Want to get more interest through Fixed Deposit? Yes, it is possible to do so. For this one has to invest using fixed deposits. But fixed deposit means permanent deposit, money cannot be withdrawn from it before a certain time. So how will it be? In this report I will tell you about that benefit.
There is a service called Sweep In to get more interest from fixed deposits. Almost every bank offers this service. Under this service you can get fixed deposit interest rate from your existing account by keeping money in your account. Get the highest interest rate on your savings account.
The rate of interest that you will get through the Sweep in Fixed Deposit facility is the same as the rate of interest of a normal fixed deposit. But keeping this money in a savings account has advantages. Because there is no restriction on using this interest money. That is, there is no torque. Currently banks are offering interest at the rate of 7 to 9 percent.
Major public and private banks are offering interest at 7 percent. On the other hand, small finance banks are offering interest rates up to 9 cents to customers. Even if there is money in savings account, it is transferred to fixed deposit. As a result, you will also get much higher interest and no penalty on withdrawals. Because it is not stuck in fixed deposits.
At the same time you can withdraw this money whenever you want. For this there is no need to redeem fixed deposit. This facility is available in any Reserve Bank (RBI) regulated bank. All small finance banks in the country and banks like State Bank of India (SBI), HDFC, ICICI etc. offer this service. Several banks also offer automatic sweeps in.