SBI Auto Sweep Facility in Details
Автор: अपना मैनेजर
Загружено: 2024-11-24
Просмотров: 96548
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SBI Auto Sweep Facility in Details
The SBI Multi Option Deposit Scheme (MODS) offers an auto sweep facility that links a savings account to a fixed deposit account:
How it works
When the balance in the savings account exceeds a set limit, the excess funds are automatically transferred to the fixed deposit account. If the balance in the savings account falls below a minimum limit, funds are transferred from the fixed deposit account to the savings account.
Benefits
The auto sweep facility helps earn higher interest rates on idle money in the savings account. It also provides liquidity to account holders, as funds can be withdrawn partially or fully without penalties.
Restrictions
The SBI auto sweep facility has the following restrictions:
Minimum threshold balance: ₹35,000
Minimum resultant balance: ₹25,000
Minimum sweep amount: ₹10,000 in multiples of ₹1,000
Eligibility
The SBI MOD has the same eligibility requirements as all other Fixed Deposits. It is offered to all Indian residents, as well as non-resident Indians, on occasion.
Murari Garg
#sbi #statebankofindia #autosweep #mods #autosweepfacility
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