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New Delhi. Savings account is generally used only for savings. Therefore the return on this is also only 2-3 percent. But now you can get tremendous returns on savings account also. You can now convert the money lying in your savings account into a means of getting good returns with the help of auto sweep facility. Very few people know about this facility. Today we will tell you what auto sweep is and how it works.
In the facility of auto sweep, your money goes into the savings account only but up to a limited amount. As soon as the amount exceeds that limit, the excess amount is converted into FD, which helps the account holder to get good returns. For this you do not have to do any extra effort, it happens automatically. That is why it is called auto sweep facility.
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Suppose you open a savings account with auto sweep facility. Now you have to set a limit after how much amount your money should be converted into FD. Suppose you set the limit at Rs 10,000 and deposited 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 through auto sweep anytime. When you need money, this amount will come to the savings account and you can easily withdraw this money. It is noteworthy that the return on FD through auto sweep is different for each account.
Tag: business news, business news in hindi, Rate of interest
first published : May 9, 2024, 7:15 pm IST
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