Earn FD interest on your savings through Auto Sweep facility
An overview of how the Auto Sweep Facility enhances savings returns without locking funds away.
This article provides an overview of the Auto Sweep Facility, explaining its automated process of transferring excess savings to Fixed Deposits and back. It highlights enhanced returns compared to regular savings, the benefit of no lock-in periods, and offers guides for activating the facility via SBI's internet banking and YONO app. It also covers setting threshold limits and managing the facility to ensure flexible access to funds.
How Auto Sweep Works
Explanation of the automated process where excess savings are transferred to a Fixed Deposit and back when needed.
Enhanced Returns
Comparison of interest rates between regular savings accounts and Fixed Deposits, highlighting potential gains.
No Lock-In Period
Benefits of having no lock-in period for accessing funds, unlike traditional Fixed Deposits.
Activation via Internet Banking
Step-by-step guide for SBI customers on activating the Auto Sweep Facility through internet banking.
Activation via YONO App
Instructions for enabling the Auto Sweep Facility using the SBI YONO mobile app.
Setting Threshold Limits
Importance of setting threshold limits for when the auto sweep should trigger transfers between savings and FD.
Flexible Access to Funds
Ensuring liquidity and flexibility by having funds swept back into the savings account when needed.
9. Monitoring and Managing Auto Sweep