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For example in case of Encash 24 of Axis Bank interest rateis.00 below the card rate, prevailing as on the date of deposit, as applicable for the period the deposit has remained with the bank.00 below the contracted rate, whichever is lower.
But as this is above his threshold limit, the extra amount of 40,000 will be converted into a fixed deposit automatically and start earning returns equal to normal Fixed deposits with SBI (for example 8).
This option is particularly good for salaried people, who do less transaction.
For eg, if you have Rs 30000 in your account, Rs 25000 will be transferred and 25 fixed deposits each of Rs 1000 will be created.For instance, at Axis Bank Ltd, if the balance falls below.25,000 in autosweep savings account, the FD is tapped to give you the withdrawal amount.Auto Sweep is a facility which provides, the combined benefits of a Savings Bank account and.This interest will be treated as FD interest and will be subject to TDS if it crosses 10k in any given year.It will break the FD for Rs 10000 and move the amount to Saving Bank.In general the interest rates of normal fixed deposit and FDs under Auto-Sweep are same, but some banks charge a penalty if the FD under auto-sweep accounts are broken before some duration like 1 yr and 1 day.Look for Articles based on Type ex Mutual Funds, TaxSelect CategoryAbout Books, Videos. .By default, this is selected as 1 year and if not changed by the customer, this will be auto-renewed for any another one year at the end of first year.
Just go to ATM, enter the required amount you want to withdraw; fixed deposits will automatically get closed.
To avoid frequent withdrawals, ensure that your minimum threshold limit is same as your monthly expenses.
In lifo last in first out method the linked FD units created most recently will be closed first for transfer to the Saving Bank Account.
After that if he deposits Rs 60,000 in his account, his total balance would be 70,000.
This is nothing new; in fact, this scheme was introduced in late 2000 but as I see it, not many are aware.If you want to know what are rewards and risks of using credit card, you should definitely check this small interesting video.Assuming you have opted for minimum limits).5) on the total reverse-swept amount.This means that if the FDs tenor was a year, but money was withdrawn from it within, say, 25 days, then the interest applicable for 25 days only would be considered.FAQ, do I get all the normal benefits of a Savings account?You can also define your own minimum MOD deposit size, again subject to a minimum of 10k.While in hdfc Bank Deposits are broken down in units of Rs 1 thereby minimising Interest Loss Banks with Auto-Sweep facility Is Auto Sweep facility same as Flexi Fixed Deposit?How does Auto Sweep Bank account works?