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   home > Deposits > Premium Current A/c with Sweep Facility
Premium Current A/c with Sweep Facility
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 HNI’s
• 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
Salient 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
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.
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