Scribd Logo
Upload

Welcome to Scribd!

  • 109 views

    Sweep Out Facility

    Uploaded by

    Deepankar Singh
    1) The document is a customer undertaking form for availing the sweep out facility from HDFC Bank. It collects details like account number, PAN, threshold value, fixed deposit value, execution timing, frequency, and nomination. 2) The sweep out facility automatically transfers funds from the account into a fixed deposit when the balance exceeds the threshold limit. The fixed deposit is created for 1 year 1 day at the interest rate applicable on that day. 3) Key terms include funds from fixed deposits booked through sweep out can only be used for account shortfalls, and sweep in will refill the account on a LIFO basis from the fixed deposits. Nomination and guardian details if nominee is

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Sweep Out Facility

    Uploaded by

    Deepankar Singh
    109 views3 pages
    1) The document is a customer undertaking form for availing the sweep out facility from HDFC Bank. It collects details like account number, PAN, threshold value, fixed deposit value, execution timing, frequency, and nomination. 2) The sweep out facility automatically transfers funds from the account into a fixed deposit when the balance exceeds the threshold limit. The fixed deposit is created for 1 year 1 day at the interest rate applicable on that day. 3) Key terms include funds from fixed deposits booked through sweep out can only be used for account shortfalls, and sweep in will refill the account on a LIFO basis from the fixed deposits. Nomination and guardian details if nominee is

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    1) The document is a customer undertaking form for availing the sweep out facility from HDFC Bank. It collects details like account number, PAN, threshold value, fixed deposit value, execution timing, frequency, and nomination. 2) The sweep out facility automatically transfers funds from the account into a fixed deposit when the balance exceeds the threshold limit. The fixed deposit is created for 1 year 1 day at the interest rate applicable on that day. 3) Key terms include funds from fixed deposits booked through sweep out can only be used for account shortfalls, and sweep in will refill the account on a LIFO basis from the fixed deposits. Nomination and guardian details if nominee is

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    109 views3 pages

    Sweep Out Facility

    Uploaded by

    Deepankar Singh
    1) The document is a customer undertaking form for availing the sweep out facility from HDFC Bank. It collects details like account number, PAN, threshold value, fixed deposit value, execution timing, frequency, and nomination. 2) The sweep out facility automatically transfers funds from the account into a fixed deposit when the balance exceeds the threshold limit. The fixed deposit is created for 1 year 1 day at the interest rate applicable on that day. 3) Key terms include funds from fixed deposits booked through sweep out can only be used for account shortfalls, and sweep in will refill the account on a LIFO basis from the fixed deposits. Nomination and guardian details if nominee is

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 3

    CUSTOMER UNDERTAKING FOR SWEEP OUT FACILITY.

    To,
    The Branch Manager Date: ____________
    HDFC Bank,
    Branch________________

    I/ We wish to avail sweep out facility as per below details:


    Account Number
    PAN (First applicant/ holder)
    Threshold Value in Debit account
    (Amount above which funds will be swept out)
    Fixed deposit value Min Value: _____________.
    (Amount in which a single FD will be booked)
    (Min & Max value can be Rs.5,000 & Rs.14,99,999.resp,) Max Value: _____________
    Execution type Beginning of the day End of the day
    Sweep out Frequency Daily Weekly Fortnightly Monthly
    Nomination Yes No
    Nomination if Yes Replicate nominee (same as debit account)
    New Nominee (Duly fill below nomination section).

    NOMINATION FORM- DA1


    Nomination under Section 45 ZA of the Banking Regulation Act 1949 and Rule 2(1) of the Banking Companies (Nomination) Rule
    1985 in respect of Bank deposits.

    I/We nominate the following person to whom in the event of my/our/minor’s death the amount of deposit in all the FDs booked
    through sweep out facility, may be returned by HDFC Bank Ltd.

