“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 @9.25%) 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.
Any amount above Rs. 2,00,000 in multiple of Rs. 10,000 will be transferred to 90 days Fixed deposit account at interest rate of 9.25%. Which enables the customer to earn higher interest rate (additional 2.75%) on transferred amount above Rs. 2,00,000
Things to remember:
- Customer can avail this benefit by opening Diamond Category Account Type under Chamatkari Bachat Khata and Super Chamatkarik Bachat Khata.
- It does not require additional form and is auto enabled for customers with Diamond Category Account Type under Chamatkari Bachat Khata and Super Chamatkarik Bachat Khata.
- In case customer need to withdraw from fixed deposit before maturity, customer can withdraw without any charges. Customer will still be receiving interest rate @ 6.5% 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.