Bank 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

Deposit time slabs

Understand the meaning and definition of Deposit time slabs in the context of stock market, trading, and investments.

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Annual Yield

Understand the meaning and definition of Annual Yield in the context of stock market, trading, and investments.

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Simple Interest

Understand the meaning and definition of Simple Interest in the context of stock market, trading, and investments.

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Fixed deposit

Understand the meaning and definition of Fixed deposit in the context of stock market, trading, and investments.

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Bank

Understand the meaning and definition of Bank in the context of stock market, trading, and investments.

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Receipt

Understand the meaning and definition of Receipt in the context of stock market, trading, and investments.

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