What is a sweep-in facility and is it beneficial?2 min read 05 Feb 2020, 03:23 PM IST
The sweep-in facility is not offered to all bank customers
The tenure of the deposit varies from one year to five years
Aside from the regular investments that you allocate to different asset classes, every now and then, some surplus might accumulate in your savings account and just sit there unused. Many of us park this money in easy investment options like fixed deposits (FDs) for safekeeping. But there is also a way to give your bank standing instructions to put your surplus away, as and when it accumulates, in a sweep-in deposit.
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