Sweep Account facility
Fino Payments Bank in association with Suryoday Small Finance Bank has launched a ‘Sweep Account’ facility for their customers.
Using the functionality Fino Bank customers can now deposit, withdraw and receive more than Rs.2 lakh in their account, seamlessly and enjoy unrestricted banking experience. This is absolutely within the regulatory framework.
Features:
- Seamless sweep in & sweep out facility through all Fino Payments Bank access points and through Mobile Banking application FinoPay
- Unrestricted & convenient banking at no additional charges
- Higher rate of interest up to 7.50% p.a.*
- Available with Savings as well as Current Account
How to activate Sweep Facility in your account
If you are an existing account holder than you need to apply for the sweep account facility through service request by:
- Visiting the nearest Fino Bank branch or merchant point
- Using mobile banking application FinoPay
If you are a new customer, then you can also apply for sweep account facility at time of submitting new account opening application with Fino Payments Bank.
“Interest on balances in Savings Bank Account with Fino Payments Bank up to INR 1 Lakh is 2.5% p.a. and INR above 1 Lakh and up to & including 2 Lakhs is 5.00% p.a. with effect from 07 Jan 2023”
Interest on balances in sweep account opened with Partner Bank .Applicable interest will be calculated on the incremental amount for the slabs w.e.f. 1st September 2023.
|
Amount Slab (INR) |
Rate of Interest |
|
Up to & including INR 1 Lakh |
3.50% |
|
Above INR 1 Lakh and up to & including INR 5 Lakh |
5.00% |
|
Above Rs. 5 Lakh up to & including Rs. 10 Lakh |
6.00% |
|
Above INR 10 Lakh up to & including INR 2 Crore |
7.00% |
|
Above INR 2 Crore up to & including INR 5 Crore |
7.10% |
|
Above INR 5 crore |
7.50% |
Interest on balances in Savings Bank Account with Fino Payments Bank up to INR 2 Lakhs is 2.75% p.a. with effect from 01st May 2021.
Interest on balances in sweep account opened with Partner Bank – Up to INR 1 Lakh - 4% p.a., over INR 1 lakh and up to INR 10 Lakh - 6.25% p.a. and above INR 10 Lakh - 6% p.a. Applicable interest will be calculated on the incremental amount for the slabs.
Note: Applicable interest will be calculated on the incremental amount for the slabs. Interest Rates are subject to change at the sole discretion of Fino Payments Bank and Partner Bank for sweep account. Balance above INR 2,00,000 on EOD will be transferred to customer’s sweep account held with Partner Bank.
