Auto Sweep FD (Fixed Deposit) functionality is designed to encourage customers to maintain and transact more frequently in their Current Accounts by offering the benefit of higher interest earnings.
Optimize Your Business Funds with Auto Sweep
Managing liquidity and maximizing returns on the idle funds are key to effective banking. With Ujjivan’s Auto Sweep facility for Current Accounts*, you can now earn interest on surplus balances.
This facility automatically transfers excess funds from your current account* into a fixed deposit, helping your business earn interest on idle and surplus balances- while ensuring funds are available when you need them.
This facility automatically transfers excess funds from your current account* into a fixed deposit, helping your business earn interest on idle and surplus balances- while ensuring funds are available when you need them.
What is Auto Sweep Facility?
Auto Sweep is a smart feature that links your Current Account* to a Fixed Deposit. When your account balance exceeds a predefined threshold, the surplus is automatically “swept out” and parked in a Fixed Deposit, earning higher interest.
When you need funds, the system automatically “sweeps in” the required amount from the linked FDs—ensuring seamless transactions and uninterrupted business operations.
When you need funds, the system automatically “sweeps in” the required amount from the linked FDs—ensuring seamless transactions and uninterrupted business operations.
How it works?
1. Set a Threshold: The minimum balance to maintain in your Current Account* is ₹ 4,00,000.2. Auto Sweep-Out: Surplus funds above this limit are transferred into Fixed Deposits in multiples of 10,000.3. Auto Sweep-In: If your account balance falls short of funds required for transaction or payment, the system breaks the FD (LIFO) and transfers the required amount. However, auto sweep-in will not happen for fulfilment of minimum balance requirement.
Key Features & Benefits
Maximize Returns: Earn attractive FD interest rates on surplus Current Account* balances.
Seamless Access: Auto sweep-in ensures your funds are available whenever required.
Custom Thresholds: Choose a sweep-out threshold and FD creation amount that fits your business needs. Minimum threshold is 4 lakhs.
Efficient Fund Management: Make the most of idle capital without manual tracking or transfers.
Last-In-First-Out (LIFO) Breakage: The required amount is withdrawn from the latest FD (in multiples of 10,000), preserving interest on the remaining amount.
Eligibility
This facility is available exclusively for Maxima Current Account holders* of Ujjivan Small Finance Bank.
Important Notes
Tenure of FD is 180 days.
Sweep FDs are created without autorenewal option
Sweep-in and sweep-out to happen in multiples of 10,000.
Interest rates on Fixed Deposits are as per prevailing rates for retail deposits.
Partial FD breakage (LIFO basis) allowed based on requirement.
Get Started Today
Let your business funds work smarter. Activate Auto Sweep Facility and experience better cash flow management with higher returns.
For more information, contact your Relationship Manager or visit your nearest branch.
*T&C apply.
For more information, contact your Relationship Manager or visit your nearest branch.
*T&C apply.
FAQs
Yes, the minimum threshold balance in Current Account is 4 lakhs.
No, It is applicable for only Maxima variant of the Current Account.
There are no penal charges for premature withdrawal.
No, the tenure is fixed at 180 days.
Yes, you can opt out of Auto Sweep by submitting a request at Branch.
Yes, interest earned on Sweep FDs is subject to TDS as per applicable tax laws, just like regular FDs.