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Smart Save NRO Account
The CSB Smart Save NRO Account is built for customers who want their idle balances to work harder. The exclusive Auto Sweep feature converts surplus funds into higher‑return Fixed Deposits, boosting earnings without compromising liquidity. Whenever funds are needed, the system automatically sweeps money back into your savings account—simple, seamless, and smart.
Features & Benefits:
- Exclusive Auto Sweep Feature
- Net/Mobile Banking limit up to Rs. 10 lakh/day
- POS/E-Com limit of Rs. 3 Lakh/day
- High ATM withdrawal limit up to Rs. 75,000/day
- Free Rupay Platinum Debit Card
- Up to 30% discount on locker rentals
- AMB to be maintained is Rs 25,000
Sweep Configuration
- Default sweep threshold set at Rs. 50,000
- FD will be created when balance reaches Rs. 75,000
- FD's will be created in multiples of Rs. 25,000
- FD's will be broken in multiples of Rs. 5000 basis LIFO method (last booked FD will be broken first)
- FD's will be created on every Monday end of the day
- Maximum FD value that can be booked per sweep out is Rs. 1 crore
How Auto Sweep Works
Sweep-Out (FD Creation)
- When your NRO savings account balance exceeds the threshold, the surplus amount automatically moves into fixed deposits in predefined multiples.
- This conversion happens weekly, allowing idle funds to earn higher FD‑level returns.
Sweep-In (FD Break)
- If your account balance drops, the system automatically moves money back from the FD in small units to ensure smooth transactions.
- You enjoy liquidity at all times, without manually breaking deposits.
Result: Your money earns more when you’re not using it and returns instantly when you need it.
Important Terms & Conditions — Smart Save NRO
1. FDs will be created in multiples of Rs. 25,000 and broken in multiples of Rs. 5,000.
2. Minimum balance needed for FD sweep in the account is Rs. 75,000.
3. FDs will be created weekly - every Monday for the amount above threshold (Rs. 50,000).
4. PAN is mandatory for Smart Save NRO account.
5. All Sweep FDs created from the account will have the maturity instruction set to “Do Not Renew”.
6. Fixed Deposits created through the Sweep facility will not be eligible for overdraft facilities and cannot be offered as collateral.
7. For Fixed Deposits (FDs) created from the Smart Save NRO product, the nomination, if registered, in the NRO product, will automatically apply to the sweep‑out FD. In case, customer wishes to register a different nominee, a separate nomination request must be submitted.
8. FDs made through the Smart Save NRO account will be liquidated on a LIFO basis i.e. Last in First out; the latest deposit is closed first to maximize returns on your deposit portfolio.
9. The interest earned may be subject to taxation as per the prevailing income tax laws.
10. Maximum of Rs. 1 crore FD can be created from this account per sweepout instance.
11. For FDs created through the Smart Save NRO feature, regular Fixed Deposit rates will apply to all customers, including Senior Citizens and Bank Staff. Additional interest benefits for Senior Citizens or Bank Staff will not be applicable to FDs made through Smart Save NRO.
12. In the case of premature closure of Fixed Deposits (FD), the applicable interest rate would be the card rate prevalent on the date of the deposit for the period the deposit remained in the bank or the contracted rate, whichever is lower less applicable penalty (presently 1% penalty for premature closure of Domestic - FD).
13. All other terms and conditions concerning regular fixed deposit will be applicable.
For detailed information, please click here to view our Schedule of Charges.
