Fino Payments Bank introduces sweep account facility in association with Suryoday Small Finance Bank
In a move aimed at enhancing banking experience for existing
customers as well as tapping new customers, Fino Payments Bank (FPB) today announced the launch
of sweep account facility in association with Suryoday Small Finance Bank (SSFB).
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 utilised whenever they need.
Announcing the launch of the sweep account facility, Rishi Gupta, MD & CEO, Fino Payments Bank
said, “Product innovation is at the core of Fino’s strategy for enhancing customer experience. CASA
plus or the sweep account, is therefore an important offering as customers stand to benefit. The
introduction of this facility is in line with our vision of being the one stop banking point for our
customers and we are pleased to have Suryoday Small Finance Bank as our sweep account partner.”
“Going forward, we will explore opportunities to tap MSME customers and other segments that can
benefit from Fino’s sweep account facility,” he added.
R Baskar Babu, CEO & MD, Suryoday Small Finance Bank said “Our common focus on providing the
best customer experience and solutions has resulted in this partnership. Through this association,
we aim to enable hassle-free and seamless services to all customers of Fino Payments Bank who will
automatically become Suryoday Bank customers too. This to us is just the beginning of a relationship
and we hope to offer more meaningful products to our new customers, in the near future.”
To enable the sweep account facility in their Fino bank account, customers can use both physical and
digital channels of Fino Payments Bank. They can either visit any of the Fino’s branches and
merchant points for assisted service or use mobile banking app BPay to enable it on their own. In
either case, sweep account facility will be enabled only after receiving specific consent from the
An added benefit with sweep account facility is that customers get to earn applicable interest rateof
each bank on the balance maintained in FPB and SSFB accounts.
In case a customer does not enable sweep account facility, the Rs 1 lakh regulatory restriction on
account balance remains.
The sweep account facility will be available across all the geographies where Fino Payments Bank has
operations. Currently, the bank has presence across 25 states, with a network of 425 banking outlets
and over 75000 merchant points servicing close to a million customers.