Sweep in Facility is basically invoked when you are going through any kinds of shortfall in your saving or current account, it is taken care of by the exact value that comes from your Fixed Deposit. This deposits are then broken down into units of Re 1 so that it minimizes the interest loss.
|Benefits||· You earn higher rates of interest on your money until and unless it is swept-in, while the remaining of your fixed deposit continues to earn your interest.
· This facility also gives you the advantage of linking multiple deposits to your saving accounts.
|Flexibility||This scheme provides flexibility in altering period of deposit, maturity and payment instructions, principal amount and rollover mode before maturity of the rollover deposit.|
|Eligibility||· Resident Individuals
· Hindu Undivided Family
· Private or Public Limited Companies
· Societies, Trusts etc.
|Interest Rates||· Sweep-in with Saving Accounts
When you sweep-in with Saving Account the average balance that is applicable to the Saving Account which is choosen by you must be maintained regarless of the value of the fixed deposit.
· Sweep-in with Current Account
When you sweep-in with Current Account the average balance to the Current Account choosen by you must be maintained regardless of the value of the Fixed Deposit.