfBaroda,andmyexperienceregardingtheclutternessinpassbookwassame.Itsveryveryhardtotacklethe
transactionsfromFDtonormalaccount,
regardinginterestrate&chargesIamnotaware,Ijustoncetriedmybraintoseeifalldebits&creditsweregenuine,
Reply

64ManishChauhanApril1,2011at1:37pm
Pratik
SodoyoufeelthattheextramoneyearnedbythisfacilityisnotofvaluecomparedtotheunclutterednessinyourPassbook?
Manish
Reply
65GopalGidwaniMarch31,2011at7:45pm
HiManish,
Idontthinkthereisachargeforthisservicefromthebank.ThisisofferedasacomplimentaryservicewiththeSavingsAccounttoencourage
peopletokeepmoneyintheirSavingsBankAccountratherthanputtingitinadebtfund.Iftheypenalisecustomersforavailingthisservicethen
customerswillnotoptforthisserviceanditwillbeattheentirepurposeofthisfacility.
WhenIwasdoingresearchonthesametopic,Ididvisitwebsitesofanumberofbanksofferingthisproduct.ButIdidnotfindanywhere
mentionedifanybankischargingforthisservice.IfyouaretalkingaboutanyspecificbankwhichischargingforthisservicethenIamnotsure
andImaybewrong.Butasageneraltrendsincethisproductisacomplimentaryproductandthisbenefitsbanksmorethanthecustomers(even
thoughcustomersgettheliquidityofasavingsaccountandreturnsofafixeddeposit)soitmakesnosenseforbankstochargeforthisproductas
itwilldissuadecustomersfromavailingthisproduct.
Ididreadsomereaderscomplainingabouttheiraccountstatementsclutteredbecauseofadditionalaccountingenteriesduetothisfacility.ButI
feeltheclutteredstatementisworthitifithelpsthecustomerearnanadditional44.5%overandabovethenormalreturnofasavingsaccountof
3.5%
BestRegards
GopalGidwani
Reply
66ManishChauhanApril1,2011at1:54pm
Gopal
Agreewithyouonallpoints.Justthatsomebanksarenotthatexcitedtomakethisfacilityeasyenoughforcustomers.Theremany
blockagesandruleswhichkeeppeoplestayawayfromthisservice.
Manish
Reply
67GaneshMarch31,2011at7:47pm
Sowhataboutthetaxpartofthis.WeallknowthatifyoutakethetaxpartintoconsiderationFDgivesaprettybadreturns.
Reply
68ManishChauhanApril1,2011at1:05pm
ThetaxationpartissameasFD,allinterestisaddedtoyourincome.
Manish
Reply
69PareshMarch31,2011at8:28pm
Thankyouforthisinformation.
Really,smallerthingscanchangetobiggerifweprovideproperattentionandtakecareofit.
Informationyouprovidedisreallyinwelfareofinvestors.
JustonethingIwouldliketoupdate,,toavailsweepinfacilityofIDBIbankoneneedstomaintainaverageannualbalanceofRs.50,000/inFFD.
Thankyou.
Reply
70PareshMarch31,2011at9:39pm
onecorrectioninmyabovecomment:
quarterlyavgbalanceofRs50,000/tobemaintainedinffd,,itsnotannualavgbalance.
Reply
71ManishChauhanApril1,2011at2:15pm
Paresh
Differnetbankhavetheirownlimits.IDBIhasabitoverstrechedlimisiguess

Manish
Reply
72PareshApril1,2011at10:53pm
yes.butidbiadvantageisthezerobalanceaccountwithallfacilitiesandnoservicechargesforimp.services.eventheydont
chargeforDD,,outstationchequesetc.
Reply
73ManishChauhanApril4,2011at9:52am
Paresh
Ithinkthatsmoreimportantthingforanormalcustomer.IDBIhasbeenpositioningitselfverywellinlast12yrsasa
customerfriendlybankwhichdoesnotchargeforbasicthings.
Manish
Reply
74AhmadZaibMarch31,2011at8:47pm
NoIdidntknowaboutthisandasalwaysthisissomeniceinformation!
ThanksManishonceagain!
Reply
75ManishChauhanApril1,2011at2:16pm
Ahmad
Great .Useitnowandspreadtheword
Manish
Reply
76MarshalMarch31,2011at9:15pm
thanksmanishforsharing,amusingSBIMODfacilityfrompastoneyearandithinkididmentionthissomewhereinyourblogasacomment..
anditisreallyworthbarringclutteredpassbookoronlinestatement..
Reply
77ManishChauhanApril1,2011at2:18pm
Marshal
Butdontyouthinkitsbettertoget34%returnevenifyourpassbookisbitcluttered.
Manish
Reply
78AnunayMarch31,2011at10:15pm
Ibelieveitsnotworth,althoughthereturnsofupto10%looksattractivebutwhenitcomestoquantumofinteresttheninterestearnedisnot
substantial.ItonlyincreasesthecomplexityandIamsureevenafinancialexpertwillfinditdifficulttoreconcilethestatementespeciallywhen
FDisbrokeninunitsoflessthanRs.5000.
alsosavingsacgivesinterestof3.5%ondailybalancenowmakingthesweepfacilitynotveryattractive.EarlierthisfacilitywasUSPofPrivate
banksbutnowadaysevencustomersalsodontshowanyinterestinthistypeofproduct.
Reply
79ManishChauhanApril1,2011at2:21pm
Anunay
Whydoyouthinkdailyinterestonsavingbankwillgiveenoughreturn,itstillcomesouttobearound3.53.7%.
AlsoFinancialexpertsdontgothatdeepintoyourPassbookstolookatnumber.Canyousharewhatexactlyisthereasonyouthinkthisis
notworththehassle?
Manish
Reply
80AnunayApril4,2011at9:53pm

HiManish
IhadopenedaautosweepandreversesweepaccountwithICICIbankin2002,howeverafter1andhalfyeartheinterestIearnedwas
aroundRs.2800consideringmyaveragecreditwasRs.48000pmandmyminimumbalancewasRs15000atanypointoftime.
Beingafinancialexpertmyselfifoundthatunderstandingandreconilingofmystatementswasaherculentask.Trustmebeingwell
educatedinfinanceandevenbeingafinancialexpertIhadtospendalotoftimetoreconcilemybankstatement,Iwonderwhata
normalpersonwouldgothroughifhewouldhavebeenatmyplace.610yearsbackeverybankwasboastingofofferingautosweep
andreversesweepfacilitywhichIamsurenobankboastsof.eveniftheyareprovidingthisfacilitytheyneverboastoforeven
mentionaboutthisfacilityinanyofitsbrochure.
Netnet,rewardearnedbythisfacilitywillnevermatchtheexpectationsaccordingtothebalanceskeptinthesavingsaccount..
ForthepersonwhoseaveragecreditisRs10000,thekindofreturnshewouldgetwillneverbetheworthconsideringthetroublehe
wouldgothroughreconcilinghisstatementsanditwouldbethesamewithapersonwithaveragecreditofRs5lacsmonthly.
Onpercentagereturnsperspectiveitmightreallybeveryattractivebutwhenitcomestoabsolutereturnsitsnotagoodproposition
Reply
81ManishChauhanApril5,2011at10:24am
Anunay
Ok,sobynetreturn,youmeaneverythingconsideringnumberreturns+inconviniencetoo?Idontknowmanywho
actuallyreconciletheirbankstatementpersonally,theyaremostlyinterestedinseeingmoneyinthieraccount.thatsall
Forthosepeoplewhatdoyouthink?
Manish
Reply
82AnunayApril6,2011at11:17pm
Haha.thosepeoplecantevenmakeouthowmuchtheyhaveearnedtheywilljusthaveafeelgoodfactorthattheyare
earningFDinterestrate(Upto105intodaysscenario)
Reply
83KarunApril7,2011at12:09am
Hi
Justcoreectingyouhereits109.75intodaysscenario(FDRforoneyear)
Karun
Reply
84KarunApril1,2011at1:02am
Hi
Whythepasbookiscluttered?Idontseeanyreasonforthesame.
KindlyrememberinterestincreditedtoA/conquarterlybasisinmostofthebanks.
Ifyoumoneysweepsinorouthowdoesitaffectyourannualstatement?Onlytheinterestcomponentshouldaffectit.
ThirdlyIthinkinmostofthebanksthereisasystoshowTOTALBALandAVAILABLEBALANCEinA/cstatementorpassbook/
Regards
Karun
Reply
85ManishChauhanApril1,2011at2:22pm
Karun
YeaevenIthinkthereisnomuchproblemwiththeclutter.
Manish
Reply
86KarunApril1,2011at1:05am
Manish,
KindlyalsomentioninyourarticlethatinthisrespcaseFDRcannotbemadeforspecialdays.

ForegSBPwasgivingspecialrateof9.75%for999daysand555day.UBIisgivingspratefor1100days.
SweepsIncannotbemadefor999or555days.Itwouldbemadeonlyforstraightfwdtimeperiodslike6mon,1yr,2yretcetc
Karun
Reply
87ManishChauhanApril1,2011at2:53pm
Karun
Yea..Ihavealsomentionedthatoneshouldnotoverdoit.Ifoneknowsthatthemoneywillbelockedformanymonths,thenbettertogo
forotherproducts.
Manish
Reply
88VijayApril11,2011at2:22pm
ICICIbankprovidesLinkedFD(MoneyMultiplier)withspaecialrates(390/555etc).Throughnetbanking,therearetwooptionsfor
customer,firstisspecialinterestandanotherisnormalone.
Reply
89SauravSinhaApril1,2011at1:10am
HiManish.gudarticleonceagainIknewaboutitthroughMr.GopalGidwanisbachatkhata.com.justdecidedtogoforit.Ihavea
salaryaccountinSBIsomyqueriesaretoUnMarshalwhosafellowSBIaccountholder:
1)ToManishWhatisthedifferencebetweenminbalance&thresholdlimitincaseIswitchfromsalaryaccounttoSavingsPlusaccount?
2)ToMarshalWhatkindofdepositoptionsdoIget(Fixeddeposit/TermDeposit/SpecialtermDeposit)&whichisbetterintermsof
returns/taximplications?
3)ToManishWhatisthemeaningofQuarterlycompoundedInterest?ifIoptforSpecialTermDeposit?Isitcompoundinterestonmoney
availableinaccounteveryquarterend?Whatwillbethetaximplications?
4)ToMarshalCanitbeoperatedfromoutsideIndia?ImeanifIopenSavingsPlusaccountnow&afterfewmonthsImoveoutsideIndiathen
willIbeeligible/abletomaintainthisaccountsimplybymaintainingquarterlyavgbalance?
5)ToManishJustforlearningmayIknowtheformulatocalculatethemoneyonereceivesaftermaturityofaparticularfixeddeposit/term
deposit/specialtermdepositaftertakingintoaccounttaximplications?
Thankseveryoneforbearingwithmylllloooonnnnngggggcomment!!!
Reply
90MarshalApril1,2011at11:05am
@Sauravsinha,
myreplies
#2.termandspecialdeposit..whichisbetteridontknow.
#4.yesitcanbeoperatedfromoutsideindia..vianetbanking.
moredetailsonSBIMODfacilityisavailablehere
http://www.statebankofindia.com/user.htm?action=print_section&lang=0&id=0,1,19,114,189
Reply
91manivannanApril5,2011at11:19am
DearSir,
Thankyouforverynicearticle.RegardingcommentbyMr.MarshalandlinkheprovidedaboutSBI,
Itsayswithdrawalcanbemadethroughoverdraftfacility.Whatisthis?
ItalsovaguelysaysATMcanalsobeused.CanwebreakFDwithATMalso.Cansomeonepleaseconfirmthis?
Fulldetailsineachbankishardtofind.Sodifficulttochoosewheretousethisfacility.
Reply
92ManishChauhanApril5,2011at12:21pm
Overdraftmeansyoucanwithdrawmorethanwhatyouhaveinyouraccountasbankconsidersyouasprefferedcustomer.
Reply
93MarshalApril5,2011at12:22pm
@manivannan,

withrespecttoATMusage,icantellyoumyexperienceofSBI.everymonthanewFDaccountiscreatedfromSavingbank
account(SB).ifmySBaccounthaveabalanceof25kthenFDaccountiscreatedwith20k.Itmeansonly5kleftinSB.Nowifi
doaATMwithdrawalorNEFTtransactionofworth6kthenautomatically(tobemorepreciseinstantly)1kissweepedinfrom
FDtoSBusingLIFOmethod.Instantlyinterestiscreditedandalsotaxisdeducted.asofnowamnotclearontaxcalculation
andpenaltycharges.butamsurethatamgettingmorethan3.5%returns.
p.s.Alsoitsnotanoverdraft
Reply
94ManishChauhanApril1,2011at2:58pm
Saurav
1.Minimumbalanceisthesavingaccountminimumbalancewhichhastobemaintainedbyyouinanycase.Threshholdlimitissetbyyou
abovewhichhtemoneybecomesFD,sominimumcanbe5kandthreshholdlimitcanbe30k,justanexample
3.MonthlyCompoundedinterestmeansthattheinterestwillbecalcualtedeachquarterandtheinterestwillbeaddedbacktotheamount.
Soifonesays8%interestcompoundedquarterly,thenyouget2%interesteachquarter.theyearlyreturnturnsouttobemorethan8%in
thatcase.
5.YoufirstfindthematurityvaluebyA*(1+r)^T,wherer=rateofinterestandTistotaltenure,Thisisyearlyforumula,Ifinterestis
compoundedquarterlythenrwillbecomer/4andTwillbecomeT*4.
Youthentakehtetotlaprofitandaddittoincome,andpaytax
Manish
Reply
95khalidApril1,2011at8:50am
HiManish,
Veryniceanddescriptivearticleasusual.IknowaboutthisAutoSweepforlast68yearsasmyaccountinICICIisgivingmethisfeature.
Reply
96ManishChauhanApril1,2011at2:59pm
Khalid
Thanksforsharingit,someoneabovesaidthatICICIautosweephassomeissues.canyoucheckthat
Manish
Reply
97drmajgowrishankerApril1,2011at9:38am
dearmanish
sorryyouarenotcorrectinexplainingthisconcept
aneducatedinvestorwillparkhissurplusmoneyinSBaccountonlywhenheneedsitintheveryshorttermsay20to30daysandanythingmore
thanthatshouldgotoliquidfund(iftherequirementislessthan6months)andmorethanthattoshorttermdebtfundforarequirementof12
years
liquidfundsgiveareturnof56%andshorttermdebtfundsareturnof78%(even10%basedontheprevailinginterestrates)
whereasthemoneyparkedinautosweepfixeddepositwillattracttheinterestonlyfortheperioditwasheld.sbioffers5.5%forthree
months,4%fortwoweeks(andnotatleast7%)
nowletusassumethatonewithdrawthemoneyin40days.theliquidfundwillgive56%for40days.whereasSBIwillgive5%(forlessthan45
daysdeposititis5%)minuspenalitychargeof1%
ifyouarein30%taxslabtheamountthatyoukeepeitherinbankaccountorFDsucksawaymoremakingtheliquid/debtfund(liquid/debtfund
returnsattractshortterm/longtermcapitalgainstaxbasedonthetimeperiodtheyholdwhichisattractivethantheother)
theliquidfundencashmentalsohappensin1workingday(whatbigliquiditycrunchisgoingtohappenaslongasyouhavecreditcard+cashless
medicalpolicy+25000inyourbankbalance)
andanotherreasonmanishjustthinkwhyallcorporatesparktheirliquidmoneyinliquidfundsandnotsweepinaccounts!
asyousaysmallthingsmatteralotandthistoo
Reply
98ManishChauhanApril1,2011at3:32pm
GowriShankar
Ihavementionedinthearticlethatsweepinfacilityshouldbeenabledbyanyonewhohasnoclarityonforhowlonghismoneywillbe
lyingidleinanaccount.Ifapersonisveryclearthathismoneywillnotbeneededforaspecifiedtimeperiod,thenyes,whatyousay
makessense.

