2019
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Jana Small Finance Bank
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Equitas Small Finance Bank
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Suryoday Small Finance Bank
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Ujjivan Small Finance Bank
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Detailed explanation-1: -Equitas Small Finance Bank introduces Current Account with ‘Sweep In Sweep Out’ Fixed Deposit.
Detailed explanation-2: -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.
Detailed explanation-3: -SBI Multi Option Deposit Scheme (MODS) The largest bank of India, State Bank of India (SBI), provides the Sweep-in FD facility but with a different name. Popularly known as the SBI Multi Option Deposit Scheme, this facility helps customers link their term deposits with their Savings or Current Account.
Detailed explanation-4: -What is Auto-Sweep FD? In Auto-Sweep FD, just like normal Fixed Deposit account, your funds earn a higher rate of interest which is generally 7-8%. Here, the surplus funds in your savings account which are over the threshold limit are converted into a normal FD, but can be withdrawn anytime at your convenience.