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Bank transaction

nagaraj kadlaskar (79 Points)

24 October 2018

Sweep-in-credit. what's the meaning, purpose and how it is done.

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160332 Points)
Replied 25 October 2018

When any account is linked with FD account with sweep in facility, and when any debit transaction arises with higher amount than the present available balance, the FD is broken to that extent and the amount with interest if any, is credited to the linked account. This inflow of deficit amount to the main account by braking of linked FD/s, is sweep in credit.