look news india
Auto Sweep Service: Many people, after opening a bank account, silently come home with their debit card. Deposit money in the account and are happy to get 2.5 to 3 percent interest. But do you know that you can also get three times the interest on this same money? Yes, that too as much as Fixed Deposit (FD)!
For this you just have to go to the bank and say one thing: “Enable auto sweep service in my account.”
What is Auto Sweep Service?
This is a special feature that automatically converts excess money deposited in your savings or current account into FD. As a result, you get FD interest on that extra amount – which is usually 7 to 8 percent! In a normal savings account, you get only 2.5 to 3 percent interest. But as soon as the auto sweep is activated, you start getting three times more interest on the extra money. For example, suppose you have set a limit of Rs 30,000 for auto sweep. Rs 90,000 are deposited in your account. Savings account interest (2.5-3%) will be available on the first Rs 30,000. The remaining Rs 60,000 will automatically go into the FD and you will get full FD interest (7-8%) on it! And the biggest thing – you can withdraw money from this FD anytime. No need to wait for maturity!
Benefits of this service
Triple Interest – FD like returns on excess money.
– No Hassle – No manual work of opening FD every month.
– Liquidity – Money can be withdrawn anytime, even if it is in FD.
Motivation to save more – The desire to accumulate more money increases.
How to turn on?
Go to the bank and ask, “Turn on auto sweep service in my savings account and increase the limit. [अपनी पसंद की राशि] Many banks provide this facility for free. In some banks, it can also be activated through net banking or mobile app. Let us tell you that the rules of every bank may be different. Therefore, be sure to check the interest rate, limit and conditions with your bank.