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Disable auto sweep in HDFC
- Thread starter Abhi27
- Start date
It's not possible from Customer care?
nik007rock
TF Select
Has anyone able to disable it ? I tried visiting branch and asked to disable this but branch employees are telling once activated it cannot be disabled and it is main feature of savings max account
ABCD1234000
TF Neo
JUST TAKE OUT ALL THE MONEY IN YOUR SWEEP-IN FD AND IT WILL CLOSE AUTOMATICALLY
infinia_dedo
TF Select
When does auto sweep happen?
I remember reading its every Monday, but its not happening on my account even though balance = 2L
I remember reading its every Monday, but its not happening on my account even though balance = 2L
yolofino
TF Premier
File a complain against the branch people and ask for the official policy document where it's written that the swwep-in FD facility cannot be closed.
yolofino
TF Premier
BTW how did you activated the sweep in facility in the first place? Did you have to visit the branch and open a normal FD first and then convert it into a sweep-in type? What is the minimum balance after which the amount gets the FD interest rate?
I got the impression that auto sweep-out/sweep-in is enabled by default. I didn't want that. When I'd raised this issue, I was assured by my RM and BM that I needn't worry, since this feature is disabled by default and one must apply for enabling it (as it should be). This assurance has proved to be correct for me.
infinia_dedo
TF Select
Oh wow.
I was also wondering I did talk to my RM to disable it, but then I was like no I didnt
This makes sense its disabled by default thank god
Apologies to bump the thread. Two questions
[1] Why would you/anyone want to disable auto sweep-in facility? I have heard that when enabled, you'd earn FD rates which are 6-7% on savings account, instead of the usual 2-3% savings rate.
[2] How do you enable it? I called by RM to ask the same, he mentioned I need to open a FD first, which was shocking to me. So I refused. I have a savings max account with HDFC
[1] Why would you/anyone want to disable auto sweep-in facility? I have heard that when enabled, you'd earn FD rates which are 6-7% on savings account, instead of the usual 2-3% savings rate.
[2] How do you enable it? I called by RM to ask the same, he mentioned I need to open a FD first, which was shocking to me. So I refused. I have a savings max account with HDFC
infinia_dedo
TF Select
HDFC has Preferred Banking criteria at NRV of 2L in Savings and 15L including FDs
Imagine a guy having 10L FDs, but still not getting Preferred. Coz anytime he puts anything in his Savings account it goes into FD (auto sweep)
This guy does some IMPS transactions and finds out he is paying 15 rs per transaction because IMPS is not free for Classic customers
Just imagine this guy's anger when he comes to know another guy with 2L in Savings account is Preferred and enjoying free instant IMPS txns
Also, if you monitor account regularly, its better to open and close your FDs yourself, dont need any automation
Thanks. That makes sense.
By "classic customers", do you mean the customers with savings max account? If so, I did an IMPS transaction on 1st Feb to other bank's account, and there were no charges. I have savings max account
That's why I declined the RM to open a FD. Question is, can we opt for the auto-sweep facility without opening an FD? I am new to this, so don't have much idea.
I think it's a tradeoff then. If you want to have the facility of IMPS so much that you're willing to sacrifice 2-3% annual interest on savings, then it's good for you.
infinia_dedo
TF Select
1) They apply IMPS charges 5 days or 10 days after the transaction also, be careful
2) Isnt that Auto FD also penalised for breaking? Its simple i dont want to keep 100% into FDs, i want to keep 95% into FDs, and keep some 1-2 lacs in Savings. Coz i dont want to break FD for every small expense.
3) Regarding how to open auto sweep i dont know
4) Regarding Classic account, read on HDFC website (Premier banking section)
Read about liquid funds (as alternative to FDs).
Online influencers will tell them as alternative to savings a/c
But depending on use-case, they give pretty much same return as hdfc FDs (without TDS)
Online influencers will tell them as alternative to savings a/c
But depending on use-case, they give pretty much same return as hdfc FDs (without TDS)
ontherocks
TF Premier
"Savings Max account has auto sweep in enabled by default and it cannot be turned off" This was mentioned by a branch manager like a year back
