Fixed Deposit Sweep-in is a facility that is provided by lenders (banks and Non-Banking Financial Companies) to their customers. To avail this facility, depositors should have a savings account that is linked to their fixed deposit account. A specific limit is set by the depositor. When the balance in the savings account goes beyond this limit, the balance is transferred to the linked fixed deposit account.
The amount which gets transferred to FD earns higher returns (as per the prevailing FD interest rates) as compared to the normal savings account. For further information about FD sweep-in facility, read on.
Get Your Free Credit Report with Monthly Updates Check Now