Best Bank for RD and Auto Sweep

[Santhosh]

Can any one suggest best private bank for RD with high interest rate and Auto sweep without hidden charges and penalties?

 

[jyothisthaliath]

I'm using auto sweep in Kotak 811 account and IndusInd Bank INDIE account.

 

[Santhosh]

I'm using auto sweep in Kotak 811 account and IndusInd Bank INDIE account.

What is your experience with kotak 811 and indusind?
Any charges for auto sweep in and out?

 

[pranay]

HDFC is better. Kotak breaks all FDs and create new FDs every time when you try to withdraw funds more than savings account balance. I never had more than 2L in kotak 811 account but they reported TDs as 31L in AIS.

 

[RAMESH BABU N]

Among the Private Banks, I have SB account - with Sweep facility - in only Kotak 811. I am very happy with it. I always recommend it.

 

[jyothisthaliath]

What is your experience with kotak 811 and indusind?
Any charges for auto sweep in and out?

No charges as such. The linked FDs will be dissolved automatically if you try to make any payment and the SB account balance is not sufficient. Indusind has minimum 20k and Kotak has minimum 25k required for auto sweep. One more point, Indusind can create multiple linked FD of 10k each so breaking one FD won't affect another

 

[John Since]

Can any one suggest best private bank for RD with high interest rate and Auto sweep without hidden charges and penalties?

For RD's, I use AU Bank as min amount for RD starts from Rs.100 with no condition of multiples off 100 and min timeframe is 3 months whereas all other bank has min 6-12 months. This helps me set the bill aside every month in RD.

For auto sweep, Indie or Kotak 811 is the best.

 

[lostwords]

IDFC seems also good, threshold limit is similar to Kotak 811 (₹25,000) plus no penalty on premature withdrawal.
If anyone using auto sweep with IDFC kindly share some insights.

 

[mj01]

I have been using Kotak Activ money for the past few months. That looks pretty good - no charges on premature withdrawals.