In today’s time, most people invest to keep their money safe, and depositing money in the bank is considered the best option. Most people open a savings account or deposit money in it to take advantage of the facilities of the bank.
There can be many reasons to open a savings account, such as the safety of money and withdrawal of money at the time of need. Apart from this, transactions have also become very easy nowadays due to digital banking services.
FD-like interest on savings account
If you did not know that you can earn interest as much as FD (Fixed Deposit) on your savings account, then today we will give you some important information about it. Now you can also earn up to 7.75% interest on your savings account. So let’s know about it in detail.
Importance of savings accounts and digital transactions
First of all, for your information, let us tell you that in today’s time, the facility of digital banking has made people’s lives very easy.
Apart from this, people can easily transact through services like debit cards, internet banking, digital wallets, and UPI. Whether you want to shop online, pay medical bills, or pay for travel, these services have greatly promoted cashless transactions.
What is Sweep in FD
Sweep in FD is a special facility, which makes many services of banks easier. It is an automatic service, which converts the excess amount in your savings account into a fixed deposit, giving you interest equal to FD.
This facility is especially for those people who have more money than a certain limit in their account and they leave it without investing it. In this, you can decide yourself how much permanent amount should be in your account, and the bank will automatically put the rest of the money in FD.
Interest rate of different Banks
Many banks provide the facility of sweep in FD to their customers. These banks and their interest rates are given below:
HDFC Bank: 4.50% to 7.25%
Yes Bank: 4.75% to 7%
Axis Bank: 5.75% to 7%
ICICI Bank: 4.50% to 6.90%
Canara Bank: 5.50% to 6.70%
SBI (State Bank of India): 4.75% to 6.50%
Bank of Baroda: 5.50% to 6.50%
Punjab National Bank (PNB): 4.50% to 6.50%
Indian Bank: 3.50% to 6.10%
This facility in these banks allows you to convert the excess amount of your savings account into FD so that you can get more interest.
Senior Citizens Benefits
Special facilities are offered for senior citizens. The interest rates given above are for general customers, but senior citizens get additional benefits from this. They can get interest rates up to 7.75% on sweep-in FDs. For more information, you can contact your nearest bank branch.