    Nominee Details:
    Name: _________________________________________________________
    Address: _________________________________________________________
    *City ______________________
    *State ________________________ Country: ___________________ *PIN Code: _________
    *Relationship with Depositor, if any: ________________________________
    *Date of Birth of Nominee: _____________________________________ Age____

    Guardian details:
    As the nominee is a minor on this date, I/We appoint
    Guardian/ Appointee Name: ________________________________________________________
    *Address: ________________________________________________________
    *City ______________________
    *State ________________________ Country: ___________________ *PIN Code: _________
    *Relationship with Minor_________________
    Guardian /Appointee has to be a Major (>=18 years of age) on the date of appointment.
    -----------------------------------------------Tear & Handover to The Customer----------------------------------------------------------

    FEATURES, BENEFITS, TERMS & CONDITION OF SWEEP OUT FACILITY:

    • For latest Product Features, Benefits, Terms & Conditions visit banks Website www.hdfcbank.com.
    • T&C would be as per respective liability account & Fixed Deposit booked for customer.
    SWEEP OUT FACILITY OFFERING DETAILS:

    • Sweep Out is a facility which provides the customers liquidity of a Savings account coupled with earnings of a Fixed Deposit (FD).
    • Through Sweep Out facility, balance from the account is transferred automatically into a Fixed Deposit, at a specific threshold
    limit and are formed for default tenure of 1 year 1 day only with maturity instruction as Renew Principal and Interest, at interest
    rate applicable on date of fixed deposit booking.

    Kindly Note:
    - PAN is mandatory & Sweep–out request will be processed only if PAN of 1st applicant is mentioned in the detail above
    - Single FD of total amt will be booked on a particular day.
    -Sweep Out from saving accounts will be considered and allowed at UCIC ID / Cust ID level for booking of 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 applicable on multiple deposits, across all channels, made 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.
    - Email advice will be sent to your registered email id for the FDs booked through Sweep out facility.
    - In case email ID is not registered in bank records, physical Fixed deposit advice will be sent on mailing address.
    - Sweep out facility cannot be availed in self operated Minor account.
    - Funds from the Fixed Deposit booked through sweep-out would be utilized only for shortfall of funds.
    Any shortfall in minimum balance requirement would not be fulfilled through Seep out facility.
    - Sweep – In facility to the extent of shortfall in saving account, will be applicable on LIFO (last in first out) method; by default
    on the fixed deposits booked through sweep-out, except for FD >=5cr to less than 25 cr.

    NOMINEE UPDATION
    • Nominee will be updated in all FDs booked through Sweep- out in case Nomination section is duly filled.
    • *Guardian details in nominee section to be filled only if the nominee is a Minor.
    • **Where deposit is made in the name of a minor, the nomination should be signed by a person lawfully entitled to act on
    behalf of the minor.
    • ***Thumb impression shall be attested by 2 witnesses.

    CUSTOMER NAME & SIGNATURE:


    (To be signed by all holder)

    _______________________ _______________________ ______________________

    _______________________ _______________________ ______________________

    ***Name & details of witness in case of Thumb Impression

    Witness 1 Name:__________________________________ Witness 2 Name:______________________________________

    Address : ________________________________________ Address : ____________________________________________

    Signature:___________________________________ Signature:____________________________________________

    Bank Office Declaration:

    I _________________________ working as an employee of HDFC Bank confirm that this Money Maximiser (Sweep Out) request
    form has been signed in my presence and the Signature has been verified from the system.
    Sign: _______________ Emp Code:_________ Date: _________________ Place:______________

    BRANCH USE ONLY CPU USE ONLY


    Sent to CPU on
    PPB Signature F d
    APPROVED BY (BM) DDVU Emp Code & Sign

    -----------------------------------------------Tear & Handover to The Customer----------------------------------------------------------

    Acknowledgement

    We acknowledge receipt of sweep out activation in (Account no) ____________________________

    Nomination made by you in favour of ______________________________

    Signature of Bank Official under bank seal

    You might also like

    pFad - Phonifier reborn

    Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

    Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


    Alternative Proxies:

    Alternative Proxy

    pFad Proxy

    pFad v3 Proxy

    pFad v4 Proxy