Savings Account Auto Sweep Facility: Why do people like to get FD? Perhaps the answer to this is that they get FD to keep the money safe for a certain period of time and to take advantage of higher interest on it or to get more profit on the deposited amount?

In such a situation, if we tell you that you will no longer have to go through the hassle of getting an FD, and you will be able to easily get FD returns through a savings account.

You will be happy to know that you can get returns equal to fixed deposits from your savings account! Instead of the usual 2.50-4%, you can earn more interest by turning on a mode in your savings account. For this, you just have to go to the bank and start this facility.

Know the bank and get this work done-

If you want to get returns equal to fixed deposits in a savings account, then you have to go to the bank and start the auto sweep service. This facility automatically converts the amount above a certain limit in your savings account into an FD. When you need money, this FD is automatically broken, and the amount is returned to the savings account. You can start it by going to the bank or through online banking, which will give you better returns.

What is Auto Sweep?

Auto Sweep is a facility that can be availed by savings account and current account holders. Auto Sweep is a combination of both savings account and FD (Fixed Deposit), on which the account holders get the benefit of returns similar to fixed deposits.

More interest is available after a fixed limit-
By turning on Auto Sweep, you can get returns equal to FD. This is an automatic service that automatically changes into a Fixed Deposit when the deposit amount in the account exceeds a limit and starts giving interest to the customer.

To avail of this facility, you just have to go to your bank. If you already have a savings account, fill out a form for auto-sweep at the bank. After this, you will start getting the benefit of this facility immediately, which will help you get better returns on your savings.

Disclaimer: This content has been sourced and edited from Hr Breaking. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.