FD Interest Rates 697 views
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.
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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.
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
|Banks||Minimum Balance in Account||Scheme Name|
|ICICI Bank||₹10,000||Money Multiplier Plan|
|SBI||₹25,000||Savings Plus Account|
|HDFC Bank||Sweep-in Facility|
|Kotak Mahindra Bank||Sweep-in Facility for Fixed Deposit|
|Axis Bank||₹25,000||Encash 24 Flexi Deposit|
|Allahabad Bank||₹25,000||Flexi-Fix Deposit|
|Andhra Bank||₹10,000||AB Super Salary SB Account|
|Bank of India||₹25,000||BOI Savings Plus Scheme|
|Bank of Maharashtra||₹10,000||Mixie Deposit Scheme|
|Corporation Bank||₹5,000||Money Flex Deposit|
|IDBI Bank||₹10,000||Freedom Deposit|
|IndusInd Bank||Swipe In/Out Deposit|
|Jammu & Kashmir Bank||₹25,000||Smart Saver Term Deposit Scheme|
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.