Savings Account: Usually, banks give around 2.5% to 4% interest on savings accounts. But if thousands and lakhs of rupees always remain in your savings account, then you should go to the bank and do a small thing. With this, you will start getting FD interest on your savings account.
Savings Account: Everyone has a savings account in the bank today. Whether it is investing in a scheme or for transaction work, savings account is very important for everything. Interest is also given on savings account. This interest is very nominal. Usually banks give interest of around 2.5% to 4% on savings account. But if you are among those whose salary comes in their savings account or thousands and lakhs of rupees are always there in it, then you must go to the bank and do a small work. With this, you will start getting the benefit of FD on savings account, that is, you are sure to make huge profits.
Know what you have to do
To avail the benefit of FD on your savings account, you will have to start Auto Sweep Facility in it. After adding this facility, you can get double benefit on your savings account. First, you will continue to use this account as a savings account and can transact money from it whenever you want and the second benefit is that you will start getting FD interest on the account.
Know what is Auto-Sweep Facility
By adding auto-sweep facility to a savings account, an automated feature is added to your account. In this, a limit is fixed in the savings account. If the amount is more than that limit, it automatically gets converted into fixed deposit i.e. FD and you get FD interest on that amount. On the other hand, if the balance in the account is less than that limit, the FD money automatically returns to the savings account. In this way, you keep getting the benefits of both savings account and FD on your single account.
Benefits of auto-sweep facility
Usually the interest received on savings account is much less than FD, but you can also get 5 to 7% interest on FD. In such a situation, by adding auto sweep facility, you can get good returns through FD on savings account.
When you get an FD, the amount has to be deposited in it for a certain period. If you break the FD in between, then you have to pay a penalty. But due to this FD being added to the savings account, you are not bound by any such restriction. You can withdraw money from your account anytime.
How will this service be started?
Banks provide different mediums to provide this service to their customers. Here we are telling the method to activate this facility for SBI customers. SBI customers can activate it through internet banking and YONO app. Know its process-
– Sign in to Internet Banking and go to Fixed Deposit option from the menu.
– Click on “More” option from the drop down menu to open Auto Sweep Facility page. Click on its link here.
– After this, select the account in which you want this feature and fix your amount. Here you will also have to select the time frame of deposit.
– After this, click on OK and submit it. You will have to enter OTP or transaction PIN/password here. Your bank will enable this service in the next few working days.
How to enable this feature on YONO app
– Go to the mobile app and open the option of “e-fixed deposit” from the menu.
– Here choose the option of multi option deposit from the menu and select the account in which the feature is to be enabled.
– Submit. After this you will be asked to enter OTP or transaction PIN/password. After the process is completed by the bank, this feature will be enabled in your account.
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