What is the Sweep-In facility?
The Sweep-In facility is a cluster deposit (held in units of Re.1) with a cheque book and ATM/ Debit card as applicable.
We will automatically break units of term deposits held by you, if there are insufficient funds in your Sweep-In Savings/Current Account to clear a cheque. The same will happen when you wish to withdraw money using your ATM/Debit Card and there are insufficient funds in the account.
|
 |
What are the benefits of the Sweep-In facility?
The Sweep-In facility gives you the high interest rates of a fixed deposit and the liquidity of a NRI Savings Account.
You only need to have a NRI Savings Account with the bank.The Sweep-In facility will link the deposits you choose to the Savings Account. Whenever there are insufficient funds in the Savings Account to clear a cheque, we will break units of the deposit (to the next Rupee) to clear the cheque. On this portion of the deposit being broken, you will earn a rate of interest for the tenor that the deposit has remained with the Bank and that was applicable at the time when the original deposit was placed. The rest of your deposits will continue to earn the original high rate of interest.
|
|
Who can avail of the Sweep-In facility?
The Sweep-In facility can be offered to NRI Individual customers.
|
|
What are the charges on the Sweep-In facility?
If you have linked your fixed deposit to a NRI Savings Account and you maintain Rs. 50,000/- or more in your fixed deposit, then there is no service charge for this facility. In case, your fixed deposit falls below Rs. 50,000/-, the service charges applicable for NRI Savings Account are levied.
|
|
How will the Sweep-In work?
Here's an example to illustrate how the Sweep-In Account works:
A has Sweep-In facility on his NRI Savings Account and the linked Fixed Deposit is for Rs. 50,000/-.
On a particular day, the balance in his NRI Savings Account is Rs. 1000/-. He has issued a cheque for Rs. 4000/- on this account and it has come to the bank for clearing.
Our system will mark a lien on the Fixed Deposit to the extent of Rs. 3000/- (4000/- less 1000/-) and clear the cheque. However, these units will only be prematurely encashed at the end of the day, if the customer has not deposited any funds in his NRI Savings Account, during the course of the day.
|
|
Can I have a Sweep-In facility with multiple deposits?
Yes, you can link more than one deposit to the Sweep-In NRI Savings Account. In this case, the system will first Sweep-In funds from the oldest deposit opened, i.e., the deposit which was first linked to the NRI Savings Account. When you link more than one deposit to the facility, then the first deposit to be encashed will be the deposit which was opened first.
|
|
Can I have both a Super Saver facility and a Sweep-In facility on the same Fixed Deposit?
No. You can only have one of the two facilities on a single Fixed Deposit.
|
|
Can a customer have both a Super Saver facility and a Sweep-In facility on the same NRI Savings Account?
Yes, you can have both these facilities on the same NRI Savings Account. When there are insufficient funds in your NRI Savings Account, your overdraft limit will be exhausted before units of the Sweep-In Fixed Deposits are encashed prematurely.
|
|
Can I link accounts held in different account titles to the same NRI Savings Account for the Sweep-In facility?
No. You can only link the Sweep-In facility to the accounts with the same account title. For example, a Fixed Deposit held by A-B can be linked to a NRI Savings Account held by A-B across branches. However, Fixed Deposits held by A or A-C or A-B-C or B or B-A cannot be linked to a NRI Savings Account held by A-B.
|
|
Can a Fixed Deposit be linked to two different NRI Savings Account for the Sweep-In?
No. A single Fixed Deposit can only be linked to one NRI Savings Account for the Sweep-In facility.
|
|
|
|
|
|
