The Deposit swept back into SB, if it has remained in FD for more than 15 days, shall earn interest as per the prevailing rates.Įven while breaking the Fixed Deposit, only the most recently converted fixed deposit will be broken first to minimize the interest loss to the customer. No penalty will be levied for premature closure of FD account for bringing the balance in SB account to minimum level. In the event of shortfall in the relative SB account due to drawl of fund, then the fixed deposit will be swept back into SB account in required number of units on the basis of ‘LAST IN FIRST OUT (LIFO)’.
Balance available in SB account over and above Rs.25,000/- on any day will be automatically swept-out into fixed deposit of 180 days term in units of Rs.1,000/- each.
Minimum balance of Rs.25,000/- shall be maintained in the SB account.