Manish
Reply
99AnunayApril4,2011at10:02pm
Liquidfundnevergivesyouautofacilitywhichmanishistalingaboutinthispost.Alsoliquidfundneedslotofhumaninterferenceand
nevereveryoucanaccessthatwithoutvisitingamcoryouhavetobereallynetsavvytotransacteveryotherdaybeitbuyingnewunitsor
redemption.
Alsodealingwithliquidfundsisreallypainfulandworksonlyifyouhaveheavyamount.forsmallamountspainwillbealwayshigherthan
returns
Reply
100drmajgowrishankerApril12,2011at10:51am
hiAnunay
evenlearningtocycleandswimisalsopainful
butonceyouunderstandtheconceptofwhatisaidandstartpracticing,itisabsolutelypainless
allthebest
regards
gowrishanker
Reply
101VijayApril11,2011at2:32pm
Thisfacilityisverymuchusefulwhenyouwanttoputsomemoneyagainstyourfuturecommitmentslikepostdatedcheque/ECS,wherein
youwanttomakesurethatsufficientbalanceisavailablewhenECSrequestcomes.
Reply
102FrancisSeptember28,2012at1:51pm
Deardrmajgowrishanker,
Youhavementioned,nowletusassumethatonewithdrawthemoneyin40days.theliquidfundwillgive56%for40days.whereasSBI
willgive5%(forlessthan45daysdeposititis5%)minuspenalitychargeof1%
MayIknowwhichliquidfundgives56%returnfor40days?ForSBISavingsPlusbreakingtheMODiswithoutanypenalty.Plsgetyour
factscorrect.
Youarecorrectliquidfundsaretaxefficient,butthatisforpeopleinthehighertaxbrackets.Thatadvantagewillalsoberemoved,ifDTC
comesintoeffect.
Reply
103HarshAgrawalApril1,2011at9:44am
IrememberedoncemyICICICCtoldmeaboutitandIdepositedmoneyintoFD..SowheneverIneededextramoneyitalwayscutdownfrom
myFDThoughwhatwedidwasmanual..Neverknewthereisanautomatedfacilityforthis..Thanksforthis..Enablingthisfeaturenow..
Reply
104ManishChauhanApril1,2011at3:33pm
Great
youcanenableitandallthingswillhappeninthebackground.
Manish
Reply
105RupaliApril1,2011at10:09am
HeyThanksManish
Iwasreallylookingforsomethinglikethissoiwasthinkingofrecurringdepositsbutjustbecauseofunwareofthisoption.Nowthatigotto
knowthisiwilldefinitelygoingtotakeadvantage,reallyhelpfulinfo.
Reply
106ManishChauhanApril1,2011at3:38pm
Rupali
goodtoknowthatithelpedyou.
Manish

Reply
107MAnandKumarApril1,2011at10:19am
HiManish,
Verygoodarticleonsweepaccount.AsweknowthattaxisdeductedonearnedinterestofFDs.Canyouletmeknowthetaxdeductionswrt
sweepaccount.Doesitdependonthetaxslabibelongtoorisitsameforeveryone?ihopethetaxdeductionsisuniformacrossbanks..
Reply
108ManishChauhanApril1,2011at4:42pm
Anand
FDinterestwillbeaddedtoyouincomefortheyearandtaxedaccordingly.TaxdoesnotdependfromBanktobank,itdependsonthe
govtslabs
Manish
Reply
109MAnandKumarApril1,2011at4:58pm
HiManish,
Mydoubtishowwillthebankbeawareofwhichtaxslabthepersoniscurrently.DotheytrackitviaPANcardinfoprovided?Iam
notclearwithtaxdeductionswrtsweepaccount.Additionalinfowrtwouldbehelpful.
Reply
110ManishChauhanApril1,2011at5:02pm
Anand
bankdoesnotneedtoknowthat,theycuttheTDSifyourinterestismorethan10,000,butincaseitsless,theydontcutit,Its
yourresponsibilityattheendtopaythetax.
Manish
Reply
111MAnandKumarApril1,2011at5:12pm
Manish,
ThanksfortheinformationManish:).IhavebeenusingthesweepfacilityinSBIfrom1.5yrs.Accumalatedinterestwas
around15kbutduetoimmediateinneedofmoneyihadtobreakalltheSweepdeposits.Igot8konlyinsteadof15k.I
didntenquirethedetailswiththebankwrtthiseither.
Reply
112ManishChauhanApril4,2011at9:59am
Anand
Ithinkyoushouldatleastaskthemhowtheycut8k,gettingjust7kwhenyoucouldhavegot15kisabigblow.
thats5560%lossbyjustbreakingtheFD?
Manish
Reply
113MAnandKumarApril5,2011at12:05pm
Manish
Yesidefinatelyhadalossof50%.WheneversweepaccountFDisbreakenitonlygivestheinfoofthecredit
interest,theamountwithdrawnfromtherespectivesweepFD(FIFO)andnotthedetailsofchargesforearly
breaking.Aftersearchingifiguredoutthatthetaxdeductedisalmost2k(etaxstatementinonlineSBI)and
probablyremaining5kforbreakingbeforetheterm.IshouldcollectthesweepaccountrulesfromSBIBank.
Reply
114ManishChauhanApril7,2011at8:01pm
Anand
Soifyousaythat50%losswasafterconsideringtaxesalso,thenitdoesnotlookthatbad,asitwas
lookingearliar,.Ifyouareintothetopmosttaxbracket,then30%taxwillanywaysgoaway+your
penaltyanditshouldbegoodenough!
Manish

Reply
115MAnandKumarApril11,2011at9:54am
Manish,
IagreewithuManishbut,Iamunderthetaxbracketof10%.Intheetaxdetails,thesweep
accountsyieldinginterestmorethan2kweredeductedunderthetaxbracketof20%andtherest
were10%.Needtocollectdetailsfrombank
Reply
116pattuApril1,2011at10:20am
Yesitsagoodfeature.Howeverinmyviewitsforthecouchpotatoinvestorwhohasidlemoneyinthebank.Ifoneissavingregularlyforones
goalsthentypicallynotmuchmoneywouldleftinonesalaryorSBaccountexcepttheemergencyfund.Forthosethesweepisirrelevantsince
theywouldtypicallyearnmoreinterestfromotherinvestments.
Ifoneistemptedtosweeppartofyouremergencyfundoneshouldthinkagain(Youalsostatethisinthearticle).IfitsinanFDitcantbeaccessed
byanATMright?Iwouldexpectittotakeatleasthalf/onebusinessdayortogetitbackintotheSBaccount.Sothiswouldspelltroublefordire
emergencies.Creditcardscanthelpatalltimes.SoagoodamountofemergencycashintheSBaccountisneeded.Ifyouinvesttherestina
disciplinedmannerIdontseeanyneedforthesweepfacility.
Reply
117NitinGuptaApril1,2011at11:07am
Ooops,ihadtheimpressionfromthearticlethat,wecanwithdraw(sweepout)themoneyusingATMalso.
Manishplsconfirmonthis..
Reply
118MarshalApril1,2011at12:15pm
@Nitin,SBIMODfacilityallowsATMwithdrawanditsautomatic..thatsthewholeideaofautosweepsin/out
Reply
119pattuApril1,2011at4:33pm
Agreed.Acc.toRaagVamDatt,theFDisautomaticallybroken.
http://www.raagvamdatt.com/AutoSweepFacilitySmartwaytomakeyourmoneyworkharder/176/
Reply
120ManishChauhanApril1,2011at4:44pm
Nitin
Notallbanks,butsomegivethatfacilityandtechnologytakescareofit,Youhavetofindoutmoreaboutyourbankyourselfand
shareitwithushere
Manish
Reply
121NitinGuptaApril1,2011at10:59am
thereisalimitationforHDFCaccountholder,dontknowthewhatisthereasonforthis
ThisfacilityisavailableonNetBankingonlytocustomershavingaSavingsorCurrentaccountwiththeBankwheretheholdingpatternis
SINGLEi.e.therearenoJOINTholders
Reply
122ManishChauhanApril1,2011at4:54pm
Nitin
thanksforsharingthisinformation.Iamnotsureifotherbanksalsohaveanykindofrestrictionlikethat.
Manish
Reply
123GopalGidwaniApril2,2011at10:28am
HiNitin,
ForjointaccountholdersthisrestrictionistherebecausesomejointaccountholdersselectthemodeofoperationoftheaccountasJointly
whichmeansforeverywithdrawalboththeaccountholdershavetosignthecheque.Soforthebanktheywillnotbeabletoassesswhile

makingafundtranfer/withdrawalfromtheinternetwhetherboththejointaccountholdersagreetothetransferornot.SobecauseofthisI
thinkthisrestrictionmustbethereforinternetbankingforjointaccountholders.
ForajointaccountifthemodeofoperationoftheaccountisEitherorSurvivorthenevenifoneaccountholdersignsthechequestillthe
withdrawalwillbeallowed.
WhereasinasingleaccountwherethemodeofoperationoftheaccountbydefaultisSinglysuchrestrictionwillnotbethereasthesingle
accounholderhimselfisthewholeandsoleoperatoroftheaccount
BestRegards
GopalGidwani
Reply
124ManishChauhanApril4,2011at10:00am
Gopal
Thatsagoodexplaintion.makessense!
Manish
Reply
125NitinGuptaApril7,2011at10:33am
Buttheyshudallowifitisajointaccwitheitherorsurvivormode
Reply
126ManishChauhanApril7,2011at1:00pm
Noideawhytheyhavethisrestriction,somebankerwillbeabletotellusthat
Manish
Reply
127somApril1,2011at12:35pm
IshalltellmyexperienceabouttheSweepinfeature:
IopenedasweepinaccountwithSBIinSeptember,2010.IhadtowriteaproperapplicationaddressedtotheBM,fortheconversion.Itwasnot
doneattheoutsetalthoughihadexplicitlymentionedintheaccountopeningform.Sowehavetocheckexplicitly.
Whaticoulddo:
Icouldsetthethresholdvalue,budefaultitis5000inSBI[anythingabove5kisswepttotheFDaccountcalledtheMODBalance]
Icouldnotsettheduration,thesystemdoesitfor12monthsbydefault.
Igot6.75%tiedtomyMODbalance.
Inthenetbankinginfoofhttp://www.onlinesbi.commyMODBalanceclearlyshowsthesweptinamountasaseparateaccountcomepletewith
theduartion,interestrateetc.
AndthenormalSBaccountshowstherestamountwith3.5%.
Nowmyquestionisifnowistartpushinginmoremoneywhatwillhappen?
Willigetthe6.75%interestorishallgetthecurrentFDinterestwhichisaround7.75%[for12months]?
regards,
Som
Reply
128MarshalApril1,2011at12:49pm
@som,
youwillgetcurrentrateofreturn.inmycasesinceamavailingthisfacilityfromlastoneyear,ihaveaccountswith6,7and8.25%rate..
everymonthanewaccountiscreatedprovidedyouhavemorethan15kinyourSBaccount..
Reply
129somApril1,2011at1:41pm
ThanksMarshalthisinfowillbeofgreathelptome.
Reply
130ManishChauhanApril1,2011at4:56pm
Marshal
Thanksfortheinfo

Reply
131VishnuApril1,2011at12:40pm
HiManish,
Goodarticleaboutoneofthehiddenfeaturesofconsumerbanking.
IhavebeenusingthisAuoSweepfacilityformorethan2yearsregularly.Itearnedmeatleast2k/yearforthesurplusandemergencymoney.The
onlydrawbackwiththisisitisveryeasytobreaktherulesandtheFD.
Ihavetriedthisin3Banksatleast.Inmyexperience,HDFCisthebestforbelowreasons.
1.YoucanstarttheFDandenableAutoSweeponline.Everythingwillbeeffectiveinmatterofminutes.
2.IfyouhavemultipleFDs,theFDswillbebrokenonFIFObasis.So,youwillnotlooseinterest.
3.FDwillbebrokentothenearest1rupee.So,ifuwant1001rupees,only1001rupeeswillbebrokenfromyourFD,not5kor10klikeother
banks.
4.ForthebrokenpartoftheFD,theinterestwillbecreditedthedayitisbroken.(NoneedtowaittilltheQuarterEndortilltheFDMaturity)
5.IftheFDgetsbrokenduringdaytime,andifyoudepositthebrokenamount(onlineoranyway)beforethecloseofbankinghours,yourFDwill
notbebroken.(Veryusefulincaseofemergencies)
6.NopenaltyforBreakingFDs.But,theinterestratewillbeasperthenumberofdaystheprinciplewaswiththebank.
7.ForSalaryAccounts,AutoSweepisfree.Forothers,itwillbefreeifyouopenaFDof50,000withoutAutoSweep.(Ithinknowitisfreefor
SalaryAccountsalso,notsure).
Reply
132somApril1,2011at1:35pm
Thiswasgoodinfo!!Thanks
Reply
133SameerBhiwaniApril1,2011at1:51pm
HiVishnu,
Ihavealsohadthissamesetupfor2+yearsnow,canyoutellmehowexactlyyouknowthathowmuchamountisinFD,doesthea/c
balancebecomelow?Howdoyouknowonwhatamountyouhavereceivedtheinterest?Doesitshowanywherehowmuchamountis
earningFDinterest?
Sorryforthemultiplequestions,butIvebeenfollowingthisthreadforproofbutImnotseeingany.
Sameer
Reply
134VishnuApril1,2011at3:12pm
HiSameer
Everytime,yourFDgetsbroken,therewillbetwotransactionsinyourstatement.
1.HowmuchofyourFDwasbroken(anddepositedinyoursavings)
2.Howmuchinterestwasearned?
Example:
31Jan2011SWEEPINCR00774*******165457.00
31Jan2011INT.ONSWCRON00774*******1697.67
Reply
135SameerBhiwaniApril1,2011at5:01pm
Interesting,Ihaveneverseensuchtransactionsinmya/catall..ever!
Mustcheckwiththebankonthis!
Thanks!
Reply
136ManishChauhanApril1,2011at5:03pm
Sameer
Checkifitsreallyactivatedinyouraccountornot ,LOL
Manish
Reply
137SameerBhiwaniApril1,2011at5:12pm

Yup,Ifoundfewsettingstypepagesthatletmechosewhichsourcea/candtargetFDa/c,etcbutstillnogo.
Willhavetocallthebankforthisone.
Sameer
Reply
138SameerBhiwaniApril1,2011at5:47pm
Okmajorclarificationoftermsforme
SweepINiswhenthemoneyfromanFDismovedINtothesavingsa/ctohonourchequesorwithdrawls.
SweepOUTiswhenthemoneyaboveathresholdautomaticallymovestoanFD.
SweepinisautomaticallysetforwhenSweepoutisset.But,reverseisnottrue.
InthecaseofHDFC,sweepincomeswithSavingsMaxa/c,whichItook.Sweepoutcomeswith
MoneyMaximizerthatisanoptiongiventoSavingsMaxa/cholders.Iwasntawarethatthisisoptional,due
tomisselling+myownignoranceandsinceithasbeenawhileIhadthisa/candtooknoactiondueto
laziness.
WhileIwillgetthisactivated,Ithinkhaving1lakhsittinginthebankjusttogetanautoFDisawaste,so
willcertainlymovethismoneytoadebtfundsoon.
Reply
139ManishChauhanApril4,2011at10:09am
Sameer
Isthissweepinandsweepoutthingtrueforeverybank?Ithinkbydefaulttheoriginalfacilityis
sameasSeepoutwhichyouhavementioed,butitscalledAutosweeporSweepinbybanks.
Manish
Reply
140VishnuApril1,2011at5:35pm
And,youcanlinktheexistingFDtoSavingsAccountonlineInyourNetbankingyoushouldbeabletoseeifitis
alreadylinkedornot.
Reply
141dattatreyahgMay11,2012at10:03pm
Igotastatementason31mar2012fromsbi,whichclearlyshowedhowmuchinteresthasaccruedineachoftheMODtransfers
separatelyasalsotheinterestcreditedfors/ba/cseparately.
Reply
142ManishChauhanApril1,2011at4:57pm
Vishnu
Thanksforthedetailedreviewandinformation.Itwillhelpalot.
Manish
Reply
143KarunApril1,2011at10:16pm
HiVishnu
FDshldbebrokeninLIFOorderotherwisecustomerwilllose..
Karun
Reply
144KarunApril1,2011at10:18pm
HiVishnu,
PlscheckagainifthereisnopenaltyforbreakingFDRonprematurebasis.
IthinkHDFCmustnothavedebitedthepenaltyamountbutwouldhavedirectlycredited1%lessinteresttoyou,
Karun
Reply
145VishnuApril5,2011at12:02pm

