Bank DepositsReceipt Tax Deducted at Source Taxable interest Demand deposits Simple Interest Tax-saving fixed deposits
Sweep Account
In the world of finance, a popular product known as a "Sweep Account" has been introduced by numerous banks. This unique account offers a combination of savings and fixed deposit features. The account holder has the autonomy to determine a minimum balance for their savings account, and any surplus amount is automatically swept into a fixed deposit account. This allows for effortless management of funds, as the bank can transfer or 'sweep' in funds to the savings account when needed.
Related terms
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