If you also want interest on savings account as much as FD! So go to the bank and do this work

By

Himansh

FD Interest Rates: Saving account is generally used for saving only. Therefore the return on this is also only 2-3 percent. But now you can get tremendous returns on savings account also. Now, with the help of auto sweep facility, you can convert the money lying in your savings account into a means of getting good returns. Very few people know about this facility. Today we will tell you what auto sweep is and how it works.

In the auto sweep facility, your money goes into the savings account itself but up to a limited amount. As soon as the amount exceeds that limit, the excess amount is converted into an FD, helping the account holder earn good returns. You don’t have to make any extra effort for this, it happens automatically. That’s why it’s called auto sweep feature.

Suppose you have opened a savings account with auto sweep facility. Now you have to set a limit after what amount of your money should be converted into FD. Suppose you set the limit at Rs 10,000 and deposit Rs 40,000 in the account. That means there is an additional amount of Rs 30,000 which will be converted into FD. You will get FD interest on this amount and savings account interest on Rs 10,000.

If you doubt that the money converted into FD will get stuck then you are thinking wrong. Actually, you can withdraw the amount in FD anytime through auto sweep. When you need money, this amount will come to the savings account and you can easily withdraw this money. It is worth noting that the returns on FD through auto sweep vary from account to account.

Himansh के बारे में
Himansh With 3 years of experience as a content writer, Himansh crafts informative and engaging articles across a wide range of topics. His expertise spans personal finance, government schemes (Yojana), the latest automotive news, ever-changing technological trends, and the dynamic business world. Himansh's ability to adapt his writing style to each subject ensures his readers receive clear and valuable information, regardless of the category. Read More
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