HiKarun,
Yeah,itwasmymistakeHDFCstartedthispenaltyonlyrecentlyIthink.
Otherwise,NoPenaltyforprematureWithdrawalswasoneofthepromotionsofHDFCwhenIstartedusingthisfacility.
Reply
146GopalGidwaniApril2,2011at10:37am
HiVishnu,
IthinktheFDsshouldbebrokeninLIFOmethodandnotFIFOmethod.CozwhenIhadthisfacilityactivatedwithICICIBanktheyusedto
breaktheFDsinLIFOmethodandinmultiplesofRs.5000.ThelogicforLIFOisthatthepreviousFDswhichhavebeenthereforalonger
periodstayintactandcomplete1yearbeforetheyareautomaticallyrenewedandthecustomergetsthemaximumbenefitofthehigher
interestrate.
PleasecheckwithHDFCBankiftheyarefollowingLIFOMethodorFIFOMethodofbreakingFDsforprematurewithdrawals.
BestRegards
GopalGidwani
Reply
147ManishChauhanApril4,2011at10:10am
Gopal
IthinksomeonementionedabovethatHDFChasitinFIFOmethod,doesnotservetehpurpose,asexplainedbyyouveryclearly
Manish
Reply
148VishnuApril5,2011at11:54am
HiGopal,
ICICIusesLIFOandHDFCusesFIFOmethodforbreakingtheFDs.IthinkLIFOismorebeneficial,whichIdidnotrealizeuntil
now.
Anyonehasanythoughts,whenFIFOwillbebeneficial?Orisit,LIFOwinshandsdown?
Thanks,
Vishnu
Reply
149VishnuApril6,2011at10:37am
AsmallupdateonHDFCFDs.
ThoughHDFCbankbreakstheFDsinFIFObasis,youhaveoptiontpclosetheFD(inanyorder)throughonline.
ThruNetbanking,usetheoptionLiquidateFixedDeposit.ThecatchisthatyoucannotbreaktheFDpartially.TheentireFD
hastobeliquidated.Theinterestaccruedwillbeshowninthefinalpagebeforeconfirmation.
Regards,
Vishnu
Reply
150ManishChauhanApril6,2011at10:40am
Vishnu
Thatsagoodupdate.Iamsuremanywillunderstandtheirbankingbetter
Manish
Reply
151ViswanadhamJune9,2011at1:37pm
AnothercatchisthatHDFCBankdoesnotallowyoutoliquidateonlinetheFDscreatedoffline.
Reply
152KRANTINovember5,2012at10:26pm
amazinginfotothecore!!!

Reply
153SIVANANDHANApril1,2011at7:48pm
karurvysyabankcallsitasrainbowsavingsaccount
Reply
154ManishChauhanApril4,2011at10:40am
Sivanandhan
thanksfortheinfo
Reply
155VishnuApril5,2011at12:00pm
ImademymotheropenthisRainbowSavingsaccountinKVB.Afterhavingthisaccountformorethan1yearandaftermaintaining5k10k
balanceinthisaccount,shealmosthad0interestattheend.
Withnouseafterspeakingtothecustomercare,weclosedthataccount.
Reply
156ManishChauhanApril7,2011at8:02pm
Vishnu
Ifeelyourthreshholdlimitmightbeveryhigh,didyouenquire?
Manish
Reply
157VishnuApril8,2011at11:30am
Manish..
Now,IdontrememberthethresholdBut,Iwassurethattheamountlyingintheaccountwasatleastdoublethatof
threshold
Reply
158ManishChauhanApril8,2011at11:58am
Vishnu
Inthatcaseaskthebanktogiveyoudetailsofhowyoudidntgetanyextrainterest.
Manish
Reply
159VishnuApril10,2011at1:16am
YeahIshouldhavedonethatNow,ithasbeenmorethanayearsinceIclosedtheaccount.
Reply
160vinaykukretiApril1,2011at8:40pm
DearManish,
Thanksforsharing.JustwanttoknowwhichoneshouldIpreferforshortterm,sweepinbyHDFCBankorLiquidFundonlineservicelooking
intoreturnpartandemergencyneed.
AgainThanks
Reply
161ManishChauhanApril4,2011at10:11am
Vinay
Ifyouareclearabouthowmuchlongcanyoulockinthemoney,thenLiquidfundorsomedebtfundwouldbeabetterchoice.
Manish
Reply
162vinaykukretiApril5,2011at2:43pm

DearManish,
IamregularlyreadingyourarticlesandQA.
UnderQ&A,Ihavenoticedthatgraduallywhenwemovetowardsbottomofblogpage,itsinitialwordgettingdisappear(problemwith
pagesetup),makingitdifficulttoread.Pleaselookintothematter.
Reply
163ManishChauhanApril5,2011at3:26pm
Ididntunderstandtheexactissue,areyouusingIE6?Ifyes,thatisnotsupportednow,upgradeyourbrowser.
manish
Reply
164SEEMACHHABRAApril1,2011at10:18pm
Iwasnotknowingitbefore.Thanksalotforthisinformation.
IhaveloggedintomyICICIbanka/candSBIbanka/calsobutcouldnotlocatethisfacility.Iwanttodoitonline.Isitpossible?Pleaseguide.
PleaseprovidethenameoffeatureforAndhraBankandPunjabNationalBankalso.
Thanksalotonceagainforthisarticle.
Seema
Reply
165MarshalApril2,2011at12:51pm
@seema
incaseofSBIyouhavetovisitbranchandsubmitapplicationtoactivateMODfacility
Reply
166AtulApril2,2011at3:28pm
IhavebeenusingthisfacilityusingICICIBankforthelastfewyearsanditsreallyuseful.
Regards
Atul
Reply
167ManishChauhanApril4,2011at10:13am
Atul
Thanksforlettingusknowthat.SomeusershavecomplainedthatICICIhasstoppedthisservice,butitsstoppedonlyfornewcustomers.
Manish
Reply
168AtulApril4,2011at1:36pm
HiManish,
Notatall.Infactmyfatheractivatedthesamerecentlyfewmonthsback.
Regards
Atul
Reply
169VishnuApril5,2011at11:57am
HiAtul,
I&mywifehasICICIaccountformorethan5years.WetoowereinformedthatAutoSweepfacilityisnomoreavailable.
However,FlexiFDcanbeopenedeitherthroughphoneorinperson.i.e.everymonth,wehavetoopentheFDnotthroughan
automatedprocess.
Regards,
Vishnu
Reply
170ShamimDecember10,2011at7:12pm
IhaverecetlyappliedforthefacilityatICICIBankandthefacilityforAutosweepisavaliable.

ButyouhavetoselectthetenureforDepositas6months1daysor12months1daysasthesearetheonly2option
avaliable
Regards
Shamim
Reply
171ManishChauhanDecember11,2011at6:20pm
Shamim
Thedurationhastobeselectedbyyouonly.otherscantakethatdecisionforyou.
Manish
Reply
172PareshApril2,2011at7:11pm
IgotfollowingresponsefromICICIbank
WitheffectJuly1,2005,theautosweepfacilityinthesavingsaccounthasbeenwithdrawn.Instead,thecreationoflinkedFixedDepositwillbe
doneonlyonspecificrequestfromthecustomer.
Reply
173ManishChauhanApril4,2011at10:13am
Paresh
IfoundoutfromaICICIoperationspersonthatICICIisgivingthisautosweepfacilitytooldcustomersonly,andnotthenewones.How
oldcustomerareyou?
Manish
Reply
174ShamimDecember10,2011at7:13pm
AutoSweepfacilityiscurrentlyavaliableforNROCustomeraswell
Reply
175SumeetKatariaApril3,2011at4:08pm
AwesomearticleManish
Slowlyandsteadilyfollowingurblog
Reply
176ManishChauhanApril4,2011at10:14am
Sumeet
Great..keepreading,slowandsteadyisbetter
Reply
177DineshApril4,2011at10:51am
Earlierhavingthisaccountwasaboonbutsinceinterestrateshavegoneupbankhavestartedcharging1%ontheamountsweepedinthesavings
account.Nowwillthatbestillcosteffectivecallsforsomestudyonit.butihavesincestoppeditandhaveanODonmyFDaccountincaseof
emergencies.
Reply
178ManishChauhanApril7,2011at8:04pm
Dinesh
Whichisyourbank?Also1%penaltyonsweepingbackmoneyfromFDtosavingbanklooksoktomeasitsageneralpenaltychargedby
anyone,.Attheendyouhavetoseeifyouareearninganybetterthannormalsavingaccount.
Manish
Reply
179RahulSethApril4,2011at12:53pm
ThanxforsharingthisarcticleManish.

MyexperienceofusingSBIAutoSweep:
1.Autosweepoutwillnotworkforanyonlinetransaction.WorksonlyatATMs.
2.TheyfollowLIFO.
3.Nopenaltyifbrokenbeforematurity.
4.Interestenarnedondailybasis.
5.Interestrateareflexible.Iexpereicedfrom6%9.5%
6.Theywontmaintainminimumthersholdofthesavingaccount.
7.Allsweepin&sweepoutareinstatement.
Reply
180ManishChauhanApril4,2011at1:26pm
Rahul
Thanksforsharingitpointbypoint,itwasthebestwayonehasgivenareview .Thanks
Manish
Reply
181RahulSethApril4,2011at8:24pm
ThanxManish.Iamtheregularfollowerofurblog..LoveallofitToldmyrelative&frnds..Itsreallyniceofyoutobeopen
source..oops!liltechnical
Reply
182ManishChauhanApril7,2011at8:08pm
Rahul
lol..wehaveawindowsversiontooincaseyouwanttolookatit:http://jagoinvestor.org/
manish
Reply
183BhaskarApril29,2011at1:17pm
LiketoaddsomemoreaboutSBIautosweep.Usingitsincelastthreeyears.
1>Sweepoutworksforinstant/scheduledfundtransfer(linked/3rdparty/Billpay).
2>Facilityexpairsautomaticallyafteroneyear.YouhavetoreapplyandresubmitForm15G.(Asexplainedbymybranchmanagerandher
immidiatejuniorofficial.
3>Ifanybodyhavedifferentopinion/experienceregardingmypointno2thenitisevidentthatSBIemploysincompitentpersonsasbranch
managerfortheiroutsidemetrobranches.SononmetrocustomersshouldthinktwiceavailingautosweepfacilityinSBI.
Reply
184ManishChauhanMay2,2011at12:28pm
Bhaskar
ThanksforprovidingthatinfoonSBIAutosweep!,itwillreallyhelpsomeofthereaders!
Manish
Reply
185NeeleshSinghMay24,2011at7:30am
Howisinterestcredited,taxandpenaltydeductedwhensomeamountissweepedinthesavingsaccountfromMOD?
@RahulSeth
Itworkswithonlinetransactions.Minimumbalanceis5000.afterthatamountexcessof5000issweepedoutinmultiplesof
1000on30thofeverymonth.
Neelesh
Reply
186dattatreyahgMay11,2012at10:20pm
InSBI,thetransferisdoneimmediatelyonexceedThreshold.Doesnotwaittillmonthend
Reply
187NileshGApril4,2011at5:45pm

HiManish,
ExcellentArticle,somethingwhichIreallyneededaninfoabout.
However,quiteafewpointshere:
1.WhenIspoketoHDFCrepresentatives(bothatbranch&overthephone),theyclaimedthattheydohavethisfacility,butanyextraamount
lyinginmysavingsaccountaboveathresholdlimitwontbeautomaticallytransferedtofixeddeposits.Iwillhavetodoitmanuallyby
accessingmyaccountovertheinternet.SoeverytimeIfeelthatthethresholdlimitiscrossed,IllhavetocreateanFD&linkittosavingsaccount
usingFDsweepinoption.
2.So,IcandothatmanuallyNotaproblem.ButifIhaveRs.1,20,000inmysavingsa/c&IwantRs.20,000availablei.emythreshold,then
theremainingRs.1,00,000hastobeconvertedintoFDs.MyquestionisshouldIcreateasingleFDofRs.1,00,000ormultipleFDsofRs.
1,00,000say10FDof10,000each.Plssuggest.
3.Withregardstothepenalty,Iundesrtandthe1%penaltyisoninterestandnotonprincipal.ButwoulditbeonFDinterest(say8%1%)or
savingsa/cinterest(say3.5%1%).AspertheETWealthsupplement(dtd.4thApril2011),penaltyisonsavingsa/cinterestrateontheamount
sweptinfromFDtosavingsa/c.Itwouldbegreatifyoucanshowusthecalculation.
4.Finally,whichdeposittypeisbetter,(a)Days(betn7180days)(b)MonthlyInterestpayout(c)QrtrlyInterstPayoutor(d)Reinvestmentof
interest.Pleaserememberthatsweepinfacilityisbeingoptedsinceitismyemergencyfund
Thanksonceagainforyourgreatefforts.
Reply
188ManishChauhanApril5,2011at10:36am
Nilesh
1.Someonetalkedaboutitiguess,seethiscomment:http://www.jagoinvestor.com/2011/03/autosweepbankaccount.html#comment
21653
2.BreakingitintomultipleFDswouldbegood.Howeverdontmake10FDof10k,bettermake4FDof40k,30k,20kand10k.that
wouldmakesureyouhavelessFDsandyoucantakeoutanyamount
3.Itwouldmeanthatyouwillget1%lessreturn
4.doptionlooksgoodtome
Manish
Reply
189ManishApril5,2011at5:18pm
GoodOneInformativearticle..
Willsurelygoforthisoption
Reply
190ManishChauhanApril7,2011at8:09pm
Welcome
Reply
191ManishApril5,2011at6:03pm
Hi,
Supposeihave1lac50Kinmyaccountandisetup,cutofflimitoff50KforAutosweep..so1LacKwillbeautomaticallytransferredto
Fixeddeposits
Nowsupposeiutilized25KfrommybankaccountNow,moneyinmyaccountislessthancutofflimitsetupbyme
SointhiscasetheBankFDisbrokenbybankandmoneyistransferredtomyaccountornot?
Reply
192ManishChauhanApril5,2011at6:25pm
Manish
No,yourFDwillbelikethatonly.Nowyouwillhave25kinyouraccountandnexttimewhenyoudepositsomemoney,theexcess
moneythanthreshholdwillagainbeinaFD.Likeifyouagainput40kinaccount,yourtotalis65k,so15kwillgoinFD
Manish
Reply
193manivannanApril6,2011at8:36am

