Banking: You get FD interest on your savings account, just go to the bank and do this..

Saving account: You must be depositing some amount in your savings account every month or your salary (salary account ke fayde) must be coming. With this account, you can get both the interest of a savings account and FD (FD with a savings account), that is, you can earn double the profit.

For this, you do not even need to wander anywhere or deposit money separately. You just have to go to the bank (bank news) and do a small work and after that, you will start getting double the money on your savings account (savings account FD). If you want to make huge profits, then go to the bank today and do this work.

This is how the auto-sweep facility works-

You keep your money deposited in the savings account (saving account rules). As per the rules of a savings account, you get interest from 2.5 percent to 4 percent on the deposited amount (interest rate on savings account), but by connecting the auto-sweep facility, you can get double the benefit.

To avail of the benefits of FD on your savings account, you will have to go to the bank and start the Auto Sweep Facility in it. By doing this, you will not only get interest like a savings account on the amount deposited in the account but also get high interest rates of up to 7-8 percent (FD interest rates) like FD. Also, you will be able to use the savings account as before.

Take double benefit from one account in this way-

In Auto Sweep Facility, an automated feature is added to your account. According to this facility and feature, a limit is fixed in the savings account. As soon as an amount more than this limit is deposited in your account, it will be converted into an automatic fixed deposit. The account holder gets FD interest on this amount.

Even after this, the customer can withdraw and deposit money as before. By doing this, if the balance in the account is less than that limit, then the FD money will immediately come into the savings account (saving account rules) and you can withdraw it as per your need. In this way, the account holder can avail of the benefits of both a savings account and FD from the same account.

You will get FD returns-

There are many benefits of the auto-sweep facility in place of a savings account. A savings account gets much less interest than an FD (Fixed deposit). You can get 5 to 7 percent interest on FD. It varies in different banks. By linking your account with Auto Sweep Facility, you can get the same return as FD on your savings account. If you do not use the amount fixed for this facility till the lock-in period, then you will get full benefit.

This facility is different from bank FD in this way-

Money is deposited in bank FD (bank FD news) for a fixed period, on which interest rates are fixed accordingly. If you withdraw money from FD before its maturity time, you have to pay a penalty and you do not get the interest rates that were initially applicable. This causes financial loss. But there is no such rule or restriction when the savings account is linked to the Auto Sweep Facility. The customer can withdraw money from the account at any time and use it for his needs.

This is how you can avail the benefits-

Now the question is how to avail this facility. How will this service start, so let us tell you that banks provide this service to their customers at different rates. If you are an SBI customer, then you can avail of this facility through internet banking and the YONO app. Its complete process is like this-

Through Internet Banking -

Through Internet Banking, select the Fixed Deposit option from the menu.

After this, click on the option of "More" and go to the Auto Sweep Facility process page. Click on its link here and proceed to other options for this facility.

After this, select the account in which you want this facility and fix the amount. Here you will also have to select for how long you want to deposit (FD new rules).

Select the lock-in period for FD and click on OK. It will be submitted and complete the further process with the OTP received on the phone. With this, you will have to enter the transaction (bank transaction rules) PIN i.e. password, and your bank will start this service.

Through YONO app-

On the YONO mobile app, open the option of "e-fixed deposit" from the menu and select the option of multi-option deposit. After this, click on the account in which you want to apply the feature.

After this, enter OTP or transaction PIN/password just like internet banking. This process will be completed by the bank. After this, this facility (Auto Sweep Facility) will start in your bank account.

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.