As a saving, there will be no one who does not have at least one bank account. But all banks pay a fixed amount as an interest rate. At the same time, more money can be interest rate get from the bank by opening a fixed deposit than can be obtained from a savings account. However, the fixed deposit can be withdrawn only after a certain period of time. At the same time, there are some features that allow savings accounts to receive the same work as a fixed deposit. Let us understand in detail what they are.
How to get double interest from a savings account?
No matter how much money is deposited in the savings account, the maximum interest earned per year is 3 to 3.5 per cent. On the other hand, if you deposit this amount as a fixed deposit, you will get double the amount of interest. This means that the fixed deposit can only be withdrawn after a certain period of time.
You can deposit money in the bank as a fixed deposit only if you are sure that you will not need money for an emergency. Auto Sweep, on the other hand, is a scheme that can be used to withdraw money from a savings account at any time and at the same time earn double interest. If you opt for an auto sweep account, you will get the benefit of making a fixed deposit, while at the same time earning double the interest on the savings account.
This means that a savings account only invests a certain amount of money in the form of a fixed deposit. The higher the amount, the higher the interest rate.
That is, if the total amount threshold in your account is in the amount of thirty thousand rupees, the remaining amount can be deposited in the form of a fixed deposit. You will also receive a fixed deposit of interest on that amount. This means that if you withdraw the amount above the threshold limit, it can be withdrawn from the fixed deposit, and will receive only double the interest on the remaining amount. When depositing money in the account again, it is possible to set Threshold Limited in the old way.
Most of these banks have auto sweep accounts. Therefore, those who want to use their bank account as both a savings account and a fixed account can opt for an auto sweep.