Baroda Smart Sweep

The product has 2 components -

a savings/current account 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) and Non-Individuals (Firms, Companies and Corporates) . Beneficially for customers, deposits above £1000 and in multiples of £100 automatically gets swept from savings account to the linked fixed deposit account , earning higher returns. In case of Current Accounts, deposits above £5000 and in multiple of £1000 gets transferred from Current Account to linked fixed deposit account earning higher returns. The period of fixed deposit in either case being six months.
• If and when the customer needs funds more than his savings / current 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 / current 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 £5000 in case of Saving and Current Accounts respectively.
• Reverse-sweep facility to linked savings account for increased liquidity.
• Tenure of fixed deposits - six months, earning good returns.
• Smart fund management through system driven sweep and auto sweep facilities.
• Summary Box of Baroda Smart Sweep Account