HDFC Bank Sweep-in Facility

HDFC Bank Sweep-in Facility comes with the benefit of current/savings account and fixed deposit (FD). A sweep-in Fixed Deposit bestows you with the power to transfer funds over a certain limit from savings or current account to FD. If the balance in your current or savings account is low to fulfil the requirement of a debit transaction like EMIs, cheques, minimum balance requirement, etc, then the difference amount is swept out from the FD to the savings /current account. The transfer is automatic. So, you do not have to manually make a transfer every time.


Your savings account is linked to an FD of Rs. 50,000. The balance in your savings account is Rs. 6,000. Now, if you issue a cheque of Rs. 10,000 then remaining Rs. 4,000 that your savings account lacks to encash the cheque, will be swept in from the linked FD. This will ensure that the cheque goes through and does not bounce.

In this post, we will discuss HDFC Bank Sweep-in Fixed Deposit Facility features, eligibility criteria, interest rates, and FAQs.

Features of HDFC Bank Sweep-in Facility

Here are the features of the HDFC Sweep-in Facility:

  • The bank breaks down the units of the FD into the unit of Rs. 1
  • So, whenever there is a need to sweep in funds, it happens swiftly without much interest loss
  • Any type of debit transaction that would have defaulted due to insufficient balance in your account will be fulfilled through the HDFC Sweep-in Facility
  • HDFC Bank FDs of the amount over or equal to Rs. 5 crores to less than Rs. 25 crores do not qualify for sweep-in or sweep-out

Here are other features of the HDFC Sweep-in Facility:

1. Higher FD Rates

For the transferred balance from savings or current account to the FD, you will earn the interest rate applicable on the fixed deposit. So, you have the chance to earn a higher rate of interest on the excess amount swept into the fixed deposit.

2. Liquidity

You do not have to wait for the FD to mature before withdrawing funds. Nor do you have to go for premature withdrawal and suffer from a considerable amount of interest loss. Rather, HDFC Bank Sweep-in Facility gives you sufficient liquidity to cover up for any transaction from the savings/current account.

Suppose you have an upcoming EMI, but your account lacks the required amount. Here, the bank sweeps in funds from the FD to the account. This will save you from defaulting on the EMI. So, it will indirectly also help to keep your credit score stable in this scenario.

3. Can Link Multiple Deposits with Account

Not just one FD, you can link several of these with your current or savings account. This ensures enough cash liquidity even if you break one of the linked FDs or the same mature. The bank selects the FD to trigger automatic fund transfer based on the Last in First Out (LIFO) rule. Here, the FD in question is the last one you linked for the sweep-in facility.

HDFC Bank Sweep-in Facility Eligibility Criteria

The eligibility norms for Sweep-In Facility include:

The service is available for:

  • Resident individuals
  • Societies, trusts, etc
  • Hindu Undivided Families
  • Public and Private Limited companies

HDFC Bank Sweep-in Facility Interest Rates and Charges

Here are the details:

  • The interest rate applicable is as per the savings/current account you choose
  • You need to maintain the average balance in the account to avail this facility
  • The maintenance of the average monthly balance is irrespective of the fixed deposit value
  • The service charges are also as per the ones applicable on the current/savings account you select
  • The interest is forfeited if you hold the FD for less than 7 days

Frequently Asked Questions about HDFC Sweep-in Facility

Here are the FAQs:

You can apply for this facility through net banking. Log in to the net banking portal and access the section for Fixed Deposit Sweep-in. You will find this option under the tab 'Fixed Deposit'. Simply pick the current or savings account number, the FD number you wish to link for the sweep-in, and click 'Continue'. After this, give a confirmation, and the sweep-in facility will be activated.

The HDFC Bank Sweep-in Facility endows you with maximum flexibility. This comes in terms of the deposit tenure, payment, and maturity. There is a possibility of a balance limit you have to maintain in the current or savings account. Also, there could be a minimum tenure for the FD, lesser than which, the interest is forfeited.

This facility is not available for transactions such as investing in securities and IPO investment.

If you want to choose an HDFC Sweep-in Facility for an FD of a high value, then probably you will have to visit the bank than applying for this facility online.

The exact value of deficit in your current or savings account is transferred from the FD.