FD se zyada returns without lock-in period, activate this NOW on your Savings Account...

 Let me tell you the secret, that is Auto Sweep facility in banks. This is one of the best feature provided by almost all banks but they will never tell you about it. You will have to enquire yourself and get it activated from your bank. By this method, we get FD interest rate on our existing savings account without any lock-in period as we have in FDs.

So, let's understand this in detail and get it activated,

What is Auto Sweep Facility?

Auto Sweep Facility is a feature where your money above a certain limit will be moved into FD account automatically. This limit is called threshold limit which can be set by you. Now, let me explain it to you more clearly.

Just for an example, you are salaried person or an employee, you make money and it gets credited into your bank account. So, if you get monthly about 50,000 and you your expenses in total is say 20,000. Then, what is your savings? 30,000 right! 

Now, you can set a threshold limit of 20,000 according to your monthly expense and all remaining amount will be moved to FD account which won't be blocked for even a single minute. If you have over spent in some months due to some reasons and if the balance amount is less than your threshold amount, no transfer will take place. There's is no penalty for it by almost all banks.

Auto Sweep account interest rate is variable according to your respective banks. They provide you interest rate same as of the FD account interest rate.

Let's talk about some important parameters in context of auto sweep facility:

1. Threshold Limit: We have already discussed above on this topic. I like to add some more points. Some banks have their own minimum threshold limit which can be increased but cannot be decreased. Like SBI has minimum threshold amount of around 30,000 (this might have changed now, kindly confirm with your bank), this means the lowest threshold amount that you can set is 30,000.

2. Sweep OUT: The amount above the threshold limit which will be transferred in FD account.

3. Sweep IN: When you want withdraw money from your account and your balance goes down so in return to meet the threshold amount, the money is sent back to your savings account. This is also known as Reverse Sweep.

In case of emergency, you can withdraw money from auto sweep account, there is no lock-in period.

BONUS point: Just so you all know there are many banks those who provide auto sweep facility even on current account.

How to enable auto sweep facility in your bank account? 

You will have to ask your bank on their customer care or by visiting their branch. I will recommend you to visit the branch and enquire about it. I will also share the list of questions that you can ask them. You might have to fill a form so carry a pen and required documents like Aadhar card, Pan card, driving license, etc. 

Auto Sweep account in SBI:

In order to enable auto sweep facility in SBI, you will have to visit your home branch and fill out a form. They will verify and then accept it. Within some days, this facility will be enabled and you will start enjoying it's benefits.

Generally, we get around 2% interest but on enabling auto sweep we will get more than 5% interest. Isn't it great. In SBI, auto sweep feature is known by name Multi Option Deposit Scheme. 

Now, let me make you aware of the names by which auto sweep facility is known as in different banks:

 Auto Sweep facility in Union Bank of India - Union Flexi Deposit

Auto Sweep facility in Bank of Baroda - Baroda Super Savings Account

Auto Sweep facility in Bank of Maharashtra - Mixie Deposit Scheme

Auto Sweep facility in Punjab National Bank - Prudent Sweep Deposit Scheme

Auto Sweep facility in Axis Bank - Encash 24

Auto Sweep account in ICICI Bank - Money Multiplier Account

Auto Sweep account in IDBI Bank - Sweep In Savings Account

Auto Sweep account in HDFC bank - Super Saver Facility

Auto Sweep account in Kotak bank - Sweep In Facility

Auto Sweep account in SBI - Multi Option Deposit Scheme

Auto Sweep account in Canara Bank - Canara Privilege Account

Auto Sweep account in Central Bank of India - Cent Samarth Savings Deposit

Auto Sweep account in DBS Bank - DBS Auto-Saver 

Auto Sweep account in Equitas Bank - Advance Current Account

Auto Sweep account in Karnataka Bank - Soulabhya Account

Auto Sweep account in UCO Bank - UCO Veer Shakti

Auto Sweep account in AU Small Finance Bank - Sweep In Facility

Auto Sweep account in Bank of India - BOI Savings Plus Scheme

Auto Sweep account in Oriental Bank of Commerce - Flexi Fixed Deposit Scheme

Auto Sweep account in Allahabad Bank - Flexi Fix Deposit 

Now, you must visit your home branch and enquire using some of these questions.

1. Does our bank provide auto sweep facility?

2. Is there any penalty charges or transaction charges for auto sweep facility?

3. What is the interest rate that I will get after enabling auto sweep facility?

4. What is the minimum threshold limit?

5. How can I activate auto sweep facility in my account?

ACTION STEPS:

Schedule your visit tomorrow to your bank and get auto sweep activated.

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Apart from auto sweep, you can grow your money through investing in mutual funds, click here to know 3 best mutual funds to invest in 2023.

I wish you a very bright and financially free future. Kindly share this useful blog with your family and friends. Keep coming back for more such financial blogs.

Information sahi milegii yhi