State Bank of India Multi Option Deposit Scheme.
Verify your Moneycontrol account.
"If you make withdrawals frequently from the FD, you will lose out on interest, no matter how much you put into the account.
Now, if you issue a cheque of, say Rs 32,000, then the deficit will be recovered from the.The financial innovation of sweep accounts is particularly interesting because it was stimulated not only by the desire to avoid costly regulation, but also by a change in contests to win trip to hawaii supply conditions in this case technology.If this is the case, then auto sweep will earn better returns.".Suppose, there is 10,000 is minimum amount limit, and I have 15,000 in my account and I withdraw 20,000 from my account.Company policy issues edit Some companies choose to have all of their funds swept into a sweep account if they believe that the increased earnings will more than offset the fees they would have been rebated, should they have left the funds in the account.
Check out instert rates that you earn on the account.
These investment vehicles that provide higher interest rates while still offering liquidity include money market mutual funds, high interest investment or savings accounts, and even short-term certificates with 30-, 60- or 90-day maturities for known layovers in investments.
This is because the interest is calculated taking into account the number of days the FD was with the bank.
Most banks ask for a minimum average balance (MAB) ranging from Rs 1,000 to Rs 10,000 to be maintained in the savings bank account.
Do you think it will be helpful for you and do you plan to enable it?A lower threshold limit helps in generating high return on one's savings.Take a sweep in facility.Who should use it, such FD schemes suit those who have large balance in their savings account and can only withdraw a limited number of times.That said, sweep accounts were originally devised to get around a government regulation that limited banks from offering interest on commercial checking accounts.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.40,000 so you have the benefit of enjoying an additional rate of interest of about 4-5.This will make sure you earn good interest on a major part on the cash lying in your Savings account.