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- NRI
- content/bbp/repositories/723fb80a-2dde-42a3-9793-7ae1be57c87f?path=/Menu Icons/07d-save-icon-large-off.pngSAVE
- content/bbp/repositories/723fb80a-2dde-42a3-9793-7ae1be57c87f?path=/Menu Icons/accounts.svgNRI Accounts
- ThisPageDoesNotContainIconNRI Savings Accounts
- Money Maximizer Facility
NR Money Maximizer Facility (Sweep-out facility)
NR Money Maximizer Facility (Sweep-out facility)
- NR Money Maximizer
With our Money Maximizer facility, convert your surplus money into high earning NRE/NRO Fixed Deposits with the flexibility of using these funds whenever required. So, you get the best of both the worlds - the liquidity of a Savings account and the benefit of higher interest rates - Maximize Returns
Money is never idle in the Elite NRE/NRO savings account. Creation of a linked NRE/NRO Fixed Deposit ensures higher earnings through a higher rate of interest as against the regular NRE/NRO savings bank interest rate. - Hassle free NRE/NRO Fixed Deposit booking
Automated NRE/NRO Fixed Deposit booking based on predefined thresholds ensures there is no need to visit or contact the branch to book NRE/NRO Fixed Deposits
- Maximize Flexibility & Liquidity
Fixed Deposits booked through the Money Maximizer facility comes along with sweep-in facility. Thus, the shortfall of funds in the Elite NRE/NRO savings account can be addressed through sweep-in of funds from respective NRE/NRO Fixed Deposits booked through sweep-out.
- Auto Renewal
Under this facility, when your deposits fall due, the bank will automatically renew the principal and accrued interest for the same tenure as the original deposit
- Eligibility
Money Maximizer facility is available on demand with the Elite NRE/NRO Savings account. NRE Fixed deposit will be booked basis sweep out from NRE Savings account and NRO Fixed Deposit will be booked basis sweep out from NRO Savings account.
Particulars | Elite NRE Savings Account |
|
Sweep-out facility threshold | In the event of the balance in Elite NRE Savings account exceeding / reaching Rs.1,25,000/-, the amount in excess of Rs. 1,00,000/- will be swept out in to a Fixed Deposit | In the event of the balance in Elite NRO Savings account exceeding / reaching Rs.1,25,000/-, the amount in excess of Rs. 1,00,000/- will be swept out in to a Fixed Deposit |
Minimum amount of FD booked through sweep-out | Rs 25,000/- | Rs 25,000/- |
Minimum amount retained in Savings account post Sweep-out | Rs 1,00,000/- | Rs 1,00,000/- |
Maximum amount of FD booked through sweep-out | Rs. 14,99,999/- | Rs. 14,99,999/- |
Example - 1 | If the balance in the a/c reaches Rs.1,35,000/-, amount retained in the a/c will be 1,00,000/- & value of NRE FD booked will be Rs.35,000/- | If the balance in the a/c reaches Rs.1,35,000/-, amount retained in the a/c will be 1,00,000/- & value of NRO FD booked will be Rs.35,000/- |
Example - 2 | If the balance in the a/c reaches Rs.1,24,900/-, total amount is retained in the a/c, no NRE fixed deposit would be booked | If the balance in the a/c reaches Rs.1,24,900/-, total amount is retained in the a/c, no NRO fixed deposit would be booked |
Important note
- Sweep Out from Elite NRE Savings accounts will be considered and allowed at UCIC ID / Cust ID level for booking of respective NRE/NRO Fixed Deposits. The Fixed Deposit terms and conditions to such sweep out cases will also be applicable at Cust ID / UCIC level of customer. The interest rate applicable on multiple NRE/NRO deposits, across all channels, made by the same customer in a single day (through sweep out / renewal / fresh booking) in one particular tenor bucket would be the rate which is applicable for the aggregate value
- Sweep-out request will be processed only if PAN number of the 1st applicant is quoted on the Elite NRE Savings Account Opening Form or MoneyMaximizer declaration form
- Sweep-out will be triggered every Monday, at the start of the day
- An email advice will be sent to the email ID, for the Fixed Deposits booked through this facility. Physical hard copies of the advices will not be sent on the mailing address
- NRE Fixed Deposits will be booked basis sweep out from NRE Savings account and NRO Fixed Deposit will be booked basis sweep out from NRO Savings account for a tenure of 1 year 1 day, at the prevailing interest rates.
- The NRI/PIO customer will not be eligible for senior citizens rates on NRE/NRO Fixed Deposits even if the age proof has been provided to the Bank.
- Funds from respective NRE/NRO Fixed Deposit booked through sweep-out would be utilized only for shortfall of funds. Any shortfall in minimum balance requirement in Savings account would not be fulfilled through Money Maximizer facility.
- In case sweep in/Premature withdrawal of deposit is triggered within seven days of NRO Fixed deposit booking or within 1 year of NRE Fixed deposit booking, no interest will be paid.
- Sweep in facility is not available for IPO Application through ASBA/ rights issue. There should be sufficient clear balance in account for such processes
- Sweep in facility is not available for investing in securities
Rest of the T&C would be as per Elite NRE/NRO Savings account & NRE/NRO Fixed Deposit booked for customer.
(To know more about the Elite NRE/NRO Savings account ==> Refer respective NRE/NRO Savings account product page)