2023 2024 Student Forum > Management Forum > Main Forum

 
  #2  
16th October 2017, 11:58 AM
Super Moderator
 
Join Date: Aug 2012
Re: Sweep Account In Indian Bank

The Indian Bank offers Premium Current A/c with Sweep Facility.

Premium Current A/c with Sweep Facility

Features -

A Current Account with an option to convert your excess funds in the account to Term Deposit on a daily basis.

Daily sweep available min Rs.10000 and multiples

Customer can issue the cheque freely upto the balance in the MOD (multi option deposit ) plus the balance in the Current Account

Period -

Minimum 15 days to 180 days

For MOD (STD) deposits of 7 days to 14 days Minimum deposit amt will be Rs.1 lakh (i.e.,Push will be in multiples of Rs..1 lakh)

Value added -

Interest will be paid at the time of maturity / closure

Suitable for Corporates, Traders, Businessmen, Entrepreneurs and HNIs

Customer can issue the cheque freely upto the balance in the MOD

Frequency of transfer to MOD daily (Period - Minimum 7 days, Maximum 180 days)

6 DDs at par upto a maximum of Rs.3 lakhs per quarter each not exceeding Rs.50000/- and no charges for stop payment and signature attestation

No charges for Intra / Inter city transactions

ATM / Debit card One year from the date of first use FREE

Non maintenance of minimum balance - If the average minimum balance in the Current Account falls below Rs.1,00,000/-, i.e. if the total products are less than 90,00,000 in a quarter, a penalty of Rs.570/- per quarter inclusive of Service Tax will be levied.

Push Sweep

The amounts lying in the Account over the threshold balance, will be transferred to STD automatically in multiples of Rs.10,000/- .

Pull Sweep

A cheque received for payment or an ATM withdrawal, and the balance in the CA is not sufficient, on Last In First Out (LIFO) basis, the latest MOD (STD) will be prematurely closed and transferred automatically to CA to meet the payment.
The PULL Sweep will be in multiples of Rs. 10,000- only and the customer has no option to change the same

Min Amt -

STD upto 180 days

Minimum Quarterly average balance Rs.1 lakh -(Total products of Rs.90,00,000 per quarter i.e. 90 days X Rs.1,00,000/-)

Threshold limit Rs.2,00,000/-(i.e. Sweep would be effected only when the balance exceeds Rs.2,00,000/-)

Cut off balance for transferring to MOD A/c (threshold balance) will be Rs.2,00,000 or more, at the option of the depositor.

Contact-

Corporate Office - Postal Address

Indian Bank, Corporate Office,
PB No: 5555, 254-260, Avvai Shanmugam Salai,
Royapettah, Chennai - 600 014

Corporate Office - Phone Number
044 28134300


Quick Reply
Your Username: Click here to log in

Message:
Options

Thread Tools Search this Thread



All times are GMT +5. The time now is 08:43 PM.


Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2024, vBulletin Solutions Inc.
SEO by vBSEO 3.6.0 PL2

1 2 3 4