Now a day children to elder everyone has a savings account. Banks are an essential part of our life. People also like to invest via banks to grow their money. Saving Account gives only around 2.5% to 4% interest which is not much. But what if you can get interest like FD in your savings account? Lets find out how you can get higher returns with savings accounts.
Interest like Fixed Deposit in Savings Account
Bank doesn’t always tell you all the schemes available. One of the is Auto Sweep feature in Savings Account. If you start this facility in your account you can get higher interest like fixed deposit with the balance you have in your account.
Auto-Sweep
Auto Sweep is a facility that allows money left in a savings account to be converted into a fixed deposit. But don’t worry unlike conventional FD’s it won’t have a maturity period. You can set a certain amount, if your balance goes above that bank will automatically make an FD with the money. This will give you higher returns than savings accounts. Fun part is when ever you need the money you can normally use it or withdraw it with debit cards.
Benefits of Auto-Sweep Facility
The most attractive benefit of having auto sweep is 5-7% interest rates. For example if you have 50 thousand rupees in your account and you have auto sweep facility on. Then after 10 thousand 40 thousand is converted to FD and give you an interest of 5-7%. The interest you earn will directly be deposit to the savings account and you can withdraw all the money when ever you want to.
How to Start Auto Sweep in your account?
To start the auto sweep facility in your account you have two options either you can do it with the Bank’s official app or you can do it visiting your nearest branch. If you have an account in State Bank of India and want to turn on Auto Sweep online then login to Internet Banking and from the option menu choose ‘Auto Sweep Facility’. Or you can turn on this using the YONO app. Log in to YONO app, then open ‘e-fixed deposit’ from the menu section. There you can choose from multiple options to start auto sweep. Select the account number and hit next then you will be asked to enter OTP and Transaction PIN, after successful entry your auto sweep will be on in your account.
