Monica Malik Instagram – 💸 Do you know you can triple your savings interest?
👉 With the auto sweep feature, your savings account connects to a fixed deposit, letting you earn higher interest on unused funds.
✅ How does Auto Sweep work?
👉 When your savings exceed a set limit, the auto sweep moves the extra amount to a fixed deposit.
👉 You can still access the extra funds by transferring money back from your FD account to your savings by reverse sweep.
✅ Here’s an example:
👉 If your savings account has a Rs. 10,000 minimum balance and you deposit Rs. 30,000 with a Rs. 15,000 threshold, the extra Rs. 15,000 goes to your FD account, earning interest in both accounts.
👉 If you transfer Rs. 5,000 back to your savings, the FD interest rate will apply to the remaining Rs. 10,000 in the FD account.
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#fd #saving #savings #fds #fixeddeposit #bank #banks #banking #banksy #interest #more #reelsvideo #prettymuchfinance | Posted on 26/Jun/2024 13:20:13
