If you have a lot of Idle cash in your savings account and you don’t want to invest in long term investment plans, then you must enable the Auto Sweep facility in your savings account. To know the secret, keep reading this article till the end. “Auto Sweep” is a facility which provides, the combined benefits of a Savings Bank account and. Your saving habit, when combined with the knowledge of investing wisely, can help you create a corpus of Rs 1 crore. However, for frequent withdrawals, Fifo might be better, especially if withdrawals are as frequent as once in 10-15 days. CFA Institute Does Not Endorse, Promote, Or Warrant The Accuracy Or Quality Of WallStreetMojo. The bank account statement can be complicated,' said Vishal Dhawan, founder and chief executive officer, Plan Ahead Wealth Advisors. On the other hand, in a case of deficit balance, if funds moved from FD into the saving account is called sweep in. Post-tax, this return would be 2% for those in the highest tax bracket. Due to this reason, Sweep account interest is not the same for all the banks. I made a request for the auto sweep in April but due to a merger into SBI, many services were ceased by the bank on a temporary basis. By this technique, the customer can earn a steady interest in their savings account, and the excess money is not idle in the accounts. Mr. Raheja has opted for Auto sweep facility and the threshold limit by SBI is say Rs. Balance in Saving Bank account is Rs 15,000. The disadvantage of this type of account is that the customer has to be very keen on investment. Powered by, Computer Architecture: A Quantitative Approach 2nd Edition, Data Mining: Concepts and Techniques, Second Edition, Essentials ActionScript 2.0,Colin Moock,SPD O,REILLY, Handbook of Wireless Networks and Mobile Computing, software project management in practice,pearson education,2005, The 8051 Microcontroller, Third Edition,Kenneth J.ayala,Thomson, The Complete Reference java 2 fifth edition by Patrick Naughton and herbert Schildt, Windows 2008 Server & Administrative Tools, Vmware - Tools, Oriental Bank of Commerce – Flexi Fixed Deposit Scheme, State Bank of India – Multi Option Deposit Scheme, Bank of Maharashtra – Mixie Deposit Scheme, United Bank of India – United Bonanza Savings Scheme. If not 8% , you will at least get 7%, still better than 3.5% . most important point is to check for minimum threshold limit. The entire FD is not broken but only part of FD is broken. More often, the LIFO method is used by banks. You define a “threshold limit”, and money up to that limit will be in the form of cash in your savings account and any amount above this, “limit” will automatically be converted into a Fixed Deposit and you will start earning normal FD returns on that part of the money.

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