Discover the Power of a Federal Bank Current Account
At Federal Bank, we understand the unique needs of Micro, Small, and Medium Enterprises. Our specially designed current account solutions are built to support your business at every stage—whether you're launching a new venture or expanding operations. With features like easy access to funds, seamless digital banking, dedicated relationship support, and tailored account options, we help you manage your finances efficiently and grow with confidence.
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Frequently Asked Questions - Sweep Plus Current Account
1. What is the Sweep Plus Current Account?
A current account that automatically transfers surplus funds above a set threshold into a linked fixed deposit, offering higher returns on idle balances .
2. How does the sweep mechanism work?
Any funds exceeding Rs. 1 Lakh in this account will be automatically swept into a term deposit for a period of 181 days. When balances dip below the threshold, funds are swept back for liquidity .
3. What interest rate applies?
The swept deposits earn FD interest rates, which are higher than standard current‑account rates .
4. Are there maintenance charges?
No account maintenance charges apply .
5. How many cheques can I use per month?
You get 50 free cheque leaves per month .
6. What about electronic transfers?
Unlimited free NEFT, RTGS, and IMPS transactions are offered .
7. Are e-statements and alerts included?
Yes—free monthly e-statements and email/mobile alerts are part of the package .
8. Is digital banking supported?
Absolutely. Real-time transactions, FD management, NEFT/RTGS, and UPI are manageable via online and mobile banking .
9. Who is it designed for?
Federal Bank's Sweep Plus Current Account is ideal for sole proprietors, partnerships, private limited companies, and other business entities seeking liquidity plus returns .
10. How does Sweep Plus differ from other current accounts?
Sweep Plus uniquely combines current-account functionality with FD earnings—unlike standard accounts which don’t earn interest.