Auto sweep in feature

Partnership Banks
1

Hi friends, anyone know whether we can avail auto sweep feature in our current account.

Thanks in advance.

2

Hi @Abhishek_Galagali ,
We’re afraid we couldn’t quite understand your issue. Can you help us with and elaborated post on the same.

PS: Niyo does not provide any kind of current accounts.

Cheers!
Bansari

3

The auto-sweep facility is a combination of savings account and FD or fixed deposit account. It carries with it the advantage of both facilities. With an auto-sweep account, your savings account is linked to a fixed-deposit account and a monetary limit is defined. Whenever the amount in the savings account crosses that defined limit, the excess money is transferred automatically into the fixed deposit. This way, your savings account balance can earn a higher rate of interest than it would have lying in a plain-vanilla savings account.

In summary a liquid flexible FD, after certain limit a certain excess amount can be converted to FD to earn more interest.

1 Like
5

Hi @Abhishek_Galagali, sweep in, sweep out feature is not yet available in NiyoX. We are working with the partner bank to offer digital FD on a single swipe.
It’s there in the roadmap but is sometime away.

1 Like
6

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