Savings Account: To keep their money safe, most people prefer to keep their money in a bank savings account. The specialty of a savings account is that it offers a fixed interest rate on deposits, ranging from 1 to 3 percent. However, in these times of inflation, this return on savings accounts is quite low. Therefore, many people choose to keep their money in bank FDs instead of savings accounts, hoping to earn higher returns. However, bank FDs don’t allow for immediate withdrawals when needed. Furthermore, doing so results in lower interest rates.
Auto sweep service in savings account
Today, we’re going to tell you about a method that can help you earn up to three times the normal interest rate, or even equivalent to an FD, in your savings account. We’re talking about the auto-sweep service. Let’s explore its benefits and how it works.
You can earn higher interest rates by enabling the auto-sweep service in your savings account. This requires setting a threshold balance. Auto-sweep activates when the balance in your account exceeds the threshold limit. Any balance above the threshold limit earns you higher interest, equivalent to an FD.
For example, if your threshold balance is Rs 20,000 and you have Rs 1 lakh in your account, you’ll earn interest equivalent to a bank FD on an amount of Rs 80,000.
Invest now with confidence
Everyone makes this big mistake in trading. The right trading mindset can save your profits – understand the method.
Everyone makes this big mistake in trading. The right trading mindset can save your profits – understand the method.
Highlights of Auto Sweep Service
Returns at higher than normal interest rates
Interest as much as FD
No maturity hassles like FDs
No restrictions on withdrawal of funds
Money gets automatically deposited into FD.
Desclaimer: For any financial invest anywhere on your own responsibility, Times Bull will not be responsible for it.