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Maximizing Your Savings with Sweep In/Sweep Out in FDs and Indus Multiplier Max Savings Account
Posted on Friday, September 15th, 2023 | By IndusInd Bank
Fixed Deposits (FDs) have long been a preferred investment option for those looking for security and stable returns. But what if you could enjoy the benefits of an FD while maintaining liquidity and flexibility with your savings account? Enter “Sweep In/Sweep Out in FDs.” In this blog, we’ll delve into this feature, its advantages, and how customers can link their savings account to FDs for higher returns and liquidity. Plus, we’ll introduce you to the Indus Multiplier Max Savings Account, which takes this concept to the next level.
Sweep In/Sweep Out in FDs: Explained
Sweep In/Sweep Out is a feature offered by many banks that allows customers to link their savings account with an FD. Here’s how it works:
1. Sweep In: When your savings account balance exceeds a predefined threshold (let’s say ₹20,000), the excess amount is automatically transferred to an FD in multiples of a certain denomination (e.g., ₹1,000).
2. Sweep Out: If you need funds in your savings account for any transaction, the required amount is automatically swept out from the FD, ensuring that your money is always readily available.
Advantages of Sweep In/Sweep Out in FDs:
1. Higher Returns: By utilizing this feature, you can earn higher interest rates on your idle funds in the FD, which typically offer more attractive rates than regular savings accounts.
2. Liquidity: Despite having funds locked in an FD, you can access them whenever needed, thanks to the Sweep Out function. This eliminates the need to prematurely break your FD.
3. Automation: It’s a hassle-free way to manage your savings effectively without manual transfers or monitoring.
Linking Savings Account to FD for Enhanced Benefits
To enjoy the benefits of Sweep In/Sweep Out in FDs, follow these steps:
1. Choose a Bank: Opt for a bank that offers this feature.
2. Open an FD: Open an FD account with your desired amount and tenure.
3. Link Your Accounts: Link your savings account to the FD account and set the threshold limit for the Sweep In function.
4. Enjoy the Benefits: Your funds will automatically be managed, offering you higher returns and liquidity.
Introducing the Indus Multiplier Max Savings Account: A Smart Choice
Now, take your savings to the next level with the Indus Multiplier Max Savings Account. Here’s why you should consider it:
1. Automated Multiplication: Any balance above ₹20,000 in your savings account is automatically converted into multiple FDs of ₹1,000 each. This ensures your money is always working harder for you.
2. Payment via Linked FD: When your account balance runs low, funds are seamlessly pulled from your linked FD, eliminating the need for overdraft facilities.
3. Digital Account Opening: Experience the convenience of opening this account via Video KYC, reducing the need for in-person visits.
4. Choice of Account Number: Customize your account number to make it truly yours.
5. Mobile Banking: Manage your accounts on-the-go with the IndusMobile App.
6. Attractive Interest Rates: Enjoy competitive interest rates on your account balance.
Conclusion
Sweep In/Sweep Out in FDs is a valuable feature for anyone looking to balance returns and liquidity. When combined with the Indus Multiplier Max Savings Account, you can maximize your savings effortlessly. Don’t miss out on the opportunity to make your money work smarter and earn higher returns while maintaining liquidity. Choose the Indus Multiplier Max Savings Account today and take control of your financial future.
Open Indus Multiplier Max Savings Account today
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
