Sweep in Facility offered by Banks

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siva (Querist)
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27 October 2009 Hi

I came to know that some banks offer sweep-in facility whereby I can get FD interest rate and Savings account Liquidity .

I was wondering since it is such a good facility why not all customers go for this feature ..

I was trying to figure out if there is any hidden clause in it . Tried researching myself but couldn't find any resources .

Could you please help me

Thanks

CA Gangadhar Mishra

CA Gangadhar Mishra (Expert)
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27 October 2009 may be the reason that this facility is available for Savings a/c and not for current a/c.

Rajeev

Rajeev (Expert)
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27 October 2009 Its available even for current premium accounts and most of them use the facility . As far as i know , there are no hidden costs involved .