I have a savings bank account with HDFC Bank. I am thinking of adding auto sweep facility in it. But I know that in this World, there is nothing called free. Are there any hidden charges for this service?
If your savings account has more funds than specified, it will automatically be converted to fixed deposit. And whenever the balance in savings account goes down the threshold limit, your fixed deposit will automatically be diluted to reach the mentioned level. For more you can read FAQs on auto sweep on bank’s websites.