8/12/2023 0 Comments Auto sweep bank account![]() Private sector lender IDBI Bank has hiked the interest rate on Fixed Deposits (FD). The bank is paying 7.25 per cent for the general public and 8.00 per cent for senior citizens on special deposits with a 700-day term. IDBI Bank has hiked its interest rates on fixed deposits of less than ₹2 Cr. Here's list of banks offering 8 per cent interest rate on fixed deposits IDFC First Bank 100 bps over card rate for the public will be paid to Senior Citizens on their retail Term Deposit for '5 Years and above' tenor only. ‘SBI Wecare’ deposit scheme stands extended up to 31st March 2023. Under this scheme, an additional premium of 50 bps over and above the existing 50 bps i.e. The bank has also introduced a specific tenor scheme of '400 days' at a rate of interest of 7.10 per cent under ‘SBI Wecare’ for senior citizens which will be effective from February 15. SBI FD rate hike: 400 days special scheme for senior citizens The bank is now offering 6.50 per cent return. The highest increase of 75 bps is for the tenor of 2 years to less than 3 years. For 1 year to less than 2 years, the rate has been increased by 25 bps. For tenor of 5 years to 10 years, the bank will offer an additional 50 bps return. ![]() From 7 days to less than a year, the interest rate has been hiked by 50 bps for both general public and senior citizens. For 3 years to less than 5 years, SBI has hiked the interest rate by 25 bps from 6.25 per cent to 6.50 per cent for general customers and for people above 60 years from 6.75 per cent to 7 per cent. For the tenor of 5 years and up to 10 years, the bank has hiked FD rate by 25 bps from 6.25 per cent to 6.50 per cent for people below 60 years of age and for senior citizens the rate is increased from 7.25 per cent to 7.50 per cent.įor retail term deposits of Rs 2 crore and above, the public sector bank has also revised the interest rate. Senior citizens will get a return of 7.30 per cent.įor the tenor of 2 years to less than 3 years, the interest rate has been increased by 25 bps from 6.75 per cent to 7 per cent for the general public and 7.25 per cent to 7.50 per cent for senior citizens. ![]() On retail domestic term deposits below Rs 2 crore, for the tenor of 1 year to less than 2 years, the interest rate has been hiked from 6.75 per cent to 6.80 per cent for the general public. SBI has increased the interest rate on certain tenor for both the general public and senior citizens. Liquidity - This is called reverse sweep which triggers when your savings bank account falls short of balance so the money gets reverse sweep from FD to auto sweep account.Īlso Read | Canara Bank offers 7.5% on this FD | Check list of banks offering over 7% interest rate on fixed deposits | Latest interest rate of banks SBI FD rate hike: For Term Deposit of below Rs 2 crore Higher Interest rates - You are earning higher interest rates with auto-sweep facility as compared to standard savings bank accounts.įlexibility - There is no lock-in period in auto sweep and you can easily withdraw, transfer money at any time. Why is Auto Sweep Facility the best option to savings bank account holders? There is absolutely no lock-in period unlike any FD. You can withdraw or transfer this money from auto-sweep at any time. While the balance of Rs 25,000 will earn a standard savings bank account interest rate of 3-4 per cent. So, the remaining Rs 25,000 money will be converted into a Fixed-Deposit (FD) with interest rates of upto 7 per cent. He has set the threshold limit Rs to 25,000. Ram has Rs 50,000 in his Savings Plus Account in State Bank of India. State Bank of India Auto-Sweep Account - Understand by Example The tenure of deposits is 1 to 5 years. For auto sweep facility, the Minimum Threshold Balance & Minimum Resultant Balance should be Rs 35,000/-and Rs. 1000, any number of times through cheque or ATMs. In State Bank of India (SBI), Deposits are completely liquid and can be withdrawn in multiples of Rs. An individual can easily convert an SBI savings bank account to Savings Plus Account either by visiting home branch or through online method. State Bank of India provides Auto-Sweep facility in Savings Plus account. State Bank of India Auto-Sweep Account (Savings Plus Account) 1) An auto-sweep is a banking facility with high interest rates.Ģ) A fixed deposit account and a savings account are combined under this facility.ģ) There is a threshold limit in Auto-Sweep Account above which money is automatically converted to a Fixed-Deposit (FD).Ĥ) A banking feature called the auto sweep facility helps both individuals and companies make the most of their savings account balances.
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