There are often some money in our bank account. After the salary, we get very little interest on the amount left except for the expenses. Many times we think that I wish I wish to get interest like a fixed deposit (FD) on this money, but at the same time there is a fear that how will the money come out at the time of need when FD is done?
If you are a customer of State Bank of India (SBI) and thinking this, then there is a great news for you! SBI has introduced a magical feature for its millions of customers, which will get a big interest like FD on the money kept in your savings account.
Auto Sweep: Money Earning Machine with Money
This special feature of SBI is named Auto sweepRecently, SBI has made it even more beneficial. What is this auto sweep facility? You can consider it a small machine in your savings account, which works to increase your money automatically. Understand this in easy language: You set a certain limit for your savings account, such as ₹ 35,000. Now if you get more money in your account, suppose ₹ 60,000, then the money above the limit i.e. ₹ 25,000 will automatically turn into fixed deposits. On this ₹ 25,000, now you will get not 2.7% interest of savings account, but 6-7% thick interest of FD.
Money is immediately available if needed
Now there will be a question in your mind that what will happen if the money goes into FD and suddenly needed? This is the real magic of this facility! As soon as you withdraw money from ATM or check and your account goes below the balance fixed limit (₹ 35,000), your FD will automatically break and the required amount will immediately return to your savings account. For this, you will neither have to go to the bank nor fill any form. Everything is completely automatic. That is, FD interest will also be available on your money and if needed, it will be available immediately like a savings account. It is like shooting two with one arrow!
What did SBI do?
Recently, SBI has further increased the limit of this auto sweep facility, which will benefit customers more than before. Now you can keep more money in your savings account and earn FD interest on it. If you have not yet activated this facility, immediately contact your SBI branch or start it through net banking. Do not let your money remain useless, rather put it to work and earn more!