what is sweep in facility in fd

Hi, The information about icici Quantum is wron.
What is the basic difference between Sweep in accidental car give away price is right Facility Flexi Deposit?
10,000 in your savings bank account and you also have booked a fixed deposit with the bank.
In that case what will happen?Suppose, there is 10,000 is minimum amount limit, and I have 15,000 in my account and I withdraw 20,000 from my account.Take a sweep in facility.What do you think about the story?If you would not have opted for flexi deposit then the liquidity in your saving account will be maintained, but you would lose out on the additional 4-5 rate of interest that you could have earned on your fixed deposit.Typically any bank gives a mere.5 per cent interest per annum on savings account.Another is an Auto Sweep account of icici Bank.It would be better if we are able to maintain the liquidity and at the same time earn a higher rate of interest on our deposits in savings bank account.Also remember some banks charge penalty of about 1 of interest in case you break your flexi deposit before maturity, but considering the high rate of interest of 8-9 on flexi deposit, the return after 1 penalty charged by bank is still higher than your.It is better to maintain the excess balance in your.
5,000 will be recovered from your fixed deposit.
When a customer issues a cheque or wants to withdraw an amount which is more than what is in his/her savings account, the bank will just break the fixed deposit account in units of Rs 1,000 or in multiples thereof and transfer a part of the.

There are various modifications to a sweep-in account catering to different customers in different situations.I would advice people against puting money.50,000 in the account.Vidyalaxmi in Mumbai, november 10, 2005 10:23 IST, when you earn enough to be able to save something at the end of every month, you would like to invest them in an avenue that gives you the flexibility to access your savings during contingencies and yet.50,000/- in his account and it online photo contest software has now come for clearing.Let's take an example to illustrate how the Sweep-In facility works:.And I want to fix it in the bank for 5 years. .Posted by, kapil Sethi, sub: Have excess cash?
1/-, thereby giving customer the convenience of getting payments processed with ease.
And if the money is put into a fixed deposit account it is not at your disposal.