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Sweep facility in saving account
So, if you have parked Rs 17,000/- in your account, Rs 7000/- will be swept out into a FD while Rs 10,000/- will be in your savings account.
The FDs usually get broken to the nearest rupee.Because I had my bank account with State Bank of japan rail pass discount code Patiala.In case if you have any emergence in a particular month, then you can withdraw the amount any time, the funds will get sweeped from the deposit account to saving account, and you dont have to pay any penalty, which you generally have to pay when.But sometimes you may get higher interest on FD for odd Days like 1 year 3 days.So you will get the fixed deposit return on that 15 thousand.This tenure can be fixed by default by the bank or you may also have the choice to decide.Todays market condition is taking people out from making investment under gold and stock market.Check out here with your bank Kotak Mahindra Bank Kotak Activmoney Yes Bank Smart Saver Account State Bank of India Multi Option Deposit Scheme hdfc Sweep-in-Facility icici Money Multiplier Account Axis Bank Encash 24 Flexi Deposit Punjab National Bank Prudent Sweep Oriental Bank of Commerce.Did you already know about Auto sweep account?But in case of he withdraws Rs 30,000 from his bank account then in that case because of non availability of enough cash in the saving bank account Rs 10,000 will be auto reversed from the fixed deposit account automatically.
The balance becomes Rs 65,000 in his account which is above the limit of Rs 25,000.
Tenure of fixed deposit is set by the bank, Normally 1 year.
In the auto sweep facility your saving account gets linked with the fixed deposit account.
These are The main disadvantage is the penalty charged on the premature withdrawal.
Do you think it will be helpful for you and do you plan to enable it?Tonnes of, e Books, E Courses, Newsletters, Tips Tricks: Join Us Feel the Change.On 15 June he withdraws 10,000 from his account.Let's us start by sharing 2 E Books on Wealth Creation.You can clearly see below that fixed deposits are divided into tenure based groups.So this must be answer to your question In case of investing our funds in fixed deposit how will we manage in case of some cash emergency?The parameters that drive this difference is the rate of interest and for how long you have used this facility.