DearAll,
Thisarticle:
http://economictimes.indiatimes.com/personalfinance/savingscentre/analysis/sweepsavingsandfdaccountstomakeidlecashearn
more/articleshow/7850426.cms?curpg=1
onpage2showsanicegraphicabouthowthisworks.LookslikeifyoubreaktheFDissomebankseffectiveinterestisonly2.5%fortheamount
broken.
SoifthemoneyisnotgoingtobeidlethenthisfacilityseemssameasSBintermsofinterest.IfthemoneyisgoingtobeidlethenisntFD
better?
Ifthemoneyisgoingtobespentshorttermthentheinterestearnedinthatperiodwillanywaybesamesolosstoinvestorisnotthatmuch
Thisrequirescarefulconsiderationandreadingofrules.Itsnotallthatattractiveasitseemsatfirstsight.Moreclarityisrequired.
Reply
194ManishChauhanApril6,2011at10:26am
Manivannan
Yes,thegraphicthereisreallyniceone.
Notethatsweepaccountisnotfortheinvestorswhohavethatmuchofclarityonwheretheirmoneywillbeinshortterm,Itsmostlyfor
thosewhoareunsureaboutthecashflowcominginandout,especiallyout.
Manish
Reply
195manivannanApril6,2011at10:40am
Thanksforyourreply.HavingreadthepostandallthecommentsIhavecometotheconclusionthatthesweepaccountisbestusedwiththe
contingency/emergencyfund.Whenemergencycomesyouareanywaygoingtospendsoyoudontcareaboutthelessinterestwhenyoubreakthe
FD.
WhenthereisnoemergencyifyoutakeshorttermFDlikeoneyearthenthefundwillgrowduetoenhancedinterest.
ThisisalsoanidealaccounttocreateanFDladderwithsmallamounts:
http://www.taxvista.in/blog/saving/fixeddepositladder/
Ihopemyunderstandingiscorrect.
Reply
196ManishChauhanApril6,2011at10:43am
Manivannan
Youarecorrect.Emergencyfundscanbebestcreatedwithsweepinaccount,becauseofthesimplefactofunsurityofuseofthefunds,
sountillyoureallyuseitabovealimit,thatpartwillearnagoodreturn.Atleastbetterthanthesalaryaccount.
Manish
Reply
197VishnuApril6,2011at11:18am
HiManivannan..
Ladderisverygoodway(only)ifSweepinoptionisnotavailableforyou..Because,itgivesyouconveniencethatatleastoneFDmatures
everymonthandavailableforyou(assumingthatyoucanmanagetilltheendofthemonth).
WhenyouhaveSweepinoption,youcanhavetheentireemergencyfundintooneSweepinFDwiththetenureofyourchoice(whichgives
highestinterest).Because,youcanwithdrawanyamountonanygivendayduringemergency.
Minus:
SinceyouhavetochooseFDswithdifferenttenures(e.g.16monthsfor6monthemergencyfund)itmeansyouwillgetlessinterest,
especiallywhenyoudontendupusingtheemergency.
Regards,
Vishnu
Reply
198RamanjiApril6,2011at11:27am
http://www.b2.icicibank.com/
Hi
InICICI,thereisaaccountcalledb2BranchFreebank,(nophysicalbranchexist,NoATM).
inthisautomaticallyFDwillbecreatedfordefaultdurationofoneyear,

orelsewecancreatemanuallyalso,byspecifyingduration,
thereisNOprematurewithdrawalpenaltychargesonanytypeofFDcreatedinthisaccount.
bothautosweepandmanualsweepfacilityisavailble.
iamusingthisfacilityfromlast2yrs.
Thanks,
Ramanji
Reply
199VishnuApril6,2011at12:00pm
Wow..Thatsreallygood.
IhaveplannedtoopenanICICI/HDFCaccountformymother/fathertogettheirFDsopenedonlineandstillgetseniorcitizenbenefits..
WithZeroBalance,Ithinkitisgood..Letmecheckwiththecustomercareorrep
Regards,
Vishnu
Reply
200RohitApril6,2011at12:30pm
Thanksforallinformation.canyoupleasetellmehowmuchbankchargetoactivatethisservice.Andhowcanwecloseautosweepaccount.?
Thankyousomuchmanishsir
Rohit
Reply
201ManishChauhanApril6,2011at4:21pm
Rohit
Idontthinkthereisanychargeforactivatingthis.Youshouldbeabletoclosethisserviceanytimeyouwant.
Manish
Reply
202SampathApril11,2011at8:52pm
IamusingICICIb2a/csincelast2years,theexperienceisjustawesome.
Ineverhadanyissueswiththem.
EverySaturdaynight,theyrunthesweepinmultiplesof5000andstartconsideringitasaFixeddeposit.Whenitrytowithdrawmoney,theytry
tobreakitinmultiplesof1000.Foreg:if5000isinFlexiDeposit,andifiwithdraw6000/,theywillbreak1000fromFlexiDeposit[4000will
stillremainasFlDeposit]
Disadvantageisawis
1)Itsapureonlineaccount,withdrawing/transferringmoneycanbedonetoanotheraccount.(NEFT)
2)AftertheFlexiDepositreaches1year,thePrinciple+Interestwillbereinvestedasafreshdeposit.(Insteadofcontinuingthesameinterest%
rate)
Overalliwouldrecommendthisaccounttoothers,sinceitsazerobalanceaccount.
Reply
203ManishChauhanApril12,2011at10:19am
Sampath
Thanksforsharingyourexperience.Iwouldusetheknowledgeinnextcomingposts
Manish
Reply
204SunilApril12,2011at10:36am
Manish,
Verynicetoreadthisarticle.
IronicallyCITIBANKdoesnthaveanysuchfacility.
Reply
205ManishChauhanApril12,2011at11:41am

Sunil
Isit?Suchabigbankshouldhavethatfaciliutywhicheveryotherbankhas
Reply
206VidyasagarApril13,2011at9:15am
CitibankhasaaccountcalledMultiDepositAccount.ThisistheclosesttotheautosweepaccountinCitibank.
Reply
207ManishChauhanApril13,2011at10:55am
Thanksforinfo
Reply
208SahilBhatia(v2sahb)December12,2011at8:03am
MultiDepositisnotaseparateaccountfromSavingsaccount.
CITIBANKhasaMultidepositfeatureincorporatedinaregularsavingsbankaccount.
ThisisverysimilartoAutoSweepin.
HoweverherearesomemoredetailsthatIfoundouttoday:
1)YoucanonlyopenaMultideposit/FlexiDeposit,onlyifyouhavebalancemorethanRs.50,000inyouraccount.
2)ForExample,ifyouhaveRs.2,00,000inyouraccount,thenaMultiDepositcanbeofaMaxofRs.1,50,000.
3)WhenyouopenaMultiDepositthroughonlinebankingitsaysthatthefinalamountgeneratedafterthetenurewillbe
applicableforTDS.HoweverasperCITIBANKCustomercareExecutive,theInterestgeneratedaboveatotalofRs.
10,000onlyisapplicableforTDS.
Thanksagainforsuchanicepost.Keepsharing.
Thanks
Sahil
Reply
209ManishChauhanDecember13,2011at8:58pm
Sahil
Thanklsforsharingthatpart
Manish
Reply
210SunnydocApril14,2011at9:28pm
NiceArticle,IhaveopenedsuchanaccountatSyndicateBankwhereIhaveparkedmyemergencyfund.ItscalledPremiumSavingsAccount.
Reply
211ManishChauhanApril15,2011at12:28am
Thanksfortheinformation
Reply
212MehulMakwanaApril18,2011at1:44am
HiManish,
IalreadyhaveaautosweepenabledwithmyBankofIndiaaccountsincemorethan8monthswhichisjointsavingsaccountwithmyparents.As
myselfandmyparentsareearningmemberswedotransferthesurplusamountfromourrespectivesavingaccountstothisaccountwhichcanearn
moreinterest.
Bythewaymanishkeepthegoodwork,ihavebeenaregularfollowerofjagoinvestorsinceoneyear.
Regards
MehulMakwana
Reply
213ManishChauhanApril18,2011at10:36am
Mehul
Thanksforsharingyourexperience.Keepreading
Manish

Reply
214SaichaitanyaToshniwalMay26,2011at11:47am
DearManish,
ThisisregardingtheQueryonSuperSaverfacilitywithHDFCBank.
IhavemadetheFixedDepositofRs.60,000/on3rdMay11withtheinterestrateof7.70%andafteraweekIhaveappliedforSuperSaver
facility.
Forthisfacility,theOverdraftLimitamountisRs.45,000/(i.e.75%oftheFDamountwhichisRs.60,000/).ThematuritydateofFDison
19thNov11i.e.theFDperiodisfor6.5months.
AstheinterestratechargesapplicableontheOverdraftfacilitywillbe2%P.A.overandabovetheFixedDepositRate.i.e.9.70%ofFDamount
willbethechargesforSuperSaverfacility(Correctmeifiamwrong)
Incase,ifIwontusetheOverdraftlimitamount,thenisthereanychargesapplicableforthisfacility?
Reply
215SaichaitanyaToshniwalMay26,2011at11:49am
IhavemadetheFixedDepositofRs.60,000/on3rdMay11withtheinterestrateof7.70%andafteraweekIhaveappliedforSuperSaver
facility.
Forthisfacility,theOverdraftLimitamountisRs.45,000/(i.e.75%oftheFDamountwhichisRs.60,000/).ThematuritydateofFDison
19thNov11i.e.theFDperiodisfor6.5months.
AstheinterestratechargesapplicableontheOverdraftfacilitywillbe2%P.A.overandabovetheFixedDepositRate.i.e.9.70%ofFDamount
willbethechargesforSuperSaverfacility(Correctmeifiamwrong)
Incase,ifIwontusetheOverdraftlimitamount,thenisthereanychargesapplicableforavailingSuperSaverfacility?
Reply
216VrishaliTaleleMay27,2011at10:55am
Thanksforthearticle..Veryinformative.
MyhusbandisservingforIndianNavy.HehasconvertedhissalaryaccountintoDefencesalarypackage(DSP)inSBI.ThequestionsIneedtobe
answeredare:
1)Isthethresholdlimitsetbythebankorcustomer?
2)Letussupposethatthresholdlimitissetas50000andtheamountintheaccountis150000.SooncetheaccountisconvertedintoDSP,Rs.
100000willbeshowninMOD(Multioptiondeposit)balanceandRs.50000willbeshowninBalance.NowifIhavRs.10000leftinmybalance
andIwanttowithdrawRs15000,thenwillRs.5000fromdepositaccount(fixeddeposit)beautomaticallytransferredtotransaction(savings)
accountsothatitcanbewithdrawn?Isitpossibletowithdrawmoremoneythanshowninsavingsaccountbalance?
3)Whatdoeseasyoverdraftupto2monthsmeans?
Reply
217PeenutsMay29,2011at1:49pm
Veryusefulinformationindeed.Thankyou
Reply
218NirvanV.JainJune1,2011at2:34pm
CanyoupleaseGuidemewhichisthisschemeinBankOfBaroda?
IsthisAutoSweepkindoffunctionalityTaxDirectSource?
Plzhelp.
Nirvan
Reply
219SharadJainAugust9,2011at9:10pm
Himanish,
plzletmeknowhowbanksdeductTDSonFDscreatedunderAutoSweepFacility?WhethertheydeductTDSatthetimeofsweepIn(i.eatthe
timeofwithdrawingmoneyfromtheaccount)oratthetimeofmaturity?
AndiftheydeductedTDS,howwilliknowaboutthisdeduction?
sharad
Reply
220ManishChauhanAugust9,2011at9:18pm
Sharad

thereisconfusiononthis,lookslikewhenyouwithdrawtheamount,andwhenyousweepinisbroken,theTDSisdeducted,lookat
commentswherepeoplehavetalkedaboutthis.
Manish
Reply
221HarishAugust13,2011at9:51am
Theinterestgeneratedwillbetaxedatthetaxrateslabsandhencethenetreturnwillbeless,willitbegoodifitkeptintheLiquidfunds.
Reply
222ManishChauhanAugust15,2011at9:40am
Harish
HowwillithelpifoneputsinLiquidfunds?Eventhereturnthereistaxable.
Manish
Reply
223AmuOctober9,2011at2:24pm
whatisdifferencebetweenmultioptiondepositschemeandpremiumsavingsaccountinSBI?
Reply
224ManishChauhanOctober10,2011at11:25am
Amu
Thanksforaskingthequestion.Forthebestanswer,Ithinkitwouldbebestifyoucanaskitonourforum.Therearedozensofexperts
waitingtohelpyou,Iwillalsotrytoputmyanswersthere,sothatotherscanalsobenefitfromyourquestion.
Reply
225LaxmanOctober26,2011at11:14am
Manish
Thankforthearticale.itisveryhelpul.
1)IsthereanyModebalacefacilitiesinCanaraBank.
2)willgetinterestonmonthlybasisoranuallyformodebalance?
Reply
226ManishChauhanOctober26,2011at1:29pm
Laxman
Isthisrelatedtosweepinaccount?
Manish
Reply
227LaxmanOctober26,2011at3:42pm
YesManish..
Reply
228LaxmanOctober26,2011at3:44pm
ItisrelatedtoSweepinaccount
Reply
229LaxmanOctober28,2011at8:54am
HiManish
Ihavenotreceivedanyreplyfromyou,plsletmeknow.
Reply
230ManishChauhanNovember5,2011at6:12pm
Laxman

Actuallyyourquestionisnotveryclear.Pleaserephraseitinsimplesentence
Manish
Reply
231ShanNovember18,2011at7:40pm
HiManish,
CansomeonedoopenmorethanoneSBIaccountatdifferentbranchandCityorwithincity?
Itisvalid/legaltohavemorethanoneaccountinsamebank?
Shan
Reply
232ManishChauhanNovember18,2011at10:05pm
Shan
Yes,itslegal
Manish
Reply
233lokeshNovember18,2011at11:52pm
butdonthideyourdepositsfromincometax.
Reply
234ghiujNovember23,2011at11:25am
goodone.
Reply
235LaxmanNovember24,2011at9:31pm
HiManish
PleaseletmeknowwhichinsurancecompanyULIPplanisgood.
regards
Laxman
Reply
236ManishChauhanNovember24,2011at10:54pm
Laxman
WhydoyouwanttoinvestinULIPs..therearesomeplanswhichwouldbebetterthanothers,butingeneralcommoninvestorsarenot
suitabletohandleaULIP
Manish
Reply
237LaxmanNovember25,2011at7:16pm
HiManish
ItsforTaxsaving.
Youtoldthattherearesomeplanswhichwouldbebetterthanothers.mayiknowwhichplansaregood?
Regards
Laxman
Reply
238ManishChauhanNovember29,2011at3:22pm
Laxman
Whichplansandwhichcommentofmineareyoureffereingto?
Manish
Reply

239MahavirNovember25,2011at10:40pm
Manish,
IwanttohavearepeatconfirmationthatATMWITHDRAWLScancontinueinSBIsavingsplusschemeasinnormalsavingsbanka/c
irrespectiveofthethresholdlimitaslongasmoneyisavailableintherelatedMODdeposits.AlsoconfirmthatATMwithdrawllimitsremain
sameasinnormalsavingbankaccounts.
Reply
240ManishChauhanNovember29,2011at2:50pm
Mahavir
yea..thatstrue..whataretheanswergivenbythebankonthis?
Manish
Reply
241PreetDecember5,2011at5:23pm
Sir,ihavesavinga/cinsbi.plssuggestmefortheminthresholdamountinsweepa/c.meansificrossedthethresholdthnwhtwillossforme.
Reply
242ManishChauhanDecember6,2011at3:37pm
Preet
Thethreshholdhastobedecidedbyyou
Manish
Reply
243RahulDecember10,2011at3:33pm
Sir,givethenameofPNBsavingschemethatoffersabovethesame
likeSBIMODaccount.
ihaveSBIandPNBA/c
ialreadyopenedSBIMODaccountbutialsowanttoopensameforPNB
butdontknowtheschemename
Reply
244ManishChauhanDecember13,2011at9:11pm
Rahul
JustsearchonthePNBwebsite,youwillgetit
Manish
Reply
245Dr.ShreyansDecember23,2011at12:14pm
AwonderfulinformationgivenindetailThanksforthat..Iinfactsearchedformanysitestogetinformationaboutsavingsplusandgotgoodly
fromhereonly.Thanksalot.
Reply
246ManishChauhanDecember23,2011at5:26pm
DrShreyans
Goodtohearthat..finallyyougotwhatyouwanted.Sofinallyyouareclearoneverything?
Manish
Reply
247IDBICustomerJanuary6,2012at1:22pm
Withoutinforming,IDBIbankstartedchargingforNEFTandalsoimposedQuarertlyAverageBalance(QAB)onsavingsandcurrentaccounts.
AllthisdespiteofvoluntarilymaintainingoverRs50,000dailybalanceonzerobalancesavingsandcurrentaccounts.
Reallyfeelingcheatedaftergettingfriendstoopenaccountswiththisbank.
IDBIisnolongerafriendtoall
Reply

