“Sweep In and Sweep Out” is a special facility under which a customer can deposit money in saving account but earn the interest in par with fixed deposit account. With this facility, customer can earn higher interest rate (Interest Rate @8.25%) on their deposits above NPR 2,00,000. It offers the advantage and flexibility both of fixed deposit and savings deposit in customer’s bank account. In other words, it is both Savings cum Fixed deposits account combined. The primary account of customer is a Saving nature and to provide higher interest benefit, the Fixed Deposit scheme has been combined with the product.
However, in the New PSCBK it has been provided a higher interest rate from that of savings for the number of days the FFD amount is parked in fixed deposits, which would increase the effective earning as well. Thus, with this effect, if a customer decides to pre-mature the FFD due to fund requirement, the pre-mature charge applied will be 2.00% resulting effective earning from deposit of 6.25% on FFD amount in Diamond.
Things to remember:
- Customer can avail this benefit by opening Diamond Category Account Type under New Premium Super Chamatkari Bachat Khata, New Premium Super Chamatkarik Nari Bachat Khata and New Premium Super Chamatkarik Jestha Nagarik Bachat Khata.
- Additional Form “Application for FFD” need to be filled at the time of Account Opening/ Scheme Transfer and is auto enabled for customers with Diamond Category Account Type under New Premium Super Chamatkari Bachat Khata, New Premium Super Chamatkarik Nari Bachat Khata and New Premium Super Chamatkarik Jestha Nagarik Bachat Khata. The form can be accessed through helpdesk in the Bank’s official website.
- In case customer need to withdraw from fixed deposit before maturity, customer can withdraw without additional charges. Customer will still be receiving interest rate @ 6.75% of their savings account on such amount.
- The system uses Last in First Out method for maturing of fixed deposits i.e. Fixed Deposits opened in last day shall be first used to settle the deficit.