SWEEP CREDIT

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A sweep credit on your current account statement refers to a banking facility that automatically moves surplus funds to a higher-yield investment, such as a fixed deposit. Any interest earned from this sweep is typically recorded as indirect income. Conversely, funds are moved back to your current account when the balance drops below a set level.

Indhu

Indhu (Querist)
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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

RAJA P M

RAJA P M (Expert)
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04 March 2024 Sweep in Account is under Current Asset & Sweep in Interest in Indirect Income (as Interest Received from Sweep in Account)

Aashok Kumar Sharma online

Aashok Kumar Sharma

(Expert)
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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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