hdfc savingsmax account questions

[ltf4ever]

savingsmax account comes with automatic sweep in facility.

if i try to manually break the FD created by auto sweep out, it shows me a penalty of 1% due to premature break of fd.

but if i transfer the amount to my own account in another bank, then the sweep in will trigger and fd will be broken in units of 1 rupee.

does this transfer attract any penalty? i was thinking of using this method to break my fd without penalty.

 

[panu24]

I have been thinking for updating to SavingsMax account. There are 2 ways 25k MAB or 1.5 L FD for metro city account. I understood FD way account update but if I go with 25k MAB, I do not understand about Money Maximizer thing. Is it auto enabled or I can opt-out and still keep more than 25K MAB balance and have SavingsMax account?

 

[FinoGuy]

I have been thinking for updating to SavingsMax account. There are 2 ways 25k MAB or 1.5 L FD for metro city account. I understood FD way account update but if I go with 25k MAB, I do not understand about Money Maximizer thing. Is it auto enabled or I can opt-out and still keep more than 25K MAB balance and have SavingsMax account?

U can /disable by contacting branch. Money Maximizer makes fds in 1k multiples, anything above threshold limit, gets converted to fd automatically. When u withdraw amt more than saving account balance then it automatically closes fd and withdraws amt(hdfc follows LIFO method in money Maximizer if am not wrong). Unless u want to keep high balance for preapproved offers thing, suto sweep is good to hv