Auto-sweep facility to short term deposits
Linked to your savings/current account
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
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