Fino Sweep Account: Earn More on Savings

a. For existing customers: If you have opted for Sweep Account facility through SR, your restriction for maximum account balance will be removed instantly. Your  Sweep Account will be opened with partner bank only if at EOD (end of the day) operation your available account balance at CIF level exceeds the limit of maximum permissible threshold of ₹2 lakh*.

b. For new Customers: If you have opted for  Sweep Account facility at time of submitting account opening request with Fino payments bank, then the facility will be enabled once account is activated & your Sweep Account will be opened with partner bank only if at EOD (end of the day) operation your available account balance exceeds the limit of maximum permissible threshold of ₹2 lakh*.

Rate of interest will be applicable on the total daily balance available in customer’s account (both in Fino Payments bank as well as partner 2020 onwards)

• For Current Accounts: No interest will be offered on the balances
• For Wallet Accounts: No interest will be offered on the balances
• For Savings Account balance:

1.  2.75% p.a. on account balance in Fino Payments Bank account
2.  4.00% p.a. on balances up to ₹1 lakh* in Sweep Account
3.  6.25% p.a. on balances over ₹1 lakh* – up to Rs.10 lakh in Sweep Account
4. 6.00% p.a. on balances above ₹10 lakh* in  Sweep Account
   (Effective till 19th January, 2022)
    

•  With effect from 20th January, 2022, for Savings Account balance:

1.  2.75% p.a. on account balance in Fino Payments Bank account
2.  4.00% p.a. on balances up to ₹1 lakh* in Sweep Account
3.  6.25% p.a. on balances over ₹1 lakh* – up to Rs.1 Crore in  Sweep Account
4.  5.00% p.a. on balances above ₹1 crore* in  Sweep Account           

• Applicable interest will be calculated on the incremental amount for the slabs. Rate of interest applicable on the available balance will be as per policy of Fino Payments Bank as well as partner bank(in this case, Suryoday Small Finance Bank) and are subject to change from time to time at the sole discretion of Bank. For details on update rate of interest please visit the website of Fino Payments Bank & partner bank.

The monthly average balance will be calculated only on the balances available in Fino Payments Bank account. Balances maintained in  Sweep Account will not be considered for monthly average balance calculation purposes.

Funds can be transferred from Sweep Account to Fino Payments Bank account through:

• Assisted mode: Kindly visit the nearest Fino Payments Bank branch or Merchant point to request for transfer the funds from your Sweep Account to your Fino Payments Bank account
• Self-Mode (mobile banking application FinoPay): Use our Mobile Banking application FinoPay to transfer the account balance from  Sweep Account to FPB account through Pull money option. You need to follow the below steps:

1.  Login with your account in FinoPay
2.  Go to ‘My Accounts’
3.  Go to 'Sweep Account'
4.  Click on ‘View Balance’
5.  Click on ‘Pull money’
6.  Enter the amount you wish to transfer from Sweep Account to FPB account
7.  On successful authentication, amount will be transferred to your FPB account

No,Sweep Account can be accessed only through your account at Fino Payments Bank only and you will have no direct access to partner bank channel (through branch or customer care).

No separate debit card will be provided to access the Sweep Account. You will be able to use the Fino Payments Bank debit card for withdrawal of balance from your Fino Payments Bank Account, however you will need to first transfer your balance from partner bank account to Fino Payments Bank account to utilize the amount available in your Sweep Account.