248ManishChauhanJanuary7,2012at12:36pm
Alotofbankshavestartedthat..NEFTchargesarenowapplicable
Manish
Reply
249PreetiJanuary13,2012at12:23am
CananyonetellmeclearlyaboutHDFCsweepoutfacility.Iwasthinkingtoapplyforthis.Dotheycharge1%penaltywhentheFDisbroken??
Reply
250ManishChauhanJanuary13,2012at10:02am
Preeti
This1%penalitymeansthatyouwillget1%lessinterestonyourFD,youdonthavetopayanythingfromyourpocket
Manish
Reply
251PreetiJanuary13,2012at12:27am
Whichbanksdontchargeanypenaltyforsweepinfacilityinthesetypeofaccounts??
Reply
252ManishChauhanJanuary13,2012at10:01am
Preeti
Almostallbanksdo..
Reply
253PreetiJanuary13,2012at10:11am
Thanks.ItsbettertotakeshorttermFDthen,ifiknowiamgoingtowithdrawallmoneysayafter6months.
Reply
254RohitVermaFebruary15,2012at8:25pm
Preeti,
OpenanICICIB2account,theydontchargeanypenaltyonprematurewithdrawlfromtheflexiaccount.OnlyTDSis
deducted.
Thisaccountcanbeopenedonlineathttp://www.b2.icicibank.com
Reply
255krisJanuary16,2012at12:17am
Himanish,
thanx4thereallynicearticle.
ihaveasavings(notsavingplusa/c)accountinSBIsince2005.afterreadingurarticleiwenttomyhomebranchandenquirethemabtit.theydid
askforpan,vottercard,rationcardxeroxetc.submitteditallon7thdec2011.theytoldmeicanchekthemod,availbaletcinmypassbook.till
todaymypassbookisshowingthesamesavingbal,nomodbal.wheniaskedabtittheysaidtherearesomemenusettingproblemforwhichthis
facilitycantbestarted.theysimplydidntutteranotherwordabtit.itried2searchitingooglebutnosatisfactoryresultcomeintheofficialwebsite
orothers.
myquestion,isthisfacilityforopeningofnewsavingsplusa/conlyoritcanbestartedonexistingSBIsavingsa/c
regards.
Reply
256SushilJanuary16,2012at11:35pm
Howwouldyouweightheautosweepagainsttherecurringdeposit?Saythetenuretobemaintainedis1year,theniguessRDwouldyieldbetter
returns?Alsoistheintrestalsotaxablefromautosweepfacility?
Reply
257ManishChauhanJanuary18,2012at8:17pm
Sushil
RDwilldeliverbetterinterestbutitsdonewhenyouknowaboutthecashflowinfuture..sweepinaccountsareforfuzzyfuturewhereyou
arenotsurewhatamountofcashwillbethereinyouraccount.

Manish
Reply
258MurtyJanuary27,2012at7:28pm
Hi,
Ihave10LakhrupeesinmyAUTODEBITSWEEPACCOUNTandIdonotwanttotakeitoutforanyear.TheOnlineAccountshowsIcanearn
upto94000Interest.Myquestioniswhatisthetaximplicationonthisearnedinterest?Ifitcrossess10000,IhavetodeclareitandIwillbelosing
30%ofit.henceiwillgetonly65800,whichwillbe6.58%andnot9.4%.Whatisyouropinion?
Reply
259ManishChauhanJanuary28,2012at10:19am
Murty
Itsyourwrongbeliefthatthetaxisapplicableonlyifinterestfrombankdepositsareabove10kinayear..itsnotthecase,evenifyouearn
Rs100,ithastobeshownintaxreturnandtaxistobepaid..IfinterestisaboveRs10k,thentheTDSiscutbybank,elsenot,so
advancetaxispaidbybankonyourbehalfifinterestisabove10k.
Soeveninthiscase,whateverinterestyouearnwillbeaddedtoyourincomeandtaxed.Ifyouaresoclearthatyouwillnotneedthe
moneyin1yr,whydontyoudoaFD?
Manish
Reply
260MurtyJanuary28,2012at12:18pm
EventheinterestearnedonFDwillbesubjectedtoIncomeTax.Whatshallwedo?
Reply
261ManishChauhanJanuary29,2012at2:52pm
Murty
yes..theinterestonFDisalwaystaxable,whatdoyoumeanbyWhatshouldIDo,youcantdoanythinghereyouwill
havetopaythetax,thereisnoalternative
Manish
Reply
262MurtyJanuary30,2012at10:38am
WhenIaskyouwhatshouldIdo,Imeantosaytolookforotheravenueswhichgeneratemorethanthisrateofinterest!
Whenyouget6.8%pottax,forahonestdeclaration,theeffortisnotencouragingenough.ifyouareinthemiddleage,
andyoudontneedthatfund,IthinkPF/PPF/VPFwouldbemuchbetter,asithasanEEEmodeoftaxation.RIght?Or,
rather,put50%intoFD,andtherestintoPFaccounts,thereturnswouldbetaxexempt.
Ontheotherhand,canweavoidtaxandstillgetdecentreturns,legally?
Reply
263DeepakkumarPrasadJanuary29,2012at3:37pm
HiManish,
Superbarticle.Ijustcameacrossyoursitetodayandamthankfultoyouforprovidingexcellentinformation.
However,Ihavesomequeries.LetsdividethisAutosweepfacilityin2parts.
(1).Amountabovethresholdlimitisautomaticallydebitedfromsavingsaccountanddepositedtoafixeddeposit.
(2).Amountwithdrawnfromthisfixeddepositincasesavingsaccountisrunningshortofcash.
IholdHDFCaccount.Ontheirwebsitetheyhavementionedonlyaboutpart2above.Theyhavenotmentionedontheamountbeingautomatically
debitedfromsavingsaccountanddepositedinafixeddeposit.Nomentionofthresholdlimit.Iamalsobitconcernediftheyopennewfixed
depositaccounteverytimethethresholdiscrossedorwilltheydepositintheexistingFDaccount.
IfweinferfromHDFCsiteitshowsweneedtofirstopenaFDandthenconvertitsweepinwithsavingsaccount.Thisisonlythepart2facility
asIhavementionedabovehowdoesthepart1actuallyworks?
Reply
264ManishChauhanJanuary31,2012at4:51pm
Deepak
Whatiswritteninarticleisageneralthing..allbankstheirowntweaksinsweepin,inHDFCbankitcanbedifferetn,gothrough
comments..thereislotoftalkonHDFCthere
Reply

265sanjaykumarJanuary30,2012at5:16pm
canwedrawmorethanavailablebalancefromatminautosweepfacilityatSBIATM.IamSBIaccountholder.
Reply
266ManishChauhanJanuary30,2012at11:46pm
Sanjay
Youmusthaveoverdraftfacilityforthat
Manish
Reply
267KiranFebruary1,2012at4:01pm
HiManish,
Thanksforthegreatinfo.IverecentlyopenedandSBISavingsaccountandwasinquiringabouttheSavingPlus(autosweep)there.Tomy
surprisethestafftheretoldmetheminimumamount/thresholdlimittoholdaSavingsPlusaccountis50,000.Istheamountstatedlegallyrightor
theyareseekingitfortheirbusinesstorunsincethebranchisfairlynew.
Imasalariedemployeeaged28withmonthlyincomeof45Kandmywifehasasimilarincome.Belowismyquery:
Weareplanningtodivertabout20KeachmonthintoourSBIacct(withintentionofhavingaSavingsPlus).Insuchascasewillitbevery
clutteredandcomplexsinceeachmonthaFDwillbestarted.Assumewehavea50KthresholdintheSavingsPlus.
Kiran
Reply
268PareshFebruary1,2012at5:37pm
IjustopenedanewSBISavingPlusaccountandminimumbalancerequiredis5000andnotthe50000!
HoweverifyouneedGOLDINTERNATIONALDEBITcardtheywillwanttohaveminimumbalanceof50000
MinimumbalanceforSBIPremiumAccountis250000
Reply
269SomanFebruary18,2012at6:47pm
Hi
Thanksforthearticle.
WhethertheAutosweepaccountisaccountableforTDSandifyeshowcanwereleivedfromit.
Thanks
Soman
Reply
270meeraFebruary23,2012at3:50pm
HiManish,
Ireallylikeyourarticle.ijusthaveonequestionwhatisthedifferencebetweensavingplusandsavingpremiuma/cinSBIandwhichoneisbetter.
Ihaveappliedforsavingplusinsbiandalsoforgoldinternationalcardbuttheyhavenotmention50000minimumbalanceforthis.Aspersbi
5000minimumbalanceforsavingplus.Ihaveonemoredoubtwhatisthetotalbenefitforbankinthiscaseifwecanwithdrawmymoneyatany
timeandstillweareearninghigherinterestwithoutanypenalty.ihaveappliedforjointa/cwithmyhusbandandiamtheprimarya/cholderbuti
amnotworkingrightnow.whowillbeliablefortaxoverinterest.
thanks
Meera
Reply
271ManishChauhanFebruary23,2012at5:00pm
Meera
Youwillbeliablefortaxoverinterest.Iamnotsureaboutthedifferencemyself,betteraskathttp://www.jagoinvestor.com/forum/
Reply
272krisFebruary29,2012at1:58am
finallygotautosweepenabledafter2months(betterlatethantonevercomeatall!)..manishihaveaques.supposeihave10,000minimum
thresoldmarkandihavetopay40.000viadebitcardforonlinebillpaymentnowihaveaMODof50,000doesthereversesweepistruefor
onlinetransactionalso??orhavegotoatmorwriteachequeforthat??

Reply
273SachinMarch2,2012at10:46pm
Manish,IhaveRs.31000inmySBISavingsplusaccount.TheaccountdescriptionisshownasSBCHQSBPGENPUBINDALLINR.My
bankertoldmeitsasavingsplusaccount.ButmyMODbalanceisstillRs0.00DotheycreatetheFDswithoutshowingitontheinternetaccount?
Isthereaspecificdateinthemonthonwhichtheydothat?Whatshouldido?HowdoiknowtheamountofwhichFDshavebeencreated?
Reply
274ManishChauhanMarch3,2012at10:24am
Sachin
ThisquestionisverymuchspecifictoSBIPLus,betteryoudiscussitonourforum:http://www.jagoinvestor.com/forum
Reply
275ArunSharmaMarch4,2012at5:30pm
IamhavinganaccountinSBI,ihaventstartedbyOnlineAccountduetosomereasonsandbadsupportofSBI.
Iamjustagraduateandworkinginacompany,sodonthavemuchspendings.
Recentlyiamhaving30,384Rsinmyaccount,on2Marchigotmysalary,17,056
andmytotalis47,440on2MarchicheckedthisthroughSMSbankingfacilityataround10.40PMon2ndMarch.
Buton4thMarchi.etoday,whenicheckmyaccountitshowsbalanceof5,440Rs
Igetnervouswhathappensnow,ithoughtsomeonehastakenmymoneyfrommyaccountbuthow??ihaventsharedanythingwithanyone.
IgotoSBIATMandhaveMiniStatementitsshows
42000DEBTSWEEP
icalledSBITollFreeNumbertheytoldmethattheytransfermymoneytoMODaccount.
Butwhytheyhavedoneso,withoutmypermission,isitthenormalcase.
IwillgomyBranchOfficetomorrowandaskthem.
RightNowiamhaving5440Rsinmyaccount,supposeiwanttowithdraw10,000Rs.
Howcanidoso,Plsexplainme,isitokay,Nothingtoworrycase.
Reply
276ManishChauhanMarch5,2012at3:34pm
Arun
Thereisnothingtoworry..Youraccountseemstohaveautosweepactivated .soanyamountexcesstosomepoint,thatgets
convertedtoFD,actuallyinawayitsgoodforyouifyouarenotgoingtousethemoneyforalotoftime,butifyouareuncomfortable
withthisoption,pleaseaskthemtodisableit
Reply
277souravMarch11,2012at3:22pm
howcanigatetheautosweepfacility???ifiwanttoactivatetheauytosweeepfacilityinmyaccountthenwhatwillido??
Reply
278ManishChauhanMarch11,2012at6:25pm
Justtalktoyourbank!andaskthemtoactivateit
Reply
279ABMarch17,2012at11:23pm
HiManish
IhaveSBISAVINGSPLUSaccount.
Mythresholdlimitis5k.Ihavesomequeries:
1.Ifiwithdraw2kfromATM,myfdwillremainunaffectedandsavingsbalancewillbe3k?
2.Mysavingsbalanceis5kandive2FDsofist65kand2nd41k.Caniwithdraw10kfromatm?Ifso,whatwillbemysavings
balanceandfdbalance?Imean,willmy2ndFDof41kbreak,oronly5kwillmovefromFDand36KFDwillremain?
Whendowegetinterestcredeitedtosavingsaccount?Inmyaccountitshows9.25%interestandmaturityperiods12months.

Reply
280ManishChauhanMarch18,2012at11:45am
AB
1.Yes
2.IamnotverysurehowitwillworkinSBI,butoneofyourFDshouldbreakandthenabove5k,thenewFDshouldget
created.
Manish
Reply
281SujanKumarDeyMarch21,2012at4:43pm
IwouldliketoknowwhetherthiskindofaccountistreatedasaPURESAVINGSACCOUNT?AstheGovthasnotifiedthatcustomersearning
interestuptoRs.10,000/onSavingsAccountneednotfileITreturn,sowillitapplytothiskindofaccountsaswell?Doesthecustomerneedto
fillup15G/15Hformtoavoidtaxdeductionbythebanks?
Reply
282ManishChauhanMarch21,2012at7:14pm
Sujan
Theconditionisnotjustthatyoushouldhaveupto10kinterest,youshouldalsohaveincomeoflessthan5lacstonotfilethetaxreturn.
Alsothesearesavingbankaccountonly,justthataboveathreshhold,yourmoneywillbeearningFDinterest
Reply
283vinayakMarch23,2012at5:27pm
icouldnotfindautosweepinicicionlineaccountsoihavestartedusingmoneymultiplieraccountinicicibank.itisthenearestthingicouldfind
withsweepinfacility.ithas2format:standardandspecial.ihavegoneinforspecialwith590daysdepositand9.5%interestrate.ihopeitsthe
samethingthatwerdiscussinginthisplatform.pleasecorrectmeifimwrong.
Reply
284ManishChauhanMarch23,2012at7:50pm
Vinayak
Iamnotsureifitsthesamething,becauseinautosweep,youdontcreatetheFDsdirectly,itgetscreatedonitsownonceyouraccount
balancegoesabovealevel.Anyways,seeifyouareokwithwhatyouhavechoosen,thatswhatmatters!
Manish
Reply
285vinayakMarch24,2012at7:31pm
thanxforreply.iwasbitconfusedasthecustomercarewerealsonothelpingmuchandonwebsitealsotheyhavegivenfixeddeposit
andmoneymultiplieraccountas2differentthings.
Reply
286ManishAwasthiMarch24,2012at2:07pm
HiVinyak,
ICICIhasstoppedAutosweepfacilityintheirS/baccount(Idontknowthereason).WhatugoneforisstandradFD.
Ivebeenfightingwithicicibranchmnagerforpast2monthstoreintiatetheautosweepinsb.
LastweekibecomefrustatedoficicibankandendupopeninganewsbaccountinYesbankandtransferredallmymoneyfromICICIto
Yesbankasinterstinyesbanksavingsis7%andhadalsowrittenanemailtoICICISrmanagementaboutmyaction.Imwaitingfora
replyfromthem.
regards
ManishAwasthi
Reply
287vinayakMarch24,2012at7:33pm
thanxforinforming.
Reply
288vijaykarthikMarch24,2012at2:09pm

