Baroda Smart Sweep
Baroda Smart Sweep is a Savings Bank product with an auto sweep facility to short-term deposits. The product has 2 components - a savings bank component and a fixed deposit component.
The product is being offered to individuals including minors, salaried people, businessmen, self-employed, professionals, traders and high net worth individuals (HNIs). Beneficially for customers, there isn't any minimum or maximum balance requirement. Deposits above and in multiples of £1000 will automatically get swept from savings account to the linked fixed deposit account for a period of 180 days, earning higher returns.
If and when the customer needs funds more than his savings account balance, a reverse sweep order will immediately be auto-triggered to meet the customers liquidity needs. To benefit customers with maximum returns, while reverse-sweep, LIFO system (Last in first out) is followed. Thus the product offers customers dual benefit of 'liquidity' through the savings bank component and 'hi-return' through the linked fixed deposit component.
Specific benefits over and above regular Fixed Deposit are -
- Auto-sweep facility to short-term fixed deposits for balance above and £1000 and in multiples of £1000.
- Reverse-sweep facility to linked savings account for increased liquidity.
- Tenure of fixed deposits - 180 days, earning good returns.
- Smart fund management through system driven sweep and auto sweep facilities.
Relevant Links
For further details, please contact any Bank of Baroda Branch
in UK
nearest to you.
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