New Delhi: In India, people usually save money in banks to withdraw cash in case of an emergency. Banks also pay interest on the amount deposited in the account, and your money is also completely safe. FDs are also made to attract interest from banks. Banks also provide good and bumper interest on FDs.
The only difference is that your money gets completely locked when you make an FD. You have to face difficulties in withdrawing this amount in an emergency. On the other hand, today we will tell you about a savings account, because here also you will get interest like an FD. Not only this, but you can withdraw the amount deposited into the savings account anytime.
Important things related to sweep-in-FD
If you want to get interest on a savings account like an FD, you can adopt sweep-in-FD. Sweep-in-FD is considered an auto-sweep service. If you have money above a fixed limit, your extra money also goes to your FD. With this, returns start coming from the interest rate of the FD. You can go to your bank and choose the option of sweep-in-FD in your savings account.
Know the period and interest rates of sweep-in FD
Do you know that every bank offers its customers different time-frame, minimum amount and interest rate in sweep-in-FD. Whenever there is extra money in the account after a fixed limit of FD. It automatically goes into FD.
If you want to withdraw money in an emergency, you can withdraw it in the usual way. To withdraw this amount, you must pay a penalty of up to 1% interest rate. It varies from bank to bank.
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