The best savings bank accounts to get maximum interest.
well most people think it is to make a fixed deposit. But if you are too busy and have forgotten to make an FD, you may lose interest, and there is another option i.e. to enable the auto-swap facility.
 |
| savings Bank account to earn more |
AUTO SWEEP FACILITY
There is a combined benefit of saving bank account and fixed deposits under Auto sweep Facility
which interlinks your saving bank account and fixed deposits
This feature ensures that the surplus will automatically be transferred to the Fixed Deposit account by exceeding your threshold and you will receive a better return.
How Auto Sweep Facility make you earn more returns?
Suppose your savings bank account has Rs.2 lac. for 1 year. In normal saving bank account, it will earn interest 4%which is Rs.8000for year. But if you have an auto sweep facility that has a threshold limit of ten thousand then over 10,000 it will make a fixed deposit of Rs. 190000 and get you around 8% interest i.e. Rs.15200 and for the amount Rs. 10,000 you will earn interest of Rs. 400
At the end of the year, you will realize that you end up getting (15200+400) - (10000) = Rs.5600 as extra interest.
Got notice from Income Tax? Don't panic, just click here
Here are the top best Saving Bank Account to yield more interest
Today number of banks provides an Auto Sweep facility but the names are different from each bank. like SBI calls it saving plus, The ICICI bank calls it money multiplier and HDFC bank calls it Sweep-in. So here is the list of Best Saving account which can earn you maximum interest.
- SBI – Saving Plus Account
- ICICI – Money Multiplier Accounts
- Corporation Bank – Money Flex
- Axis Bank – Encash 24
- Bank of India – BOI Savings Plus Scheme
- Bank of Maharashtra – Mixie Deposit Scheme
- United Bank of India – United Bonanza Savings Scheme
- HDFC – Sweep –in
- Union Bank – Union Flexi Saving Account
So if you are looking to earn extra from your savings bank account, make sure you take auto swap to get the best out of it.
Were you aware of the auto sweep account earlier? Do you think that this information will be helpful to you? Do share your comment in the comment section below.
