Given the changing scenario, many people and businesses are finding themselves in a situation where they face a shortage of funds. Our Fixed Deposit Sweep-In Facility helps you overcome the hassle of paying the overdraft amount or the embarrassment of a bounced cheque.
The Sweep-In Facility links your Savings or Current Account with a Fixed Deposit without any trouble. While it essentially functions as a Fixed Deposit, it can also be used in times of need without the hassle of breaking the full Fixed Deposit and losing out on interest.
Let’s assume an active account is linked with a Fixed Deposit of INR 50,000. The active account has INR 24,000 but needs INR 12,000 more to clear a pending transaction of INR 36,000. In this case, the bank will transfer only the required amount of INR 12,000 to the active account so that the transaction is done successfully.