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Fino Payments Bank introduces sweep account facility

Fino Payments Bank has launched a sweep account facility in association with Suryoday Small Finance Bank to offer better banking experience for existing customers as well as tapping new customers. This facility allows customers to seamlessly transfer balance in their account in excess of Rs 1 lakh to SSFB (partner bank) account. While this facility ensures RBI guidelines on Rs 1 lakh deposit limit for payments banks is adhered to, it also gives customers the safety of a bank account to park excess funds, which can be utilized whenever they need. Rishi Gupta, MD & CEO, Fino Payments Bank, said the new facility is in line with the bank’s vision of being the one stop banking point for our customers. He added that the bank will explore opportunities to tap MSME customers and other segments that can benefit from the sweep account facility. R. Baskar Babu, CEO & MD, Suryoday Small Finance Bank said through this association, the bank aims to enable hassle-free and seamless services to all customers of Fino Payments Bank who will automatically become Suryoday Bank customers too.

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