From THE HINDU group of publications
Sunday, July 08, 2001


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Sweep-in savings account

IDBI Bank has launched a Sweep-in-Savings account.

This is a fixed deposit linked to a zero balance savings account. It combines the higher interest rate of a fixed deposit and the liquidity of a savings account. The customer has to open a fixed deposit of Rs 25,000. This has to be maintained at all times.

The account also offers services such as door-step account opening and transactions, anywhere banking, mobile banking, demat account and ATM access at no extra cost. Hospitalisation insurance, investment in mutual funds and RBI relief bonds are some other services offered. -- BL Research Bureau

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