HiManish,
Thisarticlewasveryinformativeanddefinitelycreatesawarenessaboutautosweepfacility.Youhavementionednottooverdooroverusethis
facility(indisadvantagessection).Canyouletusknowwhatswronginoverutilizing(becauseinanycasewearegainingprofit).
IamplanningtoutilizethisfacilityinSBI.KindlyletmeknowifSBIchargespenalty.
Ihavesomedoubtslike
1)whatwouldbethetermofFixedDeposit?
2)whathappensifwewithdrawFixedDepositedamountpriortoitsmaturity?
willtheychargepenalty
Reply
289ManishChauhanMarch24,2012at3:28pm
Vijay
Overuseheremeansthattakethisfacilityasaddedadvantage,donttrytomakeanFDusingthiswayifyoucanyourselfcreatetheFD
manually.
1.Thathastobedecidedbyyouandinmostofthecasesitsmorethan1yrandifyoubreaktheFD,thereareheavypenalitycharges
2.Yes
Reply
290vijaykarthikMarch25,2012at10:53pm
Thanksfortheinfo,Manish
Reply
291vinayakMarch25,2012at3:06pm
24thcommentbyMrJayprakashReddyhasansweredmostofmyqueries.ijustwantedtoknowonemorething.iwanttoputabout50ooorupees
inthisaccount.soshouldicreatemmfdof50oooinonegoorshouldimake10accountsof5ooo.asimnotsurewheniwillneedthismoney.
whichwouldbemorebeneficial
Reply
292ManishChauhanMarch28,2012at4:45pm
Vinayak
10aretoomuch,whynotjust23FD!
Reply
293deepakyadavApril12,2012at7:50am
itisverygooddepositforeverypersonforfuturesavingaccount
Reply
294ManishChauhanApril17,2012at7:34pm
Deepak
Itsnotanynewdepositaccount,itsjustafeature..thatsall
Reply
295SushantApril12,2012at12:45pm
HiManish,
Neededoneinformation.Ihaveopenedasweepaccountandgaveathresholdlimitof5000.Iwasinaimpressionthatthresholdlimitand
minimumbalanceinmyaccountistwodifferentthing.Nowtheissueisihavekeptlessthan5000buthigherthan2000inmyaccountfora
quarter.Bankhasdeducted225sayingthattheminimumbalanceofsweepaccountisthetresholdlimit5000.ThiswastoldbytheSBIbranch
manager.Couldyoupleaseletmeknowifthatiscorrectoristhereanywayicanraisethisconcernasbranchmanagerhimselfisdenyingthat.
Waitingforyouadvice
Reply
296ManishChauhanApril17,2012at7:33pm
Sushant
Itmightbetrue..mostofthesavingbankaccounthaveminimumbalanceofRs10,000,soifyoukeepathreshholdlimitbelowthatthen
youarekeepinglowbalanceandonquarterlybasis,youmightfaceapenality
Manish

Reply
297AbhijitDeyMay3,2012at4:05pm
Hi,
Thanksforhavingthisforum.Really,couldgatheralotofinformation.
IamhavingfewqueriesregardingMODSaccountforSBI.
1.IftheminimumbalanceinMODSaccountis5000,andifItrytowithdraw2000thenmysavingsamountwillbe3000.InthatcaseIwillbe
chargedapenaltyfornot
maintainingminimumbalanceintheaccount.
2.ItItrytowithdraw16000andIamhavingaFDof50000thenwhatwillbemysavingsamountleft.Willitbe0andMODbalance=39000?Also
inthiscaseIwillbecharged
thepenaltyamount.
SotheconclusionisifIwithdrawmoneyfromthisMODSaccountthenIwillbechargedpenalty..Soisitreallyflexibelattheendoftheday?
Reply
298ManishChauhanMay3,2012at7:14pm
Abhijit
YoucanwithdrawthemoneyfromyouraccountorFD,butyoualsohavetoadheretotheminimumbalanceguidelines!
Reply
299AbhijitDeyMay4,2012at10:09am
ThanksManish.Ijustwantedtoknowifthe2pointsgivenbelowarecorrect.
1.IftheminimumbalanceinMODSaccountis5000,andifItrytowithdraw2000thenmysavingsamountwillbe3000.InthatcaseI
willbechargedapenaltyfornotmaintainingminimumbalanceintheaccount.
2.ItItrytowithdraw16000andIamhavingaFDof50000thenwhatwillbemysavingsamountleft.Willitbe0andMOD
balance=39000?AlsointhiscaseIwillbechargedthepenaltyamount.
Soinordertoavoidthepenaltychargeonehastoreplenishthewithdrawalamount.Isthiscorrect?
Reply
300ManishChauhanMay4,2012at5:07pm
Abhijit
ThisshouldbebestanswerbySBIcustomercare,theirinfowillbetoothepointandmoreauthenticandreliable
Reply
301SheebaMay11,2012at11:29am
HowcanIwithdrawmoney/breakaspecificSBIMULTIOPTIONDEPOSITACCOUNT?
Reply
302ManishChauhanMay11,2012at11:43am
Sheeba
YoucanjustgotothebranchandaskthemforthebreakingoftheFD,Isthereanyissueyouarefacinginthis?
Reply
303SheebaMay11,2012at4:09pm
HiManish,
DoIhaveanoptiontobreakitonline?
Sheeba
Reply
304ManishChauhanMay14,2012at10:54pm
Sheeba
Ifitwascreatedonline,Iamsureitshouldbebreakableonlinetoo
Reply
305SheebaJune11,2012at5:04pm

Asyoustate,wheneSTDRiscreatedonline,hopeitisbreakableonline.
ButwillbeitpartbrokenifIwithdrawcashassimilartoautosweepedMOD?
Reply
306ManishChauhanJune12,2012at6:55am
ItwoulddepenthowmanyFDarecreatedandofwhatamount.IfthereisonlyonFD,thenitwillbebrokeneven
ifyouwithdrawasmallamount
Reply
307manojMay21,2012at12:27am
whatisthebasisofinterestpaymentunderMODschemeandwhentheinterestwillbecreditedinmysavingaccount?
mysavinga/cissalarieda/c.
Reply
308ManishChauhanMay21,2012at5:30pm
Pleaseaskyourquestionismoresimplemannerwithsimplelanguage
Reply
309BKMMay29,2012at3:38pm
HiManish,
Thanksforthisbeautifularticlewithanoblecauseofeducatingthenormalsavingsaccountholderaboutautosweepfacility.Inthecomment
sectiontherearesomegeekschallengingtheefficiencyofthisproductcomparingthemwithMFs(nonequity)andmoreattackingyouasless
knownperson.Hopeandbelievethiswillnotbringyoudownandkeepyouawayfromgoodinitiativesinfuture.
LetmesharemyexperienceaboutautosweepaccountinSBI.Iamusingitsince2008.Sofaritwasfineexperience.Ifindtwoissuewiththem.
1>Bydefaulttheywillenableitfor12months.Thereisnooption(thoughinpapers)tometoselectactivationperiod.Afterusingitfor4years
indifferentinterestratescenarionowIcanguessthereason.Youhavetoapplyforrenewaleveryyear.Ifinterestrateislowtheywillkindly
approve.Ifrateisashighas9.25%(asitisrightnow)theywillnotreactivateit.Surprisinglytheystateridiculesreasonforthis(obviousall
verbal)likea>systemisnotacceptingrightnow.B>yourKYCisnotproper(evenaftersubmittingalldocumentthreetimes)c>youmusthave
anotherSBIaccountinIndiawheresamePANnoisgiven.Icametoknowinformally(frombankonly)theyhavemanagementdirectiveto
discouragecustomertouseautosweep.
2>Theywillneverupdate15Gforminsystem.SowheneverFDsbreakstheywilldeducttax.Inlastthreeyearinthesewaylotoftaxisdeducted
atsource.Inmycaseitcounts.Uponaskingtheyaretellingtheyaccidentallymissedmyformtoenter.Whenaskedhowthathappenedallthelast
threeyearstheyweresilent.Actuallyifyouuseifwelltherewillbenewaccounteverymonth.Soyouhavetodeposit15Geverymonth.Forthese
casetheyevenhavethesystemsuchthatifyougive15Ginthebeginningofafinancialyearallsubsequentmodaccountsneednot15G
separately.(tobelieveityoushouldnotaskforthesourcebecausethesystemsoftwareSBIisusingdevelopedbysoftwaregiantsandaremost
unlikelytomissthatout).Knowingtheexistenceofthisalsotheywillnotprovidethisfacilitytocustomersayingthisfacilitydoesnotexists.
Onlyintentionforthisbehaviortokeepyouawayfromautosweepaccount.Thiswillonlychangeifinterestrategoingdown.
3>DuetomyrecentfrustrationonSBIIamnowlookingforanotherbankwhomayprovideautosweepwithoutanychargetoitssavingsaccount
holder.
Thanks
BKM
Reply
310ManishChauhanMay29,2012at9:23pm
Bettermovetoanotherbank,butiwouldsayyoualsohaveoptiontocomplaintobankingombudsmanaboutthisbehaviourfromSBIandI
amsureitwillbeheard,itcantakesometimethough!
Reply
311SheebaJune7,2012at12:02pm
HiManish
Thanksforthepreviousanswers.
Ihaveaminoraccountformydaughteranditisoperatedbyme.
CanIenableAutoSweep(MultiOptionDepositScheme)inMinoracct?
AlsoImnotabletocreateeSTDR/eTDRfortheMinoracct.Canyouhelpme?
Sheeba
Reply
312ManishChauhanJune7,2012at10:43pm
Therearealotofrestrictionsfrombanksonminoraccounts,whateverbankssayaboutyourquestionshouldbeconsideredasFINAL.
Reply
313pandabakusinghJune13,2012at10:55am
DearManish,

Iambankerandimpressedonyoursuggestionregardingsolutiononbankingproblemisverymuchattractive.plzcontinueinthiswayasur
having.
onethingcanuprovidemeurcellnowheniwillbeinneedimaycontactu,
thankingyou
pksingh
Reply
314ManishChauhanJune14,2012at3:54pm
Thanks
Reply
315amitJune17,2012at11:02am
DearManish,
IhaveSBIAutosweepSavingaccount.Ihaveaqueryregardingaccountbalance.
AsMyMODbalanceisshowing:390000rsandmyaccountbalanceincludingalldepositeaccountis324425rs.Howtheyarenotsame.Andi
haveevencalculatedandaddtheintrestaswell.Butstillthefigureisnotmatching.plzreply.
thankingu
amitbaheti
Reply
316ManishChauhanJune19,2012at10:26am
Amit
Canyouexplaininmoredetail..IrequestyouraisethisqueryonForum:http://www.jagoinvestor.com/forum
Reply
317PankajSharmaOctober2,2012at9:46am
HiAmit,
iamalsofacingthesame.MyMODbalanceshows20kmorethenthesumtotalofalldepositandaccountbalance.
ifyouknowcanyouletmeknowhowsystemcalculateMODbalance.
Regards,
PankajSharma
Reply
318ShreeJune21,2012at11:01pm
Ihaveheardaboutthisandwasnotawareindetails.
Thisarticleisverymuchhelpedmetoknowmoreaboutautosweep.
YesIwillenablethisoptionformyaccountbythisweekenditself.
Reply
319ManishChauhanJune22,2012at8:10am
welcome
Reply
320somaJuly8,2012at4:48pm
Thanksforpostingthearticle.HoweverwhenIcheckedwithmyFinancialadvisorheadvicedmetogoforIDFCliquidfundsratherthanthe
sweepaccountasitgivesbetterratesplustaxfreeandeasytotransactalso(justbysms).Canuthrowlightonthis?
Reply
321ManishChauhanJuly9,2012at8:58am
Soma
Yesheiscorrectinaway..Notethatthisarticlejustgivesinformation,itsnotacomparitivearticle
Reply
322FrancisSeptember28,2012at1:05pm
DearManish,
Returnfromliquidfundistaxfree?Plsguidesomaproperly.

Reply
323ManishChauhanSeptember29,2012at10:34am
No,itsnotlikethat..Itstaxable
Reply
324BikashJuly19,2012at9:35pm
HiManish,
IhaveopendaFDofRs150000at9.75interestratefortheperiodof1yratthemiddleofafinancialyearandoptedforquarterlyinterestpayment
tomySBaccount.ThatmeanillgettwoinstallmentofinterestpaymentandthatllbelessthanRs10000inthecurrentfinancialyear.willthebank
deductTDSinthiscase?
Reply
325ManishChauhanJuly20,2012at12:08pm
No,itwillnot .goodtip!
Reply
326BikashJuly19,2012at9:41pm
Hi,
IhaveseentheRDdonotattractTDSbybanks.somebanksofferingvariableRD.ifigivethe1stinstallmentofRs300000andthenRs100in
eachmonthwillitattractTDS.IsisbetterthantoinvestRs300000inFDtoavoidTDS?thankyou
Reply
327ManishChauhanJuly20,2012at12:02pm
IdontthinkvariableamountispossibleinRD,forFDTDSisalwaysthereifyourinterestismorethan10kinayear!
Reply
328BikashJuly26,2012at1:06am
HiManish,
VariableRDispossibleinsomebankslikeUCO,INDIANBANKetc.InUCObanktheschemeisknownasUCOSOWBHAGYA
RECURRINGDEPOSITSCHEME.?Nowyoupleaseclarifyyouranswer.
Reply
329ManishChauhanJuly26,2012at9:53pm
Ok,neverknewthat!..thanksforthatinformation!
Reply
330BikashAugust11,2012at1:32pm
HiManish,
Tellmeaboutreinvestmentplan.IhaveseenthischartinSBI.exRs1006months103.5306.whatdoesitmean?IfIwanttoinvestRs100000for6
months.whatwillbematurityamount?pleaseclarify.
Reply
331ManishChauhanAugust12,2012at9:53am
Bikash
Whatplanisit,kindlyexplainalittledetial
Reply
332atolaniAugust14,2012at2:37am
Hello
TodayIcalledinICICItoenableautosweepinmyaccount&wasinformedthatICICIhasdiscontinuedthisservice.Thisservicewasintroduced
in2008&isnowdiscontinued.Executiveinformedmethattheyhaveintroducedanewschememoneymultiplierinsteadofautosweep,Whichis
similarbutwehavetocreatetemp.FDsmanually(Yes,Itsaturnoff)Ididntoptedforthat,becauseIfeltcreatingFDmanuallyeverytimeIhave
surplusistoomuch.
Moreinfoisherehttp://www.icicibank.com/PersonalBanking/accountdeposit/savingsaccount/moneymultiplier.html
Reply
333ManishChauhanAugust14,2012at12:34pm

thatmightbethelatestdevelopment!,thanksforsharingitwithallofus!
Reply
334dushasanpaleiAugust20,2012at11:52pm
pleasesendmealinkabouthowtogenerateautosweepfacilityinstatebankokindiaonline
Reply
335ManishChauhanAugust22,2012at7:11pm
Whichlink?
Reply
336SheebaAugust23,2012at1:52pm
Ihavea555daysFDwhichismaturingnextmonth.HowcanIknowifitwillbe1timeinvestmentorautorenewedforanother555daysagain?
Reply
337ManishChauhanAugust26,2012at1:04pm
Youshouldhavechoosenthatatthetimeofopening.Bydefaultitsjustonetimeandnotautorenewal.TalktoBankcustomercare,they
willtellyouaboutthis!
Reply
338chitaSeptember14,2012at8:03pm
whatisthedifferencebetweenmodaccountandsavingsplusaccountinsbi
Reply
339ManishChauhanSeptember18,2012at1:19pm
Betteraskithereonhttp://www.jagoinvestor.com/forum/
Reply
340ArifAntapurSeptember17,2012at4:49pm
HiManish,
ThankyouforyoursimplestexplanationafterreadingyourarticleIhavechangedmySBIsavingstoSBIsavingspluswhichmeansMODinSBI
thismonth.Ihavegiventhresholdof8000.Bankhasconfirmedthatitisdone.Ihavefollowingqueries.
IwanttoknowhowcanIcheckthesameonline?StillIcannotseeanynewaccountcreated.
AlsopleaseletmeknowcanItransferfundsfromthataccounttoownaccountsorotheraccountsonlineincaseofurgency?aswehaveoptionto
withdrawanytimetheallamountfromATM.
IfIwithdrawmyMODwillcontinueorwillbeclosed?
Thanksinadvance
Reply
341ManishChauhanSeptember18,2012at10:04am
Itwillstillcontinueifyouwithdrawmoremoneyinemergency!..Formoredetails,betterreadallthecomments,itsalreadydiscussed
somewhereorjuststartanewthreadonourforumhttp://www.jagoinvestor.com/forum/
Reply
342AbhijitSeptember18,2012at10:40am
Mightbehelpful
http://wealth.moneycontrol.com/yourstartupkit/bankdeposits/makingyoursavingsandfdaccountflexible/10881/1
Reply
343SubhashNovember21,2012at3:41pm
Sir,
MySavingBankAccountNo.30446182309presentinSBI,Kathghat,DistrictMoradabad(UP).ItisthereforerefquestedtoprovideAutoSweep
facilityofmyaccountplease.
Reply
344ManishChauhanNovember25,2012at11:48am
Howcanwehelpyou,wearenotthebank!
Reply

