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Sweep Out is a facility which provides liquidity of a Savings Account coupled with higher interest earnings of a Fixed Deposit (FD). Through Sweep Out facility, savings balance from the account is transferred automatically into a Fixed Deposit, at a speciﬁc threshold limit.
IDFC FIRST bank offers the sweep facility, so you can link your bank account with your investment account (Fixed deposit account in India). When you enable the auto-sweep facility, the amount above the specified limit gets automatically transferred into your investment account, earning you higher interest rates.
Watch the video below to know more.