Auto sweep in bank

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REENA (Querist)
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12 June 2015 What is auto sweepin bank? In which group, this ledger should be opened, under Bank Account or current Assets or current liabilities?

Please help

Amol S Joglekar

Amol S Joglekar (Expert)
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12 June 2015 State Bank has introduced such an innovative scheme. The funds are automatically transferred to FD account and vice versa.
The basic account be opened under the group BANK ACCOUNT. The FD be opened under INVESTMENTS.

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REENA

REENA (Querist)
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12 June 2015 Thanks Sir,

Please tell me what is the meaning of auto sweep to and sweep trf from in Bank Statement?

Amol S Joglekar

Amol S Joglekar (Expert)
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13 June 2015 sweep to means amount is transferred from the bank account to FD account
Sweep trf from means amount is transferred from FD to bank account.

Please let me know if you face any difficulty in this regard. All the best

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