Auto Sweep In ICICI
Auto Sweep is a banking feature offered by various banks, including ICICI Bank, that allows you to manage your funds more efficiently by automatically transferring excess money from your savings account into a fixed deposit or a higher interest-earning account.
This helps you earn better interest on your idle funds while still maintaining liquidity for your day-to-day expenses.
Threshold Amount
You set a certain threshold amount in your savings account. This is the minimum balance that you want to maintain for your regular expenses.
Excess Balance
If your savings account balance exceeds the threshold amount, the excess funds are automatically transferred into a fixed deposit or another type of higher interest-earning account.
Sweep-in and Sweep-out
When you need funds for your expenses and your savings account balance falls below the threshold, the required amount is automatically moved from the fixed deposit or higher interest account back into your savings account. This process is known as “sweeping in” and “sweeping out.”
Interest Earnings
The swept-in funds earn higher interest rates than what a regular savings account offers. The interest rate on the fixed deposit or higher interest account is typically better than what you would earn in a standard savings account.
Flexibility
This feature provides you with the flexibility of having your money accessible for daily transactions while also earning a higher return on the surplus funds.
How To Turn On Auto Sweep In ICICI
Log In
Visit the ICICI Bank online banking portal and log in using your credentials. If you don’t have online banking set up, you might need to do so before proceeding.
Navigate to Accounts
Once logged in, navigate to the section that displays your accounts, which typically includes your savings account and fixed deposit account.
Find Auto Sweep Option
Look for an option related to “Auto Sweep” or “Sweep-in” facility. This might be located under your savings account options.
Configure Auto Sweep
Follow the instructions to set up the auto sweep facility. You might need to specify the threshold balance, which is the minimum balance you want to keep in your savings account. Any amount exceeding this threshold will automatically be transferred to a fixed deposit to earn higher interest.
Specify Fixed Deposit Terms
You might also be asked to specify the terms for the fixed deposit, such as the tenure and amount. The excess funds from your savings account will be transferred to this fixed deposit.
Confirm and Activate
After configuring the auto sweep settings and specifying the terms, review the details to ensure they are accurate.
Once you’re satisfied, confirm the setup. The system should now automatically transfer funds to the fixed deposit whenever your savings account balance exceeds the specified threshold.