Thus, both benefits of higher returns, as well as higher liquidity, are combined in a single deposit scheme. Also, the depositor can withdraw funds from the account anytime, prematurely. In Flexi-deposit, the depositor is required to manually add money to their deposit account. then (usually at the end of the month) any accumulated interest from funds swept will be deposited. Any funds in a brokerage account there get swept out>FDIC insured> the. Where the sweep-in facility is an added feature to fixed deposit schemes, Flexi-deposit is, in itself, a separate scheme. 45 sweep refers to the bank sweep feature. Useful Article: COVID Crisis: Keep your cash handy – Later invest in FD Difference between Sweep-In Facility and Flexi Depositīoth facilities of sweep-in and Flexi deposit provide the same benefit of higher interest rates combined with liquidity. Thus, it is important to properly analyse the features that the bank is offering. However, some banks like the HDFC Bank terms this facility as Sweep-In. This means that if there is a deficit in the savings account, the deficit amount is transferred from the linked fixed deposit account to the savings account to remedy the shortage. To explain in layman terms, sweep-out is the exact opposite of sweep-in. Know More What is the Sweep-Out Facility? We receive compensation from these funds at rates that are set by the funds’ prospectuses and currently range, depending on the program in which you invest, from 0.10 per year (10 per 10,000 of assets) to 0.25 per year (25 per 10,000 of assets) of the total money market sweep fund assets held by our clients.
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