Auto Sweep Facility: You can get 3 times interest on the money deposited in your bank account, know the method..

Nowadays everyone keeps a savings account in the bank. It is not only a safe place to keep money but is also used for transactions. However, the interest rate on savings accounts is very low. But do you know that you can make your savings account more profitable? Yes, through the auto sweep facility, you can earn interest like a fixed deposit on your savings account.

What is Auto Sweep Service?

Auto Sweep Service is a facility under which when there is more money than a certain amount in your savings account, that amount is automatically transferred to a 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 be converted into a fixed deposit on which you will get more interest.

Benefits of Auto Sweep Facility

The interest received on a fixed deposit is much higher than the interest received on a savings account. 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.

How does the auto sweep facility work?

You can activate the auto sweep facility by visiting your bank or through online banking. You just have to decide how much amount is there in your savings account, and then that amount will be transferred to the fixed deposit. Once you set this limit, everything else happens automatically.

Which banks offer auto sweep facilities?

The auto sweep facility is a great way to make your money work. If you want to earn more interest on your savings account, then you must try the auto sweep facility. Almost all banks offer auto sweep facilities. You can get more information about this facility by visiting your bank's website or mobile app.

How to activate the auto-sweep facility?

Different banks provide this service according to their convenience. Here we are describing the process of activating this facility for State Bank of India (SBI) customers. You can activate the auto sweep facility in SBI in two ways. You can do it easily through Internet banking or the YONO app.

Through Internet Banking:

First of all, log in to your SBI internet banking account.

Go to the menu and select the option of "Fixed Deposit".

Then click on the "More" option.

Here you will get the option of "Auto Sweep Facility", click on it.

Now you have to choose the account in which you want to activate this facility.

After this, you have to set the amount above and the additional amount will be automatically transferred to the fixed deposit.

Also, you have to choose the period of fixed deposit.

After filling in all the information, click on the "Submit" button.

You will have to enter an OTP or transaction PIN/password.

This facility will be activated in your account in a few days.

Through the YONO app:

Open the YONO app on your mobile.

Go to the menu and select the option "e-fixed deposit".

Then select the option "Multi Option Deposit".

Now you have to select the account in which you want to activate this facility.

The rest of the process is the same as internet banking. You have to set the amount and period and then submit.

After entering the OTP or transaction PIN/password, this service will be activated.

The process of activating the auto sweep facility is almost the same in other banks as well. You can visit your bank's website or mobile app to find out how to activate this facility in your bank.