390 Days Money Multiplier Deposit – A Smart Saving Option

It was a time when Naman Sharma passed his college and started his new job life. The time, when he was financially illiterate, he knew nothing about the word. His savings back then used to lie in the savings bank account. Then one day he came across with a book called ‘Rich Dad and Poor Dad’ and soon after he finished reading the book, the thought of ‘Smart Savings’ came in his mind. He pictured his long-term goals and decided not only to save regularly but to use such investment tools that will help grow his savings. He had the thought of Smart Savings, but the problem was he didn’t know where to invest to double his money .Then one day, his close friend told him about 390 Days Money Multiplier Deposit. He suggested him to explore the product to multiply his savings.

Well, just like Naman anybody can get easily be confused when it comes to investing the funds/savings as there are a plethora of tools in the market to perplex you. But you can also be a Smart Saver just like Naman by choosing Money Multiplier Deposit as it is one of the best ways to grow your money.

390 Days Money Multiplier Deposit

It is one of smartest investment tools to multiply your money/savings at the maximum possible interest rates. The money multiplier deposit/plan gives you the liquidity of a savings account coupled with an attractive interest rate of fixed deposit for 390 days. In order to enjoy the benefits, a fixed deposit will be linked to your savings/current account that should have a minimum balance in it.

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When it comes to maintaining a minimum balance in the account, different banks have different set limits for the same. You can earn the interest on the money till it is swept in the account while the remaining FD continues to earn you interest.

Multiply Your Money by Getting Maximum Returns

Let your hard earned money make you enjoy the unlimited benefits of a higher interest rate on your savings bank deposit/s. In order to avail this auto sweep-in facility, you just need to get in touch with your bank through any channel such as Branch, Phone Banking and Internet Banking to complete the few formalities.

Enjoy the Liquidity of a Savings Bank Account

This facility/plan gives you the maximum liquidity, wherein you can withdraw the funds anytime from your savings/current account. However, if you want to cancel/withdraw the multiplier facility, you need to inform the bank. The facility comes with an automatic sweep feature, which means any balance above the threshold limit will automatically be transferred to fixed deposit (term deposit). And, if the balance in the account goes below the threshold level, the reverse sweep facility will help transfer the money accumulated in your FD to the savings/current account.

Top Banks Offering Money Multiplier Deposit/ Auto Sweep-in Facility

BanksMinimum Balance in AccountScheme Name
ICICI Bank₹10,000Money Multiplier Plan
SBI₹25,000Savings Plus Account
HDFC Bank Sweep-in Facility
Kotak Mahindra BankSweep-in Facility for Fixed Deposit
Axis Bank₹25,000Encash 24 Flexi Deposit
Allahabad Bank₹25,000Flexi-Fix Deposit
Andhra Bank₹10,000AB Super Salary SB Account
Bank of India₹25,000BOI Savings Plus Scheme
Bank of Maharashtra₹10,000Mixie Deposit Scheme
Corporation Bank ₹5,000Money Flex Deposit
IDBI Bank₹10,000Freedom Deposit
IndusInd Bank Swipe In/Out Deposit
Jammu & Kashmir Bank₹25,000Smart Saver Term Deposit Scheme

Let’s discuss the money multiplier plans of different banks separately. These plans can be named differently by different banks.

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ICICI Money Multiplier Plan

Earn more interest on your ICICI Bank savings account by getting it linked to term deposit via automatic sweep in and sweep out facility. You can get it done by giving a request to the branch officials or dialing the customer care executive. This can be done even through net banking.

Surplus money after a minimum of ₹10,000 in the savings account can be automatically swept in to a term deposit account for a year or more as per your consent. The amount will be transferred in multiples of ₹5,000.

If the balance falls below ₹10,000, the amount transferred to linked FDs would be swept out to the savings account. The swept amount would earn interest as per the rates applicable for the period it remained in fixed deposit. In addition, the penalty would be deducted from the proceeds if the FD is broken before the maturity.

SBI Savings Plus Account

The plan is offered through SBI Savings Plus Account, which actually is a savings account linked to MODS. So, the surplus money beyond a threshold limit from savings account would get transferred automatically to fixed deposits in multiples of ₹1,000 for a minimum of ₹10,000. The period of deposit shall be 1-5 years. As a customer, you need to specify whether to apply First in First Out (FIFO) or Last in First Out (LIFO) principle to break the deposit. However, if you don’t specify, the latter will be applied. The principle will be applicable when the balance falls below the threshold limit of ₹35,000

HDFC Bank Sweep-in Facility

Surplus money deposited in HDFC savings or current account gets transferred to a fixed deposit in units of ₹1. Multiple deposits can be linked to the savings account. The money transferred would continue to earn interest rate applicable to prevailing FD rates. Either you can mention auto sweep-in facility in the standing instruction form at net banking, phone banking or even place a request at the branch.

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Axis Bank Encash 24 Flexi Deposit Account

As soon as the account balance exceeds ₹25,000, the amount in multiples of ₹5,000 can be transferred automatically to a fixed deposit account. The fixed deposits are applicable for 6 months to 5 years. The moment the account balance falls below ₹25,000, the amount transferred to fixed deposit will be automatically reverse swept to the savings account.

Place the request to link your savings account to term deposits at the nearest Axis Bank branch or at its customer care centre.

Kotak Mahindra Bank Sweep-in Deposit Account

Get your existing savings or current account linked to fixed deposits and earn higher interest rates on your money. Till the time the money remains in a term deposit, it will continue to earn interest as per the applicable rates. Multiple FDs can be linked to savings or current account. To avail this facility, you need to request it at the bank branch or call at the customer care centre.

What’s Unique About These Money Multiplier Plans of Different Banks?

Well, a savings account itself earns interest, maybe not at the pace of fixed deposit. But current accounts do not earn interest for the customers who open the same. This is where sweep-in facility, if offered on current accounts, can be an absolute boon for many business enterprises who generally open such accounts. Banks like Kotak and HDFC offer sweep-in facility to current account holders as well, besides their savings account counterparts. With that, current account customers also earn interest on the money deposited.

Features & Benefits of an Auto Sweep-in Facility

  • Enjoy the liquidity of funds by linking your FD to savings/ current account
  • Earn as good as FD while getting the interest on savings account
  • Link multiple fixed deposits to your account
  • No Documentation Hassle ( for existing account holders)
  • Get the Convenience of using Internet Banking, Phone Banking, ATM Facility, etc.

Personal Loan Interest Rates December 2018
Bajaj Finserv10.99% - 16.00%
Fullerton India14.00% - 33.00%
HDFC Bank11.25% - 21.50%
ICICI Bank10.99% - 18.40%
IndusInd Bank10.99% - 16.00%
Kotak Bank10.99% - 20.99%
RBL13.00% - 18.00%
Standard Chartered Bank12.00% - 17.00%
Tata Capital10.99% - 18.00%
Home Loan Interest Rates December 2018
State Bank of India/SBI8.70% - 9.25%
HDFC8.80% - 9.70%
Bank of Baroda8.65% - 9.65%
LIC Housing8.85% - 9.05%
PNB Housing Finance9.00% - 13.00%
ICICI Bank9.00% - 9.25%
Axis Bank8.80% - 9.05%
Citibank9.00% - 9.85%
Indiabulls Housing Finance Limited8.80% - 11.05%
Kotak Bank8.90% - 8.75%
DHFL9.05% - 9.95%
Reliance Home Finance8.75% - 14.00%