Indian Bank is launching a new `Premium’ current account (CA) with built-in Sweep facility in all its CBS (core banking solution) branches. It is targeted at corporates, traders, businessmen and professionals. The Sweep facility is also being extended to customers under the bank’s existing `SB Platinum’ account, says a release.
The facility automatically sweeps surplus funds from a customer’s current account or savings bank (SB) account and deploys it in term deposits in the form of short term deposit / fixed deposit / re-investment plan of maturity up to and inclusive of one year, earning a higher return for the customer. The period of such deposits will be from seven days to one year for current accounts and 15 days to one year for SB accounts at the option of the depositor.
On any day, if a cheque is received for payment or an ATM withdrawal is sought over and above the balance available in the SB or CA, it automatically sweeps the funds from the deposit created to the customer’s SB or current account to meet the same seamlessly without the hassles of applying for a loan or closure of deposits.
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