- With the Auto-sweep facility you can take advantage of both Fixed Deposit and Saving Account.
- If the money kept in the Saving Account exceeds the prescribed limit, then they will be automatically transferred to your FD ie Fixed Deposit Account.
New Delhi: Nowadays, Interest Rate (Interest Rate On Saving Ac) is just a name in Saving Account. In such a situation, keeping money in this account is useless. But how to earn if you do not keep the money in a savings account. This question comes in everyone’s mind, if you too are looking for a way to earn money, then tell you that you can earn a significant amount through your savings account only by making a few changes.
Earning from Sweep In / Sweep Out or Auto-Sweep Facility – This is a facility from which you can take advantage of both Fixed Deposit and Saving Account. Which means that you can avail the fixed deposit only through a savings account. And at the same time you can also take advantage of the liquidity of Savings account.
In emergency, we could withdraw cash immediately, that’s why we keep our capital in Savings Account. But we can not earn much interest from this, but in such a time, the facility of Sweep In / Sweep Out or Auto-sweep can be a means of good earning for you. In fact, as soon as the money placed in your Saving Account exceeds the prescribed limit, then they will be automatically transferred to your FD ie Fixed Deposit Account.
This makes it that some part of the money kept in your savings account becomes FD and at the same time if you have more money, you can also transfer money from FD account to savings account. With this, you will also get interest on the deposit till that date and there will be no penalty. The remaining amount, which is still deposited in FD, will continue to get interest at a higher rate.
Which banks provide this facility-
Different banks offer different names under different names. Right now we are telling you the names of the banks that are offering this facility.
SBI Saving Plus Account
ICICI Bank Money Multiplier
HDFC Savings Max Account
Union Bank – Union Flexi Deposit
PNB Prudent Facility
Axis Bank Encash 24 Flexi Deposit
Oriental Bank of Commerce – Flexi Fixed Deposit
Allahabad Bank Flexi-fix Deposit