Savings Account Rate: You will get returns like FD in your savings account, you just have to do this work

Bank Auto Sweep Services: If you have a savings account in a bank, you can earn a lot from it. However, such a service is never mentioned by the bank. You can earn interest equal to a fixed deposit in a savings account. For this, you will have to use the auto service in the bank.

Bank Auto Sweep Services: There are many banks in the country where the hassle of minimum balance has been eliminated. Most of the banks in this list are government banks. However, there are still many banks where it is very important to maintain a minimum balance. If you are unable to maintain the minimum balance, then a penalty is imposed. Meanwhile, you can earn a lot from your savings account in the bank. For this, you will have to use the auto sweep service of the bank. With this, you will start getting interest equal to fixed deposit from your savings account.

Actually, every bank provides auto sweep service to its customers. To avail this service, you will have to go to the bank. Then the auto sweep service will have to be activated on the account. With this, you will start getting interest on your deposited money like FD.

Know what is Auto Sweep Service

Auto Sweep Service is a facility under which when there is more than a certain amount of money in your savings account, that amount is automatically transferred to fixed deposit. This means that you keep depositing money in your savings account and when that amount exceeds a certain limit, that amount will automatically turn into fixed deposit. On which you will get more interest. In such a situation, you will get the benefit of the interest rate on bank FD instead of the interest received on the savings account. This is an automatic service which automatically changes to fixed deposit when the deposit amount in the account exceeds a limit and the customer starts getting interest.

Benefits of Auto Sweep Facility

The interest on fixed deposits is much higher than the interest on savings accounts. In this way, you can earn more returns on your money. You do not need to go to the bank every time to make a fixed deposit. This work is done automatically. You can break your fixed deposit and withdraw money at any time. If you want to invest but you do not know where to invest, then the auto sweep facility can be a good option for you.

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