Sweep Triggers On
When Balance Goes Zero to Negative.
On Zero Balance, What Triggers Sweep
- UPI Transaction = YES
- NEFT/IMPS/RTGS = YES
- Scheduled NEFT/IMPS/RTGS = YES
- Cheque
- NACH/Auto Pay Mandates ?
Above triggers SWEEP IN but only within the limit of amount backed by SWEEP IN facility. All excess amount is defined as “Amount to be Swept In” in account summery of HDFC Account. Sweeping of funds happens at EOD. Meanwhile if you fund the balance from other source Before Sweep IN, you can save that amount from being SWEEPT IN from FD. Only negative balance at the end of day will be swept from SWEEP in Backed FD.
So by using this facility you get two protection from insufficient funds
- Pay before END OF DAY and prevent fixed deposit as well from sweeping/liquidation
- If by END OF DAY funds are cleared then it will be funded by Fixed Deposit
Can we use multiple FDs as SWEEP IN ?
Yes, In this case sweep will happen from FDs in LIFO, Last In First Out Method
Questions
- Any Charges for Sweep In Facility
- Any Penalty due to Premature Closure ?