345SujabBNovember27,2012at1:38pm
ThanksManishforthisgreatarticle.
IhadmySBIsavingsaccountconvertedtosavingplusaccount,backin2009.MyexperiencewiththefacilitywasquitegoodasIgenerally
depositintheaccount,andwithdrawalswerefewandfarbetweenandthroughcheques.
ProblemstartsfromFeb2012,whentheautosweepstopssuddenlywithoutanynotification.Ididnottriedmuchtorestartit,asIcancreateFDs
throughnetbanking.ButrecentlywhenImadeawrittenrequesttobreakthelinkedFDaccountstheproblemresurfaced.Thebankofficialsare
sayingthat,theyaretryingtoresolveitandhavesentthemattertodatacenter,butwereunabletoprovideanytimeline.
Reply
346KiranNovember30,2012at11:04am
openappfacount
Reply
347ManishChauhanNovember30,2012at1:02pm
Askthemadeadlineafterwhichcomplaintobankingombudsman!
Reply
348BKMMay13,2013at11:08pm
@SujabB
Thetimelineandexperienceyousharedexactlymatchingwithmine.Mybranchalsonotabletorestartit.Buttheywillnotacceptthatitis
theirfault.TheyrepeatedlyaskedmeforaddressproofshowingridiculestheorythatifKYCisnotproperautosweepnotpossible.Evenafter
multipletimesofsubmittingthedocumenttheycouldnotstartit.EverytimeIvisittheywillmakestormwithkeyboardandtellfromnext
thresholddateitmusthappen.Asusualonemonthwillpasswithnoresult.Bythiswayoneyearisgone.Oneofmycoworkercomplained
itfromSBIsite.AfteronemonthSBIclosedthecomplainwithoutresolvingit.
IasksedPNB&BOBforopeningautosweepaccountsbuttheysaysthattheyhavediscontinuedthosetypeofaccount.OnlyICICIand
HDFCcanopenthiskindofaccountbutwithTnCwayimpractical.
WiththisexperienceIamgettingasignalthatbanksareintentionallydiscouragingautosweepinnontransparentway.Ifitistheirpolicy
theyshoulddiscloseitalso.
RequestingMr.ManishChauhantopleaseinvestigateandupdatethistopicifrequired.
Thanks
Reply
349CHAMPAJOSHINovember30,2012at11:55am
Sir,
MySavingBankAccountNo.30840499305presentinSBI,Lohaghat,DistrictChampawat(Uttrakhand).ItisthereforerequestedtoprovideAuto
Sweepfacilityofmyaccountplease.
Reply
350ManishChauhanNovember30,2012at12:03pm
YouhaveconfuseduswithSBIbankIguess,wearenotbank
Reply
351SatyaMarch21,2013at12:02pm
AndyoushouldnotdiscloseyourAccountIdlikethispublicly.
Reply
352ShreyasDecember12,2012at2:15pm
HowdoimakeanaccountingforAutosweeptransactioninmybooks.?
plssuggestsomeguidelines
thanksinadvance
Reply
353ManishChauhanDecember19,2012at4:35pm
Yesthatwillbealittletough,justtrackyourmonthlystatements!
Reply
354nikhilJanuary8,2013at12:16am
IwanttostartthisfacilityformyPNBacount.Icheckedthislink
(https://www.pnbindia.in/en/ui/PNBPrudentSweep.aspx)forinformationbutcoulntgetit.Canyoupleaseexplainbyaneasyexample.yourhelp

wouldbegreatlyappreciated
Reply
355ManishChauhanJanuary8,2013at9:14am
Whatpointareyounotgettingthere?Ithinkitsclearlysaidthatabove40k,itwillbeconvertedintoFDs.
Reply
356PintuFrancisJanuary14,2013at2:51pm
Thanksverymuchforthisinformativenote.
IwassearchingtoknowabouttheSBISavingsPlusaccountandifoundthisveryuseful.
Ihaveadoubt.
IhavestartedaSBISavingsPlusAcc.(SalaryAcc.)andsetthethresholdtoRs.15,000.andsweeptimeas10thofeverymonth.
Myquestionisthat,WhenwillthebankcalculatethesurplusamountthatistobetranferedtoFD?AssoonasIdepositmoremoneythan
threshholdlimit(inmycasemoneyaboveRs.15,000)oronlyattheautosweepdate(10thofeverymonth).
Whatisthesignificanceofthisautosweeptime?
Reply
357ManishChauhanJanuary14,2013at4:48pm
Ithinkitwillhappenassoonasyourbalancegoesup..
Reply
358PintuFrancisJanuary14,2013at9:16pm
Soisthereanyimportanceinthesweepdate??
Itisaskedintheaccountregistrationformrite?
Reply
359ManishChauhanJanuary18,2013at5:02pm
ItmightbethedatewhentheactualcreationofFDhappens
Reply
360bhanukiranFebruary28,2013at3:06pm
Ithappensonsweepdate..notwhenbalancegoesabovethreshold
Reply
361PinakiMay22,2013at4:12pm
Inyourcasethemoneywillbeswiped10thofeverymonthat24:00hrs.
Reply
362swathibommaFebruary21,2013at3:04pm
HowcanisetthresholdamountandsweepdateinSBI.
kindlypleasesaythesteps.
Thanks!
Reply
363ManishChauhanFebruary25,2013at6:30pm
Notsureoftheexactsteps.didyoufinditininternetbankingornot?
Reply
364SwathiBommaFebruary25,2013at6:36pm
noidintfindit.
ineedtosetthethresholdamountanddate.
Pleasecanyousayhowshouldidoit?
Reply
365NandaApril10,2013at10:59pm
HiSwatiDidufindoutthesolutionforthis??
Iamalsowaitingfortheanswer
Kindlylemmeknowifuknowthestepsforsettingthresholdlimit
Thanksalot

Reply
366SachinApril6,2013at4:35pm
HiManish,
Nicearticle.AutoSweepinisanexcellentservice,Iwasnotawareofit.
Thankatonforthispost.Ihaveaquestionhere
CananEMIpayment(throughECS)canautoreversetheamountfromFDortheemipaymentwillbedishonouredduetoinsufficentbalance?
Thanks,
Sachin
Reply
367ManishChauhanApril12,2013at12:52pm
IamnotverysureonthatSachin..youwillhavetoenquirethisfrombankitself.
Reply
368RajeshSainiApril25,2013at6:36am
Autosweepisagreatoptiontoearnmoreinterest.andalsothanksforexplainingitinaverysimplemanner
Reply
369ManishChauhanApril26,2013at10:57am
WelcomeRajesh
Reply
370PinakiMay22,2013at4:08pm
@Nanda&Swathi
Youcannotdoitwithinternetbanking.Youmustvisityourhomebranchandaskforautosweepapplicationform.Inthatformthosetwodataisto
befilledup.Youhavetosubmitittothatbranch.
Thanks
Pinaki
Reply
371pratapkumarmohantyJune16,2013at2:13pm
Isthereanyrestrictionforaminimumbalanceonemusthavebeforeoptingforautosweep?Ifsowhatistheminimumamount?Duringthis
transactionwhatamountwouldbeshowinginSBpassbookwhenIamhavingtotalbalanceofRs.80000/=andleavingRs.5000/=restIoptedfor
autosweep.
Pratap
Reply
372ManishChauhanJune22,2013at9:50am
Itcanbetoldtoyoubyyourbankonly.differentbankshavedifferentlimit
Reply
373RaghunathRajendranJune17,2013at9:43am
HiManish,
Yourarticlewassimplywrittenforsomethingwhichallbankaccountholdersshouldbeawareof.IcamehereasIwaslookingformoreinfoon
howthisworks{youknowthelackoftrustwhensomethingseemssimple..youwonderhowthebankmakesmoneyonithencethelackof
fulltrust }
So,IthoughtIwilladdanotherquestiontothis,asIcouldntfinditinthecommentstoo
Scenario.
IkeepRs1lacinmySavingsaccount,whichanotherRs1lacisinsweepinFDofHDFC6monthslatest,Iwithdraw1.5lacfrommy
savings,soRs50000getssweptinandnowIamleftwithRs50000inmyFDAsIunderstand,Rs50000(remaining)earnsafullFDinterest
(say8%).WhiletheotherRs50000(withdrawnin6months)earnsmeeither(a)nointerest,or(b)savingsaccountinterest,or(c)FDinterestrate
..Iamkeepingthecaseofthepenaltychargesseparate..butifweincludethatinthescenarioalso,howwillthisplanout?.
NoteIamthinkingoftheSweepinfacility,butIknowIwillhavecomplicationsinopeningitupthroughnetbanking,cozmyaccountisheld
jointly.Tillthen,theclarificationswillhelp.
Lookingforwardtotheclarification.
Raghu

Reply
374ManishChauhanJune22,2013at9:47am
HiRaghunath
Thisneedsdiscussion,pleaseopenathreadonourforumhttp://www.jagoinvestor.com/forum/
Reply
375SuryaJune26,2013at12:30am
HiManish,Itwasnicearticle.Iamusingthisfacilityandearninginterestsoneedtopaytaxalso,soIsearchedmanyplacesthathowshouldwe
paytaxonbelowcase.
IhavesalaryaccountandafterthresholdlimitallamountsaregoingintoautosweepFD.SowheneverIamwithdrawingamountmorethan
thresholdamountthenbydefaultmyAutosweepFDisgettingbreakandthenIamgettinginterestforthedaysmoneyheldatbank(withpenalty)
andeventheyarededucting10%TDSalso.
NowhereismyqueryIhavetopaytheremaining20.9%tax(Iamin30%bracket).ButfromApriltoJunsupposeIgetonly4000interestthendo
Ineedtopayanyadvancetaxon15thJulyandifyesthenhowmuch?ShouldIpayadvancetaxforprojectedinterest(assume20k)forfinancial
yearoronlyfor4000/
Thanksinadvance
Reply
376ManishChauhanJuly1,2013at4:45pm
Surya
Youshouldopenathreadtodiscussherehttp://www.jagoinvestor.com/forum/
Reply
377MahenderJuly1,2013at3:41pm
Autosweepschemeisaverygoodscheme
Reply
378BalaJuly12,2013at1:07pm
Hi,
howtotransfermoneyfromthesweepaccounttomysavingsaccount..iwanttopayonlinebill..soineedmoremoneythanihaveinmysavings
account..inthiscasehowwecanusesweepamount..
Reply
379ManishChauhanJuly15,2013at1:24pm
YouwillhavetobreakyourFDinthatcase!
Reply
380AmitJuly13,2013at1:05am
HiManish,
yourexplanationgavemeaverygoodideadaboutmodbalanceandsavingplusaccountbutihaveoneissuetodiscuss
ihaveopenedasavingplusacccountlastmonthwith75k,nowitshaving50k,withmodbalanceshowing50k,nowihavedeposited20thousand
intomysavingaccountbutitisnotseepingtoFDasmythresoldamoutis5konlyastheysaidwhensavingplusaccountopend.
doesittakestimetoseeptoFDfromsavingorineedtoasktocustomercare?
thanks
Reply
381ManishChauhanJuly15,2013at12:23pm
HiAmit
thisisverymuchanissuewhichonlybankcanexplain.Kindlymeetsomeoneinbankandtellthemyouneedanswerelseyouwillmoveto
bankingombudsman
Reply
382rohitkumarAugust9,2013at12:42pm
ihavea/cinsbiandwanttostartthisscheme.forthisineedothernewa/corthisfacilitycanbestartinolda/c?????
Reply
383ManishChauhanAugust12,2013at2:43pm

Itcanbestartedinsameaccount.BUtbeforeanything,checkisSBIhasthis!
Reply
384ManishaAugust26,2013at5:30pm
HiManish,
IhaveSBIsaving+a/candmyautoswaphashappenexactly23monthsback.Now,Ihavewithdrewallmymoneyafter23months.
Bankhascalculatedinterestof8.5%for1styearandthesamehasbeencreditedtomyaccountaftercompletionof1year,howevertherestof11
monththeinterestpaidwasonly5.5%.
IthinkIhavebeencheatedbythissaving+kathingbecausemymoneywasthereall23monthswiththebankandIshouldhavebeenpaid
interestof8.5%forentire23months..whatisyouropiniononthis?
ThankYou..
Reply
385ManishChauhanAugust29,2013at10:56am
CanyoucheckifthiswasayearlyFDwhichgetsautorenewed?Becauseifthatsthecase,thenfornextyearitwasnotFULLyear.Check
fortheexplainationbybankonthis!
Reply
386ManishaAugust29,2013at3:07pm
ThankyouManishforpromptresponse
Yes,ItwasyearlyFDwhichgotautorenewedlasttimeoncethepreviousyearwascompleted.Now,Iunderstandwhyitwasnot
consideredasfullyear.ButIwonderinghowthishashappenedbecauseIhavenotgivenanyguidelineorinstructionofoneyearFD.
Butdefinitely,IwillcheckthiswiththeSBIhomebranch.
Thankyouforhelp..
Manisha
Reply
387ManishChauhanAugust29,2013at3:42pm
ItmushbeDEFAULT
Reply
388SathishAugust29,2013at1:40pm
HiManish,
Thatwasagainaneatanddetailpostbyyou.
IwouldliketoopensavingsaccountinYesbankandgetasweepinoptionattachedtoit.Howexactlymysweepinoptionworksifigive
thresholdlimitof1lakh,consideriamhaving2lakhinmyaccount(above1lakh,theyaregiving7%interest).
iamlittlebitconfusedastooptforsweepintoget7%interest(min)ortoparkmyamountinsavingsbankitselftoget7%interest(guar)??
pleaseguidemeinthiscontext.
Reply
389ManishChauhanAugust29,2013at1:44pm
IncaseofYESbank,anywaysyouget7%interestIbelieve?
Reply
390SathishAugust29,2013at10:06pm
Sointhiscase,banksavingsinterestisbestwhencomparetosweepinoptioncorrectManish??
Reply
391ManishChauhanSeptember3,2013at2:32pm
Yes,itmightbealittleless,butworth!
Reply
392sujataAugust30,2013at10:04am
Reallythesearevaluableinformationforcommonpeople.Manypersonsarenotawareofthesetypeofinformation.
Reply
393ManishChauhanSeptember3,2013at2:20pm
Thanks

Reply
394AnuragBatraSeptember25,2013at4:39pm
Veryinformativearticle.
Iamunabletofinddetailsaboutitafterloggingintomyicicipersonalaccount.
AnyonewithanaccinICICIplstellmethepathforavailableoptionsforautosweep.
rgds,
Anurag.
Reply
395ManishChauhanSeptember30,2013at9:43am
Talktocustomercareonthis
Reply
396PawanShahSeptember27,2013at12:45pm
Hi,
Letstakeaexample:Ihave50,000andthethresholdlimitihavegivenisRs10000,nowtheremaining40000willbetreatedasFD.Nowwilli
continuetogetinterestofsavingsaccountofRs10000andsuppose1dayirequireRs45000thenassaidtheFDwillnotbeapplicablesoafter
thatwillicontinuetogetinterestrateofsavingaccountornot.
Regards,
PawanKumarShah
Reply
397ManishChauhanSeptember30,2013at9:07am
YouwillgetFDratesforthetimeitscreatedasFDandwhenitgetsbroken,itwillgetSavnigrate
Reply
398PawanShahOctober1,2013at1:12pm
Hi,
DoMODschemeisonlyapplicabletoSalaryAccountHolderinSBI.CantitbeopenbySavingBankHolder
Regards,
Pawan
Reply
399ManishChauhanOctober7,2013at8:23am
YEs,youcanopenit
Reply
400HansrajDeshkarOctober3,2013at3:20pm
IfIhad34FDsinformofMOD,andIwithdrawsomeamountthenwhichFDwillbreak??Thefirstoneorthelastone??asalreadytheamount
ofinterestaccumulatedinthefirstoneishigher.
Reply
401ManishChauhanOctober7,2013at8:01am
Itshouldbefirstonelogically
Reply
402GaneshOctober4,2013at6:58pm
HiManish,
Thanksforthisinfo.
UnknowinglyIhadenabledthisoptionwhileopeningmySBIaccount.IwasshockedtoseemybalancesuddenlygoingawayandthatshowI
reachedthisblog(Thankyousomuchforhelpingpeople).
ButseemsnowIcannotmovethefundbackinmyregularaccountvianetbanking(incaseIrequiretotransferanamountonlinetosomebody
frommySBIaccount).IraisedaticketwithSBIandtheyareaskingtocontactlocalbranch!
Myquestions:
1).CanImovebackthefundonlinebacktomyregularaccount?(TheeFDoptionssaystherearenoFDsforprematureclosure).
2).IfIissueachequetosomeonewillthebankbepayingtheamount(frommytotalactualdepositedfund)?

