Earn Upto 8% interest from your Savings Bank Account! How? you need to check this article!

Do you have a Bank Account? Yeah! You do. Then how much money do you have in your bank account? 10,000? 25,000? or more? If you have a lot of cash, lying inactive in your Account, and at the same time you don’t want to invest long-term investment, you need to enable the Auto-Sweep facility in your Savings Bank account. This will make sure you earn more interest on a major part on the cash lying in your Savings bank account.

Before going to enable Auto-Sweep Facility! You need to know that What is Auto-Sweep? How it works? What are the advantages? And most importantly how to enable it?

 

What is Auto-Sweep Account?

Auto Sweep is a facility which interlinks or combine saving bank account with a Fixed Deposit account. In Auto Sweep account, amount in the bank above a limit is automatically transferred to Fixed deposits and earns a higher rate of interest.

How Auto-Sweep works?

Through Auto-Sweep You can define a “threshold limit”, and money up to that limit will be in the form of cash in your savings bank account and any amount above this threshold, (“limit”) will automatically be converted into a Fixed Deposit or Tem deposit and you will start earning normal FD returns (e.g. 7% to 8%) on that part of the money. At any point in time, if you need money more than is lying in your bank account, the money lying in the Fixed Deposits is Reversed-sweeped into your savings account and you can withdraw the amount at any time as your wish.

What are the Advantages of Auto-Sweep Facility?

A lot of us don’t bother about how much idle money is lying in our account and for how long. This happens because we think “I might need it soon, so lets not commit to any investment.” But then, the money keeps lying in the bank for months and months and sometimes even years.

   At present most banks are providing Only 4% p.a interest. But after enabling the Auto-Sweep facility in your bank account. You will get 7-8% interest p.a. And I think  8% is much better than 4% .  ( In State Bank minimum Threshold amount is Rs. 25000/-.)

Also note that different banks have different names for this facility.  eg., ICICI Bank calls it ”Auto Sweep” , HDFC Bank calls it “Sweep-In” account , and SBI calls it “Saving Plus.” . Here is a list of other banks and the names of Autosweep facility.

a)      State Bank of India – Multi Option Depot Schemes

b)      Axis Bank – Encash 24

c)       Bank of India – BOI Savings Plus Scheme

d)      United Bank of India –  United Bonanza Savings Scheme

e)      Bank of Maharastra - Mixie Deposit Scheme

f)       Allahabad Bank -  Flexi-fix Deposit

g)      Union Bank - Union Flexi Deposit

h)      HDFC Bank - Super Saver Facility

Now the Main Question Remains How to enable Auto-Sweep Facility?

Go to the nearest Bank Branch And ask the branch for Auto-Sweep Account Form. Then they will give you a form which you should fill and submit to the Service Manager. And after 1 working day you are successfully enable Auto-Sweep facility in your Bank Branch.

And through ONLINE –INB

You need to log in to your banks website  and there is a option caller Auto-Sweep Facility. Then decide the minimum threshold amount and the main amount. Then enable it.

And Guyzz comment for any Querry About Auto-Sweep and MODS