I was surprised to see an Innovative Savings Account by Barclays Bank called Sweep Deposit Account. The benefits of this account type are so many that I could not resist myself sharing it here for my readers. Note that I could not open an account with them because they don’t provide Sweep deposit account in Kolkata as of now. Nevertheless I think it would be a great account for my readers.
In a savings account you get 9.25% as interest rate. Yes you heard me right – 9.25%. The catch is, you have to open an account with 50,000 as term deposit and 50,000 as your account initial deposit and you get 9.25% interest on the complete 100,000 and not only on the term deposit amount of 50,000 like other banks.
You get Visa ATM International Debit card and a cheque book to do all bank related transactions.
Barclays ATM’s are too few and far in between but you can use your Barclays card unlimited number of times for cash withdrawals at any VISA ATM’s all over India.
Apart from that you get 10% cash back for Debit card usage for first 3 months from signing up for the Barclays Sweep Deposit Account.
As I could not open my account I could not write more specifics about the account operations so if anyone knows more about the account please do share them in comments below.