Indian Bank has introduced a new premium current account with built-in ‘sweep facility’ across its 609 CBS branches. The new account, targeted at corporates, traders, businessmen and professionals, will have sweep facility, which will automatically sweep surplus funds from a customer’s current account or savings bank account and deploy them in term deposits in the form of short-term deposit/ fixed deposit/ reinvestment plan of maturity up to and inclusive of one year, earning a higher return for the customer, the bank claimed in statement here.The sweep facility is also being extended to customers under the bank’s existing `SB Platinum’ account. On any day, if a cheque is received for payment or an ATM withdrawal is sought, over and above the balance available in the saving bank and current account, it automatically sweeps the funds from the deposit created to the customer’s SB or current account to meet the same seamlessly without the hassles of applying for loan or closure of deposits, the bank said. Premium current account comes with various features such as free Internet banking, mobile banking and phone banking free issue of DD up to a limit and host of other facilities.
