Meaning
A Sweep-in Account links your savings or current account with a fixed deposit to offer better interest and flexibility.
Definition
It automatically transfers extra funds from your account into a fixed deposit and reverses the transfer when your balance drops below a set limit.
How It Works
Extra money “sweeps” into FD, and if your account needs funds, the bank “sweeps out” the required amount.
Benefits
- Higher interest earnings
- Flexible withdrawals
- Helps maintain minimum balance
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