Help with Auto-sweep FD in SBI

[yolofino]

Hi,

In onlinesbi, under deposits & investments tab, there is "auto-sweep facility (grow your money)" section.

When I clicked there for the first time, it showed me options to enable one. I can choose minimum FD as 35000 and new FDs in 10,000 intervals automatically. I decided to check the interests rates & other conditions. Later when I visited the same link, I'm getting this error -

There is no transactional account available with your username which can be converted into SB Plus.

I raised a complaint on their portal and it got "resolved" with this comment -

Thank you for contacting us. We advise that your A/c has been converted to Auto Sweep facility A/c on 06112022 and will create STDRs as fed in system. For details you are requested to visit Branch.

What does it mean? The error is still there.

 

[TheTrickySid]

Hi,

In onlinesbi, under deposits & investments tab, there is "auto-sweep facility (grow your money)" section.

When I clicked there for the first time, it showed me options to enable one. I can choose minimum FD as 35000 and new FDs in 10,000 intervals automatically. I decided to check the interests rates & other conditions. Later when I visited the same link, I'm getting this error -

There is no transactional account available with your username which can be converted into SB Plus.

I raised a complaint on their portal and it got "resolved" with this comment -

Thank you for contacting us. We advise that your A/c has been converted to Auto Sweep facility A/c on 06112022 and will create STDRs as fed in system. For details you are requested to visit Branch.

What does it mean? The error is still there.

I always had the same error
So I visited home branch and gave request for upgrade of savings account from regular to savings plus.

Check your monthly email statement, if the account category is mentioned as silver the it's successfully activated

 

[yolofino]

I always had the same error
So I visited home branch and gave request for upgrade of savings account from regular to savings plus.

Check your monthly email statement, if the account category is mentioned as savings plus the it's successfully activated

Can you share the screeshot of the statement PDF where it shows that. Of course, hide the other details. My latest statement is yet to come.

After placing the request through branch, are you able to manage the auto-sweep facility via netbanking or not?

 

[Pujaari]

Your account has been converted to SB plus with autosweep feature.Any deposit over 25k in multilpes of 10k will be converted into an FD. The sweep happens once a week(check with cc about the date). Similarly any widrawl over and above the amount in savings account will draw money from the last FD created(you can change whether LIFO or FIFO FD).
So suppose now you have 35k as balance in your account, so on the day of the sweep, automatically a fd of 10k will the created.
Similarly , if you decide to widraw say 26k then that 10k fd will break and you will have 9k left as account balance.

 

[yolofino]

Your account has been converted to SB plus with autosweep feature.Any deposit over 25k in multilpes of 10k will be converted into an FD. The sweep happens once a week(check with cc about the date). Similarly any widrawl over and above the amount in savings account will draw money from the last FD created(you can change whether LIFO or FIFO FD).
So suppose now you have 35k as balance in your account, so on the day of the sweep, automatically a fd of 10k will the created.
Similarly , if you decide to widraw say 26k then that 10k fd will break and you will have 9k left as account balance.

Nothing has happened in my account. This is the description in the PDF -

Account Description:SBCHQ-SBP-GEN-PUB-IND-ALL-INR

Interest Rate(% p.a.): 2.7

MOD Balance: 0.00

Today is 21st and the email arrived on 6th Nov. Balance since 1st Nov is above 50k.

 

[TheTrickySid]

Your account has been converted to SB plus with autosweep feature.Any deposit over 25k in multilpes of 10k will be converted into an FD. The sweep happens once a week(check with cc about the date). Similarly any widrawl over and above the amount in savings account will draw money from the last FD created(you can change whether LIFO or FIFO FD).
So suppose now you have 35k as balance in your account, so on the day of the sweep, automatically a fd of 10k will the created.
Similarly , if you decide to widraw say 26k then that 10k fd will break and you will have 9k left as account balance.

What is the frequency of sweep in that is the date and time when the fd creation takes place

 

[Pujaari]

Once a week it happens and can happen anytime on that day. Check with bank /cc the date in your case. If a sweep has already happened in past then check your statement for date and keep adding 7 days for next probable sweep date.

 

[Pujaari]

Nothing has happened in my account. This is the description in the PDF -

Account Description:SBCHQ-SBP-GEN-PUB-IND-ALL-INR

Interest Rate(% p.a.): 2.7

MOD Balance: 0.00

Today is 21st and the email arrived on 6th Nov. Balance since 1st Nov is above 50k.

That's strange! Mine too is SBCHQ-SBP-GEN-PUB-IND-ALL-INR and its a autosweep account.
Do onething, mail to your branch. Your branch specific email id is given in the statement. Also register a complaint through the yono app( get in touch--> raise a complaint)

 

[TheTrickySid]

That's strange! Mine too is SBCHQ-SBP-GEN-PUB-IND-ALL-INR and its a autosweep account.
Do onething, mail to your branch. Your branch specific email id is given in the statement. Also register a complaint through the yono app( get in touch--> raise a complaint)

SBCHQ-SBP-GEN-PUB-IND-ALL-INR
This indicates savings bank plus account

For normal it will be like
SBCHQ-SB-GEN-PUB-IND-ALL-INR

 

[yolofino]

SBCHQ-SBP-GEN-PUB-IND-ALL-INR
This indicates savings bank plus account

For normal it will be like
SBCHQ-SB-GEN-PUB-IND-ALL-INR

Do you still see that error in onlinesbi or are you able to see all options now that your account is SBP?

 

[TheTrickySid]

Can you share the screeshot of the statement PDF where it shows that. Of course, hide the other details. My latest statement is yet to come.

After placing the request through branch, are you able to manage the auto-sweep facility via netbanking or not?

This facility cannot be modified once activated directly through netbanking.

Branch visit required for modification.

 

[TheTrickySid]

Do you still see that error in onlinesbi or are you able to see all options now that your account is SBP?

Yes I still get the error

 

[yolofino]

Yes I still get the error

Ohh. How do you know the amount the getting FDed. It shows up in transactions and sms alerts?

 

[TheTrickySid]

Ohh. How do you know the amount the getting FDed. It shows up in transactions and sms alerts?

As the account is 0 mab and I use SBI only to park money, there's was never the amount of balance required for auto fd present in the account.

So haven't experienced if the auto fd works or not.

 

[Pujaari]

Only other thing I can imagine that's stopping autosweep in your account is that the minimum threshold limit is set to 50k by default. Better get in touch with the branch to know the details of your account

 

[raj007]

I have normal SBI savings account. I want to start auto sweep facility on my account.
Suppose, if I keep 5L on my saving account then 25k will be kept in savings and remaining 4.75L FD will be done. So my questions are:
1. What will be my FD rate?
2. If I apply for Ipo for Rs.3 or 4L, then do I need to break FD manually or automatically it will break or FD amount will be blocked but it will be break when allotment will be done?
3. Period of interest?