Inclusion of Auto Sweep FD in Savings Account for Premium Accounts Eligibility

[niks]

Is the balance maintained in Savings Bank account which auto sweeps into a FD eligible for Premium accounts in bank?

For example Axis Burgundy requires 10 lakhs in Savings Bank account or 30 lakhs TRV. If a person has 10 lakhs in Savings Bank account in which there is auto sweep to FD enabled say above 50k, then is he eligible for Axis Burgundy?

 

[knowbie]

Axis Burgundy have two options

1. Either maintain 10 lacs in savings account balance - MAB
2. Or maintain a 30 lacs liability - TRV

So no, even if there is an auto sweep if the FD is less than 30 lacs and no other liability account exists and savings has less than 10 lacs you don't qualify

 

[niks]

Axis Burgundy have two options

1. Either maintain 10 lacs in savings account balance - MAB
2. Or maintain a 30 lacs liability - TRV

So no, even if there is an auto sweep if the FD is less than 30 lacs and no other liability account exists and savings has less than 10 lacs you don't qualify

Ok. That 10 lakhs in Savings is worthless then. Who will keep 10 lakhs in Savings without a FD auto sweep

 

[knowbie]

Ok. That 10 lakhs in Savings is worthless then. Who will keep 10 lakhs in Savings without a FD auto sweep

Using family banking and attaining TRV is the efficient method

 

[starstruck]

Ok. That 10 lakhs in Savings is worthless then. Who will keep 10 lakhs in Savings without a FD auto sweep

Ambani/Adani 🙂

 

[Souvik]

Ok. That 10 lakhs in Savings is worthless then. Who will keep 10 lakhs in Savings without a FD auto sweep

Thats the catch my friend, either you give them 30L in FD+Savings. Or if you keep 10L, give it to them at savings rate of 3.5% which they can lend it out at 9%, and give you some small benefits in return like a credit card etc.

The only place where you have an even hand with banks are LTF credit cards with cashbacks as close to MDR (vouchers, airmiles are another way of banks to cross sell more products, often premium products, premium hotel memberships, points are also manipulated to conversion ratio etc.) OR HNI Accounts which give you any tangible benefits for free (like doorstep banking, amazon prime (IDFC used to give it a while back) etc.

 

[niks]

Thats the catch my friend, either you give them 30L in FD+Savings. Or if you keep 10L, give it to them at savings rate of 3.5% which they can lend it out at 9%, and give you some small benefits in return like a credit card etc.

The only place where you have an even hand with banks are LTF credit cards with cashbacks as close to MDR (vouchers, airmiles are another way of banks to cross sell more products, often premium products, premium hotel memberships, points are also manipulated to conversion ratio etc.) OR HNI Accounts which give you any tangible benefits for free (like doorstep banking, amazon prime (IDFC used to give it a while back) etc.

A co-related question. For calculation of MAB in bank account, is the sweep in FD balance which is linked to SB account considered?

 

[ltf4ever]

Is the balance maintained in Savings Bank account which auto sweeps into a FD eligible for Premium accounts in bank?

For example Axis Burgundy requires 10 lakhs in Savings Bank account or 30 lakhs TRV. If a person has 10 lakhs in Savings Bank account in which there is auto sweep to FD enabled say above 50k, then is he eligible for Axis Burgundy?

No. FD not considered as AMB, at least or HDFC.
there they have TRV concept where FD balance to be maintained is also mentioned .

 

[Nagarjun P S]

A co-related question. For calculation of MAB in bank account, is the sweep in FD balance which is linked to SB account considered?

Does anyone have any idea about this? especially for IndusInd bank?
The BM of the branch near my location is suggesting me to open a Grande SA account with sweep in, and mentioned that the sweep in FD will be considered for AQB and no NMC will be levied

 

[vine]

Does PPF, SCSS, count towards TRV 30L ?