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.
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Hi,
Could anyone let me know their personal experiences with Barclay’s Bank in India. Based on customer feedbacks in the web, it looks like there have been cases of fraud, hidden costs in the name of service charge on Savings Account!!!! etc..
I also got the details from sales team.
Auto-sweep option has been available with most leading banks for quite some time now. I have it activated in my SBI and HDFC accounts.
Auto Sweep accounts give higher interest rates on the funds not lying in your account but on the fund which is moved to FD. Barclays gives the higher rates on the complete amount.
Hi,
Barclays provide 2 types of accounts. 1-Premium, 2-Prestige.
For premium, u have to deposit starting amount of rs 10 lac, while for prestige it is only 1lac.
For both accounts u have an option of “SWEEP DEPOSIT”, in which u will get interest at the rate of 4% for first 50 thousand rs. For amount above 50 thousand (lying in ur account) u will get interest depending upon the time period.
For 3 months-8.25%
For 6 months-8.5%
For 1 year-9%
For 2 year-9.25%
Pradeep, I called the customer care and they said for the complete 100k I will get the same interest rate of 9.25%. Are you telling the figures after having the account because I think the customer care people at times tell like sales people without much of an information.