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ENCASH 24 DEPOSIT ACCOUNT DECLARATION At my/our request, Axis bank Ltd., has opened an Encash 24 Deposit Account in my/our names for period stated therein, which is linked to my/our Savings Account,.

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a. Internet Banking: Select FD/RD > Choose Services > Close/Partially Withdraw > Choose FD to be Closed > Enter Net Secure Code & Submit. We will process your request for FD closure immediately.

The auto sweep facility enables one to have a lot of liquidity and ensures a good return on their funds. For instance, assume your current sweep account is getting low on funds, and you have an EMI or a cheque payment due.

Flexi Fixed deposit (auto sweep facility) is a good product too. You can get higher returns without compromising on the liquidity. The money in the flexi fixed deposits is always readily available. Therefore, if you are not comfortable with debt funds, Flexi Fixed deposit can be a good product for you.

Encash 24 Flexi Deposit from Axis Bank is a dual benefit fixed deposit (FD) account that provides the account holder the advantages of holding a savings account as well as that of an FD account. This is nothing but a type of savings-linked FD account.

Whenever the amount in the savings account crosses that defined limit, the excess money is transferred automatically into the fixed deposit. This way, your savings account balance can earn a higher rate of interest than it would have lying in a plain-vanilla savings account.

Disadvantages of sweep accounts Penalty charges: The chief disadvantage of sweep accounts remains the penalty charged, if any, on the premature withdrawal. In unfortunate cases, you may earn even less than saving bank interest due to the penalty.

There might be a self-imposed limit on the balance maintained in the savings and current accounts. There might also be a minimum holding time for FDs, and anything less can cause the interest to be forfeited Some banks, like, HDFC Bank do not allow the sweep-in facility for investments in securities or IPOs.

Limitations Of Auto-Sweep However, if you want to withdraw Rs 1.5 lakh, exceeding the threshold limit of Rs 1 lakh, a penalty will be levied on the amount you have removed from the initial fixed deposit amount, which in this case is Rs 50,000.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
Content Takedown Policy
Bug Bounty Program
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
+1 833 426 79 33
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232