Earn FD-Like Returns With Your Savings Account Using Auto Sweep

If your savings account balance often remains high, here’s an excellent opportunity to earn more on your idle funds. By activating the Auto Sweep Facility , you can enjoy fixed deposit (FD)-like interest rates while maintaining the flexibility of a savings account.

What Is the Auto Sweep Facility?

The Auto Sweep Facility links your savings account to a fixed deposit. When the balance in your savings account exceeds a predetermined threshold, the surplus amount is automatically transferred to an FD. This feature allows you to earn higher interest rates on excess funds without compromising liquidity.

How Does It Work?

Threshold Setting: A pre-set limit is defined for your savings account.

Automatic Conversion: Any balance exceeding this limit is transferred into an FD automatically.

Automatic Reversal: If your savings account balance falls below the threshold, funds are withdrawn from the FD and credited back to your account.

Benefits of the Auto Sweep Facility

• Higher Interest Rates: Savings accounts typically offer 2.5% to 4% interest, but an FD created through the Auto Sweep Facility can yield 5% to 7% interest.
• Flexibility: Unlike traditional FDs, you can withdraw funds anytime without penalties.
• Convenience: Manage both your savings and FD through a single account seamlessly.
• No Lock-In Period: Unlike standard FDs, you are not tied to a fixed tenure.

How to Activate the Auto Sweep Facility

For SBI Customers via Internet Banking:

Log In: Access your SBI Internet Banking account.

Navigate: Go to the Fixed Deposit section and select the Auto Sweep Facility option.

Set Parameters: Choose the savings account you want to link and specify the threshold amount and FD tenure.

Confirm: Submit the details and authenticate the process with an OTP or transaction PIN.

Activation: The feature will be enabled within a few working days.

For SBI Customers via the YONO App:

Open the YONO App: Navigate to the e-Fixed Deposit section.

Select Multi Option Deposit: Choose the savings account to link with the Auto Sweep Facility.

Submit Details: Enter the threshold amount and complete the process using an OTP or transaction PIN.

Why Enable the Auto Sweep Facility?

If you maintain a consistently high balance in your savings account, the Auto Sweep Facility offers a smart way to maximize returns. It helps you:

• Earn higher interest rates.
• Retain the liquidity of a savings account.
• Avoid the hassle of manually creating and breaking FDs.

Speak to your bank today to activate this feature and make your savings work harder for you!