Debit Sweep XXXXXX ???

[iamPrince]

I am having a saving account in the Central Bank with some savings amount. Today morning I got a message that my account has been debited with Rs2.25lacs. When I check in the saving account transactions details its showing Debit Sweep XXXXXX (6 digit number). Any idea what it is ??? I contacted the Bank customer care they have no clue of it ??

 

[Raj2708]

Visit branch to confirm whether you have opted for auto-sweep facility or they did by mistake in you account.

 

[iamPrince]

Visit branch to confirm whether you have opted for auto-sweep facility or they did by mistake in you account.

Hi, thanks for your response. I visited the branch early in the afternoon. Idk what kind of morons they are hiring. Even they dont know what is Auto Sweep. I never opted for it. After few research, I got to know about it. And the amount is now showing in the FD section.
Do Bank automatically transfer the amount from savings to FDs ?? I never knew that

 

[Raj2708]

It's central bank bro I had issue with my debit card which they unable to sort.
They simply say Idk. What information you want please look on my screen I am opening you details and data where the debit card shows active....


Coming to your point: Ya, auto sweep means after certain amount it will move to a temporary fd. If you are not using your money frequently (daily basis/weekly) leave that auto sweep active that will give little good intrest on your saving balance.
If you are keeping Lakhs in saving you can opt for BOB, ICICI,SBI with zero balance else HDFC with AMB.

Hi, thanks for your response. I visited the branch early in the afternoon. Idk what kind of morons they are hiring. Even they dont know what is Auto Sweep. I never opted for it. After few research, I got to know about it. And the amount is now showing in the FD section.
Do Bank automatically transfer the amount from savings to FDs ?? I never knew that