FD interest will now be available on the money kept in the account, just do one thing!:

There are often some money in our savings account. After the salary, whatever amount remains from the expenses, we get only the interest of the name. We think that I wish I wish you could get interest as fixed deposits (FD) on this money too, but at the same time they are afraid that if FD is done, how will the money get immediately if needed?

If you think the same and your account is in the State Bank of India (SBI), then there is a very good news for you. SBI provides such a ‘magical’ facility to its crores of customers, which gives FD interest on the money kept in your savings account automatically. The name of this feature is ‘Auto Sweep’.

And the good news is that recently SBI has made this facility even more beneficial for customers.

After all, what is this SBI’s auto sweep facility?

You can understand this as a small ‘money making machine with money in your bank account’.

How does this work, let’s understand in easy language:

1. You set a limit for your savings account. Suppose you this limit₹ 35,000 Keep
2. Now as soon as you get more money from this limit to your account (suppose your account is ₹ 60,000), then the amount above the limit (ie ₹ 25,000), it automatically one Fixed Deposit (FD) Will change in
3. At this ₹ 25,000, you now have a savings account not 2.7%, but FD 6-7%Thick interest of will start getting.

If suddenly money is needed?

Now you must be thinking that if the money went into FD and I suddenly needed? This is the magic of this facility!

As soon as you withdraw money from your account (whether from ATM or by check) and your balance goes below the fixed limit (₹ 35,000), your FD will automatically break and the more money will immediately return to your savings account. You do not need to go to the bank or fill any form. Everything will be automatic.

The biggest advantage of this is that you continued to get FD interest on your money and when needed, it was immediately useful to you like a savings account. It is like putting ‘two targets with one arrow’.

So what a new change SBI has made?

Recently, SBI has increased the limit of this auto sweep facility, which now provides more convenience to customers. You can keep a large amount in your savings account at your convenience and can avail FD on more than that.

If you have not yet activated this facility, then you can contact your SBI branch or activate it through net banking. Do not let your money remain useless like this, put it to work!