Sweep account criteria.??
This query is : Resolved
05 January 2015
what is sweep account ??
can saving account in which salary is receiving can be converted into sweep account??
what are the practical advantage over savings ??
CA Tejas Mistry
(Expert)
05 January 2015
You can convert saving account also in Sweep Account, main advantage of this facility is Interest Rate
You can get a FD Interest rate on the balance in your Saving account after keeping minimum amount in Saving Account.
You can get a FD Interest rate on the balance in your Saving account after keeping minimum amount in Saving Account.
Rupesh Jain
(Expert)
24 January 2015
sweep means amount tr from saving to fdr and you get the fdr intt on the sweep amount.
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