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.1 lakh in their account, seamlessly and enjoy unrestricted banking experience. This is absolutely within the regulatory framework.
If you are an existing account holder than you need to apply for the sweep account facility through service request by:
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 will be 2.75% p.a. with effect from 16th May 2020. Current Interest rate of 3.25% p.a. will be applicable till 15th May 2020.
Interest on balances in Sweep Account with our partner bank Suryoday Small Finance Bank remains unchanged. Below are the interest rates for the same:
Interest on balances in sweep account opened with Partner Bank – Up to INR 1 Lakh - 6.25% p.a., over INR 1 lakh and up to INR 10 Lakh - 7.25% p.a. and above INR 10 Lakh - 7% 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 1,00,000 on EOD will be transferred to customer’s sweep account held with Partner Bank.
Interest on balances held in sweep account with Partner bank is credited to the customer’s sweep account on a monthly basis.