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Auto Sweep Service: If you have a savings or current account in the bank, then this news is very important for you. Most of the people keep money deposited in savings account and are happy to get 2.5 to 3 percent interest on it. But do you know that you can earn three times more interest on the same money? For this one just has to go to the bank and activate the auto sweep service.

What is Auto Sweep Service?

Under Auto Sweep Service, money more than a limit in your savings or current account is automatically converted into Fixed Deposit (FD). After its launch, when the money in your account goes above a certain limit, the bank converts that money into FD. In this way, you get FD interest on that money even though you have a savings account.

What are the benefits of this service?

After the launch of this service, you can get 7–8% interest as compared to savings account. You can immediately withdraw the money converted into FD. You do not have to wait for any kind of maturity period. After setting the limit, the extra money automatically goes into the FD, you do not need to do anything.

How to activate this service?

To activate the auto sweep service, you just have to go to your bank and get this service activated. After this the bank will ask you the limit – i.e. after what amount the money should start converting into FD. This service will start after setting the limit. In some banks, it can also be activated through net banking or mobile app.