SBI Auto Sweep Facility Rule: State Bank of India has once again amended the rules for its customers. The rules of auto sweep facility have been changed. The bank has given information through email and social media platforms.
Now lakhs of account holders will get the direct benefit of this facility. Thousands of account holders can take advantage of the changed limit under this changed rule.
How much did the limit increase
Let us tell you that under the earlier rule, the threshold limit for auto sweep facility was Rs 35000. It has been increased to 50000 i.e. now if there is a balance of more than Rs 50000 in the savings or current account, the excess amount will automatically be converted into fixed deposit.
What is Auto Sweep or MOD
This facility gives customers an opportunity to get higher returns on savings account. In this, the amount over the limit automatically goes to Multi Option Deposit. On this, customers get interest equal to FD. If the balance in the account falls short, then the bank transfers the amount back to the account from MOD. This facility is made available to salaried, NRI and wealth customers.
How much interest do you get
Currently, SBI is paying 3.5% to 6.45% interest to its customers. Senior citizens are paid 0.50 percent additional interest. Customers are getting 6.601 percent return on SBI’s Amrit Drishti Special FD Scheme. Customers can invest for a period of 7 days to 10 years.
