Do you want to earn three times more interest on your savings account? It’s possible with just a little awareness. Many people keep their money in savings bank accounts, but due to a lack of proper understanding of the various services offered by the bank, they miss out on opportunities to earn extra income from that money. One of the most important of these services is the Auto Sweep Service.
Typically, banks offer an interest rate of 2.5% to 3% on money kept in a savings account. But if you activate the Auto Sweep Service, it’s possible to earn 7% to 8% interest on the same amount of money—which is almost three times more.
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Auto Sweep Service is essentially a facility where a fixed deposit (FD) is automatically linked to your savings or current account. When you deposit more than a certain limit into your account, the excess amount is automatically transferred to the FD. For example, if you set your bank’s auto sweep limit at ₹50,000 and you have ₹80,000 in your account, then ₹30,000 will automatically be converted into an FD. As a result, you will earn extra interest, and you can also withdraw the money if needed.
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The biggest advantage of this service is that you don’t have to open a separate FD or go to the bank. Everything can be done automatically online or through mobile banking. If necessary, the FD can be broken, and the money returned to your account.
How to get started?
To start this service offline, you can visit your bank branch and request to activate the auto sweep facility. Alternatively, it can also be done online – by logging into the bank’s website or mobile app, you can find the “Auto Sweep Facility” option under the “Fixed Deposit” or “More” options. Simply set the limit and click “Submit” to activate the service.