Axis Auto Sweep

[swipesmart]

Hi,
I am planning to go for Axis Auto Sweep as my account has around 6L funds in it.
As per https://www.axisbank.com/progress-with-us-articles/sweep-in-fixed-deposit it hasn't mentioned any of charges, but I was reading another article which states that Auto Sweep has Withdrawal charges and auto sweep charges.

• Can someone confirm how much is it for Axis Bank and any other hidden charges are also there ?
• If I make 5K as threshold for this, then on rest amount i.e. 5.95L I will get FD interest rate. Is there any downside for doing this ?

 

[Wealth is my birth right!]

Hi,
I am planning to go for Axis Auto Sweep as my account has around 6L funds in it.
As per https://www.axisbank.com/progress-with-us-articles/sweep-in-fixed-deposit it hasn't mentioned any of charges, but I was reading another article which states that Auto Sweep has Withdrawal charges and auto sweep charges.

• Can someone confirm how much is it for Axis Bank and any other hidden charges are also there ?
• If I make 5K as threshold for this, then on rest amount i.e. 5.95L I will get FD interest rate. Is there any downside for doing this ?

Axis Bank i hold Burgundy account only do cant comment
But IndusInd i had max privilege account which works in same logic but never got any charges

 

[helloworld]

AXS FD rates vs Savings rates

- No charges
- But Interest only availed for the duration you kept (frequent breaking disturb the maturity period)

As per this page (do not have direct experience) they're saying >25% will have penalty. Which is not good, IMO.

Auto Fixed Deposit - Open a Auto FD Online in India | Axis Bank

Axis Bank’s Auto Fixed Deposit links existing Savings Accounts to the FDs and gives dual benefits of SA liquidity and high earnings of Fixed Deposit. Invest in FDs online!

www.axisbank.com

Ex: If you need 6% interest then you have to keep that money min. 9 months without touching..

 

[Dragon_slayer]

Also, remember you will need to file taxes end of year, as TDS will be deducted on FDs interests.

 

[Crusader4Credit]

Axis Bank i hold Burgundy account only do cant comment
But IndusInd i had max privilege account which works in same logic but never got any charges

For Magnus Burgundy criteria - does having a sweep in automatically change the 10L in savings to 30L in deposits?

 

[sourpai]

For Magnus Burgundy criteria - does having a sweep in automatically change the 10L in savings to 30L in deposits?

Yes... Auto sweep enabled account needs to have 30L. Axis treats autosweep as FD (without breaking charges), hence goes into TRV calculations

 

[Wealth is my birth right!]

For Magnus Burgundy criteria - does having a sweep in automatically change the 10L in savings to 30L in deposits?

Yes you can
But RM have to do something for this not exactly sure what it is

 

[Crusader4Credit]

Yes you can
But RM have to do something for this not exactly sure what it is

Do you mean that an RM could keep the Savings > 10L criteria for Auto-sweep? That would be very nice

 

[Wealth is my birth right!]

Do you mean that an RM could keep the Savings > 10L criteria for Auto-sweep? That would be very nice

All possible but they don’t say it out
Give some business and ask they will do