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Auto Sweep facility is the inter-linking between two accounts, one is the savings account or current account and the other a fixed deposit account.
I have savings account with hdfc bank and it is very simple to use this facility.
For senior citizens, a higher rate of interest is available.All NRI account holders can avail of this facility.This way he always has 30,000 in his account for his daily requirements, and he has 40,000 converted into Fixed deposits which again is available to him incase he requires.Along with the sweep in facility, the customer also gets to enjoy the Super Saver facility only if the Savings account has been linked.Eligibility and Charges of Sweep in hdfc bank.However on the other hand if he wants to withdraw Rs 50,000.The way auto-sweep works, it makes it an ideal place to park emergency funds.Example, ajay opens a new Savings Bank account with SBI.In case there is deficit in the Savings Account or Current walmart coupon discount Account, the deficit is filled from the balance in Fixed Deposit account.But I think thats fine. .In this scheme, the bank allows its customers to link either a Savings Account or Current Account to the Fixed Deposit Account.
Or a few lacs?
Then in that case, as his account balance will be just 30,000, an additional Rs 20,000 will be auto-reversed from his Fixed Deposit and he can withdraw total 50,000.
Ahmedabad, Aurangabad, Thiruvananthapuram, Trivandrum, Amritsar, Agra, Allahabad, Bangalore, Baroda, Bhiwadi, Bhopal, Bhubneshwar, Chandigarh, Rewari, Chennai, Cochin, Coimbatore, Cuttack, Dehradun, Delhi, Faridabad, Gaziabad, Gurgaon, Guwahati, Hosur, Hyderabad, Indore, Jabalpur, Jaipur, Jamshedpur, Kanpur, Kochi, Kolkata, Lucknow, Ludhiana, Madurai, Mangalore, Mysore, Mumbai, Nagpur, Nasik, Navi Mumbai, Noida, Patna.Unlike some banks that allow only the Savings account to be linked to the Fixed Deposit account, this bank provides an option to the customers.He enables Auto-Sweep facility on his savings bank account and defines the threshold limit of Rs 30,000.Auto-Sweep facility interlinks your saving bank account with a Deposit account and makes sure any extra amount lying in your bank account above a threshold limit is automatically transferred to Fixed deposits and you earn better interest on your money.Auto Sweep is a facility which provides, the combined benefits of a Savings Bank account and.They can swipe out the amount that they require.Do you think it will be helpful for you and do you plan to enable it?Do you have a Bank Account?Additionally, a customer can use the Sweep in scheme with the Super Saver pack.Interest loss is minimised as only the deficit is filled up in multiples.This happens because we think I might need it soon, so lets not commit to any investment.