Do you also want three times more interest on your savings account? Do this simple thing immediately.

Auto Sweep Service: Many people like you open accounts with banks, but remain unaware of the various services offered to customers. If you have the right information, you can benefit. One such service is the Auto Sweep Service.

People often deposit money into their savings or current accounts, which earn 2.5-3 percent interest. However, with a little prudence, you can earn three times more interest. Banks typically offer 7-8% interest on fixed deposits (FDs), but you can earn the same interest on money held in your savings or current account. You'll need to do a little legwork to achieve this.

What is Auto Sweep Service?

Auto Sweep is a feature that allows you to link your bank account to a fixed deposit. Once this service is enabled in your account, you'll receive increased interest on surplus funds. This is subject to a limit. As soon as the amount deposited in your savings or current account exceeds the sweep limit, auto sweep is activated, resulting in increased interest on the surplus funds, equal to the applicable interest rate on an FD.

Let's understand it this way: Suppose you've set the auto sweep limit at your bank to ₹50,000, but you have ₹80,000 in your account. In this case, the amount exceeding the specified limit, i.e., ₹30,000, will automatically be deposited into a fixed deposit, earning you higher interest than a regular savings account. If your account balance dwindles or if needed, you can have the money swept back into your FD account. This maintains liquidity and earns significant interest on the deposited amount.

Benefits of Auto Sweep

This service offers a great investment option if you're unsure about how and where to invest. Furthermore, you don't need to visit a separate bank to open an FD, as auto sweep automatically completes this process. While you can't normally break an FD until its maturity date, you can withdraw the money by breaking your fixed deposit at any time. This can be done both offline and online.

How to start the service?

To activate the service offline, you simply need to visit your bank and ask them to enable the auto-sweep service. Alternatively, you can activate it through the bank's website or mobile banking. Log in to your bank account and select the Fixed Deposit option. Click on "More" and you'll find the "Auto-Sweep Facility" option. After this, you'll need to set the limit and click the "Submit" button.