The SBI savings plus account is maintained in the multiples of Rs 1,000
If you want your savings bank account to garner the interest rate payable on a fixed deposit (FD), you can open an SBI (State Bank of India) savings plus account. In the SBI savings plus account, any excess amount in the savings bank is automatically transferred to the fixed deposit (FD) in the multiples of Rs 1,000. In SBI savings plus account, the savings bank account is linked to the multi option deposit (MOD) account. The surplus fund above the threshold limit from the savings bank account is transferred to term deposits opened in multiples of 1,000. The term deposit/fixed deposits (FD) range from one year to five.
In common parlance, it is also known as sweep-in facility or flexi fixed deposit (FD). When you open the SBI savings plus account or HDFC Bank Sweep-in fixed deposit or ICICI Bank flexi deposit, it's the same concept wherein the amount above a threshold (that varies from bank to bank) is transferred to the fixed deposit (FD). And in case the amount falls short of the minimum account balance, the deficit is transferred from the fixed deposit (FD) so as to maintain the minimum savings account. For the details on the tax savings fixed deposit (FD) of SBI, ICICI Bank, HDFC Bank, you can read here.
SBI Bank Fixed deposit rates
| Tenors | Existing for Public w.e.f. 28.02.2018 | Revised For Public w.e.f. 28.03.2018 |
| 7 days to 45 days | 5.75 | 5.75 |
| 46 days to 179 days | 6.25 | 6.25 |
| 180 days to 210 days | 6.35 | 6.35 |
| 211 days to less than 1 year | 6.4 | 6.4 |
| 1 year to less than 2 year | 6.4 | 6.4 |
| 2 years to less than 3 years | 6.5 | 6.6 |
| 3 years to less than 5 years | 6.5 | 6.7 |
| 5 years and up to 10 years | 6.5 | 6.75 |
HDFC Bank Sweep-in Facilitybasic saving bank deposit (BSBD)HDFC Bank Fixed deposit rates| Period | < 1 Crore |
| Interest Rate | **Senior Citizen Rates |
| (per annum) | (per annum) |
| 7 - 14 days | 3.50% | 4.00% |
| 15 - 29 days | 4.25% | 4.75% |
| 30 - 45 days | 5.50% | 6.00% |
| 46 - 60 days | 5.75% | 6.25% |
| 61 - 90 days | 5.75% | 6.25% |
| 91 days - 6 months | 5.75% | 6.25% |
| 6 mnths 1 day- 6 mnths 3 days | 6.00% | 6.50% |
| 6 mnths 4 days | 6.00% | 6.50% |
| 6 mnths 5 days- 9 mnths | 6.00% | 6.50% |
| 9 mnths 1 day- 9 mnths 3 days | 6.00% | 6.50% |
| 9 mnths 4 days | 6.00% | 6.50% |
| 9 months 5 days - 9 months 15 days | 6.00% | 6.50% |
| 9 months 16 days | 6.25% | 6.75% |
| 9 months 17 days < 1 Year | 6.25% | 6.75% |
| 1 Year | 6.85% | 7.35% |
| 1 year 1 day - 1 year 3 days | 6.50% | 7.00% |
| 1 year 4 days | 6.25% | 6.75% |
| 1 year 5 days - 1 Year 15 Days | 6.25% | 6.75% |
| 1 Year 16 days | 6.25% | 6.75% |
| 1 year 17 days - 2 Years | 7.00% | 7.50% |
| 2 years 1day - 2 Years 15 days | 7.00% | 7.50% |
| 2 Years 16 days | 7.00% | 7.50% |
| 2 years 17 days - 3 Years | 7.00% | 7.50% |
| 3 years 1day - 5 years | 7.00% | 7.50% |
| 5 Years 1 Day - 8 Years | 6.00% | 6.50% |
| 8 Years 1 Day - 10 Years | 6.00% | 6.50% |
ICICI Bank Flexi-fixed depositICICI Bank Fixed deposit rates| Tenure | General | Senior Citizen |
| 7 days to 14 days | 4 | 4.5 |
| 15 days to 29 days | 4.25 | 4.75 |
| 30 days to 45 days | 5.5 | 6 |
| 46 days to 60 days | 5.75 | 6.25 |
| 61 days to 90 days | 6 | 6.5 |
| 91 days to 120 days | 6 | 6.5 |
| 121 days to 184 days | 6 | 6.5 |
| 185 days to 289 days | 6.25 | 6.75 |
| 290 days to less than 1 year | 6.5 | 7 |
| 1 year to 389 days | 6.6 | 7.1 |
| 390 days to 2 years | 6.75 | 7.25 |
| 2 years 1 day upto 5 years | 6.5 | 7 |
| 5 years 1 day upto 10 years | 6.5 | 7 |
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