SWEEP CREDIT
This query is : Resolved
04 March 2024
What is the tally entry for sweep in credit and Interest on sweep in credit from fixed deposit account mentioned in current a/c statement
04 March 2024
Sweep in Account is under Current Asset & Sweep in Interest in Indirect Income (as Interest Received from Sweep in Account)
16 August 2025
A "sweep credit" likely refers to a bank sweep facility, which automatically transfers excess funds from your current/savings account into a higher-yield investment (like an FD or money market fund)—or uses surplus cash to pay down debt. Conversely, funds are swept back when your balance falls below the maintained threshold.
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