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Fixed Deposits earn you a high interest rate, as compared to a standard bank account 🔥

However, the challenge with FDs is that they don’t offer the same flexibility and liquidity as bank account would offer.

Enter, sweep-in Fixed Deposit facility that bring you the best of both worlds!

What is Fixed Deposit sweep-in?

When you apply for the sweep-in facility, what the bank really does is, it breaks up units of the specified FD in units of Rs. 1. In doing this, it makes sure funds are available in your sweep-in Savings or Current Accounts, whichever is linked. With this, that cheques or any other debit transaction from your account is not hindered due to lack of sufficient funds in your Savings/Current Account.

Different banks call it by different names-
1. SBI offers this under savings plus account.
2. ICICI banks calls it flexi deposit
3. HDFC calls it sweep in facility

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