Thanksinadvance..
Reply
403ManishChauhanOctober7,2013at7:49am
Ithinkyoucantbreakitonline(onlyoffline),butifyouissueachequeorwanttowithdrawthemoneythroughATM,thenitspossible.
Reply
404GaneshOctober7,2013at3:27pm
ThanksManish
Reply
405SajanOctober7,2013at6:31pm
Sowhatisthebanksprofitinthis?
Reply
406ManishChauhanOctober18,2013at11:25pm
TheygetFD!.theycanusethemoneytolendothers.Youneedtounderstandhowbankingworks!
Reply
407samratOctober30,2013at11:29am
sir,
iwanttoknowthatanydemeritorproblemwilloccurduringwithdrawandoncewewithdrawallamt.thenagainwhenwedeposititthenauto
sweepwillactiveautomaticallyornot..!!!!!!!!!!
Reply
408ManishChauhanNovember4,2013at11:01am
Yes,itwillgetcreatedagainevenifyouhavewithdrawanitonce!
Reply
409DibyaNovember4,2013at1:02pm
HiManish,
Thanksforthisblogareallyhelpfuloneforme.Ihaveconvertedmymainsavingsa/ctoanautosweepa/cafterreadingyourblog.Canyou
clarifymethefollowingplease:
1.Ihavesetathresholdlimitof10,000/.MysavingsbalanceisnowRs5000/,andthesweepina/chasbalanceofabout50,000/.NowifI
withdrawRs15,000/thenmysavingsa/cbalancewillbe0/andtheFixeddeposita/cwillbedebitedbyRs.10,000/.Sowilltheremaining
40,000/inFDa/c,goonearninginterestattheFDinterestrate?
2.Willmysavingsbalanceincreaseinfuture?Ifso,how?
Reply
410ManishChauhanNovember12,2013at9:25pm
Yes,inmostofthecasesthisiswhathappens.40kdepositwillagainbethereandearnFDinterest,butyouhavetoenquireatbanklevel
howtheyhandleit.
Notethatallbanksdealwiththisconceptdifferentlyatminorlevel
Manish
Reply
411DibyaNovember13,2013at3:47pm
Thanksforurreply.Thanksalot.Well,shouldItreatmymoda/casaninvestmentinFD/oritsabasicmisconception?
Theautosweepa/cinterestwillnotenjoy80TTATaxbenefit,whereas,togetbenefitunderthatsection,interestratewillbemuch
less[S/ba/crate~4%inSBI].SohowshouldImakethetradeoffduringthresholdvaluedecision?
Well,Iwanttoinvestforwealthcreation.PlsletmeknowwhatshouldIconsider,andhowcanIbuildupagoodinvestmentportfolio
withminimumriskfactor.
Reply
412ManishChauhanNovember14,2013at2:41pm
Yesitstruethatyouwillnotbeabletogettheexemption,butthenevenwithtaxyourreturnswouldbecloseto6.5%intheFD
Reply

413DibyaNovember15,2013at11:29am
ThanksManish!Yoursuggestionsandwayofspeakingissuperb!
Iwantachatsessionwithyou,sothatIcanaskyouregardinghowshouldIbuildmyinvestmentportfolio.Pleaseletme
knowhowandwhencanwechat.
Reply
414VishalThakurDecember28,2013at8:06pm
HowcanIsetthresholdlimitusingSBIInternetbanking??
Reply
415ASHOKDecember29,2013at3:08pm
HI,
IdonotknowhowtosetthethresholdinSBI.ItriedtomakeMultiOptionDepositSchemeinSBIanditisaskingamount..Ithoughtitisthresold,
butaftermakingthedeposit,itisshowingasPrincipalamount.Whereasihavemorethan80kinmySBaccount.
So,pleaseguidemehowtosetthethresoldinSBI..
Reply
416ManishChauhanJanuary4,2014at12:26pm
HiAshok
IamnothavingSBIaccount,betterputthisqueryonourforumsothatotherSBIaccountholderscanhelpyou
http://www.jagoinvestor.com/forum
Reply
417ManishJanuary9,2014at9:30am
Hi,
YesbankhasenabledsweepinfaciltyonFD.LikeifonedoesanFDfor2yearsfor2lakhsandafter1yearisinneedof50K.Sosweepinfacilty
canbeenabledonlineonFDand50Kcanbewithdrawnfromit(Intereston50Kwillbefor1yearand1.5lakhwillremaininfd).Thiscouldalso
actasaemergencyfundasin510minsiwasabletowithdrawmoneyfrommyfixeddeposit.
DoesanyotherbankgivesthissweepinonFD?
WhichoneismorebeneficialopeningasavingaccountandenablingautosweeporopeningaFDandgoingforsweepincaseofemergency?
Reply
418ManishChauhanJanuary9,2014at11:21am
HiManish
IfYESBANKhasthisfacitlity,thenIthinkitsagoodideatoopenaFDandenableSweepinwiththat,Notethatconsiderthisasyour
emergencyfundonly
Manish
Reply
419PrernaJanuary22,2014at3:21pm
IfihaveopenedaRDinmyaccount,apartfromthesweepfacilityturnedon,andthereisastandinginstructionforRD,butthereisnotenough
moneyinmyaccount.WillthemoneybereversesweepedintomyaccountsothattheRDpremiumcanbepaid?HowdoesSBIhandlethis?
Reply
420ManishChauhanJanuary30,2014at7:30pm
Iamnotsureonthis,itsveryspecificqueryforSBI..Betteraskitattheircustomercare!
Reply
421AbinayaJanuary23,2014at6:38pm
HiManish,
IwenttodepositsomemoneyinSBIandthemanagerwhoworkstheresuggestedtoconvertitintosavingsplusaccountandhedidallthe
formalities.WhilenoticingtheprocedureshedidIfoundheaddedtwothresholdlimit,oneforRs5000andtheotherforRs1000000.Please
clarifyastowhytherewastwothresholdlimitifyouhaveanyideaaboutit.
AndalsoItoldhimthatallthemoneyIdepositinthissavingsaccountisfrommysalaryandIhaveTDSatoffice,soIdontwantanytaxtobe
deducted.ThemanagergavemeFORM15Gandaskedmetofillandgiveoncethesavingsplusaccountisactivated(hesaidifIfillthatformand
givetheywillnottakeanytaxandjustseeifwepaythetaxesfromourPANnumber)hesuggestedmetosubmittheFORM15G.Thisform

shouldbesubmittedeveryyearApril1stweektoavoidtaxdeductionitseems.
Greatworkdonebyyouineducatingpeopleaboutfinancialplanning!.
Thanks,
Abinaya
Reply
422ManishChauhanJanuary30,2014at7:06pm
Thanksforsharingthat.Yesnownotaxwillbededucteddirectlyfrombankaccount.
Ihavenoideaonthosetwonumbersfilledbyhimatthismoment,itsgoodtogetitclarifieditfromhimitself!
Reply
423ASAJanuary28,2014at1:05pm
IamabletowithdrawmoneygoneintoautosweepaccountthroughATM.Butwheniwanttodointernettransaction/paymentsetcthemoneyin
autosweepaccountisnotavailablesoicantmakepaymentmorethanthatisavailableinthesavingsaccount,eventhoughihavebalancekeptin
autosweepaccount.Howthisissuecanbesolved?
Reply
424ManishChauhanJanuary30,2014at5:23pm
Idontthinkthatwillwork.YoucanonlywithdrawfromATMforthisbankofyours.Canyoucheckwithbankonthis
Reply
425SumitDesaiMarch1,2014at4:33pm
IrecentlyhadashockingexperiencewithSBISavingplusaccount.Afixeddepositofsomeinitialamount(Idontrememberwhatwastheexact
amount)wasautogeneratedinmysavingplusaccount.Ikeptonwithdrawingmoneyfromit.Itsmaturitywasontoday,1stMarch,2014.The
amountremaininginthisFDwasRs1000andtheinterestwhichIwasgoingtogetwasRs.90.But,aftertheexpiry,onlyRs792werecreditedto
mymainaccount.ItisshowingRs382asthetaxdeduction.IsawitthroughinternetbankingunderClosedaccountssection.Idontunderstand
howcantaxofRs382canbedeductedonRs90interest?
IliveinadifferentcityfromtheoneIamhavingthisaccountin.So,Icantgoandaskaboutitinthebranch.Cananybodyexplainwhatmightbe
thereasonbehindthisdeduction?
Thanks,
Sumit
Reply
426ManishChauhanMarch2,2014at6:17pm
Yes,thisisweird.itsnotrighttocommentonthiswithoutknowingmoredetails.Itsbesttotalktocustomercareonthisandtalktothem
aboutthereason.Letusknowwhattheysay?
Reply
427RameshMarch1,2014at9:29pm
Hi,
Itsthefirstexperiencewithsavingplusaccountinsbi,withminthresholdof5k.
Ihad35kinmyaccounton28feb.
Buttodayon1mar14,itismainbalINR5598.andigetMODbalanceofINR30k.
IamlookingforthefollowinganswersincontextofSBIbank.
1.withmainBal5598,MODbal30k.Ifideposit4k.WillthisbecreditedintoMODormainbal?
2.withmainbal5598,MODbal30k.Ifiwithdraw4k,willthisbedebitedfromMODorfrommainbal?IffromMOD,thenoldestFD(of10kas
mentionedinsbiwebsite)willbebrokenORthelatestmultipleFDs(of1kasmentionedinsbiwebsite)willbebroken?
3.withmainbal5598,MODbal30k.Ifiwithdraw10k,WhichFDwillbebroken?latestoneoroldestone?Ifthereisanypenaltyforit(as
withdraw>5k).Ifsowhatisthepanalty?
4.withmainbal5598,MODbal30k,ifiwithdraw33k,Whatwillhappentomyaccount?whatwillbemainbalandMODbal?Willtherebeany
panalty?Ifsowhatwillbethepanaltyandforhowmuchperiod?Howmuchperiodwillbegiventomefordepositmorethan5kandavoidany
furtherpanalties?
Thankingyou.
Waitingforyouranswersonmailorhere.
Ramesh
Reply
428ManishChauhanMarch2,2014at6:07pm

HiRamesh
Pleaseaskthisonourforumhttp://www.jagoinvestor.com/forum
Reply
429subhanka78March25,2014at7:12pm
IhaveappliedforSBIMODatbranchon24/03/2014buttillnowicantseeanyMODbalanceonaccountstatementpageonline.Isetthreshold
limit5kandmycurrentSavingaccountbalanceis23K.
pleasehelpregardingthisissue.
Reply
430subhanka78March25,2014at7:15pm
butmyaccountdescriptionchangedfromSBCHQSBPGENPUBINDNONRURALINRtoSBCHQSBPGENPUBINDALLINR
butmodbalanceis0.
Reply
431ManishChauhanMarch26,2014at12:03pm
BEtteropenaquestionthreadonourforumhttp://www.jagoinvestor.com/forum
Reply
432subhanka78March26,2014at7:05pm
Actuallymybanktook36hrstoconverta/cintomod,nowicanseemymodbalance.
Reply
433prasanthApril3,2014at11:27pm
Letssay,IopenedaMOD(100000/)inSBIonJan1,2013for1year.
Iwithdrawn50000/on28ofmarch2013(after3months).
Iwithdrawn30000/on30ofjune2013(after6months).
Iwidhrawn20000/on30ofseptember2013(after9months).
Amountinfirst3month,100000/
Amountin46months,50000/
Amountin79months,20000/
Amountin1012months,0/
HowwilltheycalculateinterestforthisprematureMOD?
WhenwilltheinterestcreditedbacktomySavingsaccount(onlyafteroneyearfromthedateofjoingorafter9monthsoraftereachtransaction
fromMODaccount)?
Reply
434ManishChauhanApril10,2014at2:08pm
HiPrashanth
Thisquestionisforourforumhttp://www.jagoinvestor.com/forum
Reply
435prasanthvApril10,2014at3:03pm
done.
Reply
436sandeepkumarjainApril25,2014at2:48pm
IalreadyhaveasavingbankaccountwithHDFCBank.CanItakethefacilityofautosweepwithmyexistingaccountorIwouldneedtoopena
freshaccount.
Reply
437ManishChauhanApril29,2014at9:35pm
Yesyoucan,contactHDFCbankandtalkonthis.
Reply

438BalaJuly3,2014at6:36pm
Iwanttoactivatethattomyexistingaccount.Iwanttoknowwhatifthetotalamountabovethresholdleveliswithdrawnafter2months.Willthe
interestcredited?
WhatarethechargesforSbiformod,ifany.
Reply
439ManishChauhanJuly3,2014at9:27pm
HiBala
Therearefewthings,whichyoucangetinfoaboutonlyfromthecustomercareofSBI
Reply
440GokulAugust13,2014at7:26pm
VeryInformativeArticle.GoodWork.Thanks!
Reply
441KshitijAugust28,2014at9:36am
@Marshal/Manish,
IhaverecentlyconvertedmySBIaccounttoSBPlus,noweveryWednesday,Theywillsweepexcessamount,
NowproblemisininternetbankingunderdepositaccountsicanseeonlyfirsttwoSWEEPDEPOSITAccounts,Althoughihavetotal4Sweep
deposita/csnow,Visitedseveraltimestobranchbutseemstheyarenotabletohelp.
Wasthisthesamecasewithyou,ifyesanysettingsinonlinesbiwhichhidesit?
*InmainSBaccounticanseetotalMODbalancebutnotseparateSWEEPac/s
Pleasehelp.
Reply
442ManishChauhanSeptember20,2014at4:21pm
AsitswithSBI,youcantakehelpofRTI!
Reply
443PravinPraksahSeptember29,2014at3:40pm
Hello,
Veryknowledgeableinformation
IwanttoactivesweepinfacilityinCANARABANK.Howthispossible.Icontacttobankbutbanknotprovidemesatisfactorysolution.
Regards,
Pravin
Reply
444ManishChauhanOctober16,2014at5:45pm
UseRTIandaskthisquestion!
Reply
445RishabhNovember18,2014at1:29pm
VerynicearticleManish.
IhaveenabledMODinmySBIsavingsaccount.Sweepinworksabsolutelyfine.Theproblemiswiththesweepouti.emoneyaboveacertain
thresholdbeingconvertedintoanFDearining9%p.a.Ihave35kcurrentlyinmysavingsaccount,restof1.2lakhisalreadyinmod.Ihaveno
ideawhenthebankwillautomaticallysweepout25kfrommyaccountintoMODaccount?Ihavecalledupcustomercareandtheysaytheyhave
absolutelynoideaaboutthedateswhensweepinhappens.Buthetoldmethatthethresholdamountis10k.Doyouhaveanyideaaboutthedate
whentheexcessamountinmyaccountwillbesweptintomyMODaccount?Ireadonasitethatithappensonthe30thofeverymonth,another
websitesays15thand20thofeverymonth.
Thanks.
Reply
446ManishChauhanNovember19,2014at10:13am
IhavenoideaonthatRishabh!
Reply
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