If you want more interest than a bank account, then follow these tricks, a lot of money will come
what is this feature
These days, the ‘swipe-out’ and ‘swipe in’ facility is available in almost all bank’s savings accounts. With the help of this facility available on the savings account, any customer can easily get more interest on the amount deposited in the savings account.
how to get interested
Banks provide this facility to the customers of the savings account. With the help of the SWIP facility, the excess amount can be automatically added to the Fixed Deposit. The fixed deposit gets automatically resolved if you need money.
When the money deposited in the savings account goes to the fixed deposit, it earns more interest. In a linked FD, it is ensured that you get a higher rate of interest on your deposit amount. This rate is higher compared to the normal savings account. This increases the income.
The special feature of this facility is that the customer will not have to track the surplus money in his account again and again. This process will be completed automatically whenever the customer asks the bank to convert his savings account into a term deposit.
To take advantage of this facility offered by banks, first of all, you have to inform the bank that you want to start the facility of SWIP on your savings account. After this, you have to decide how much you want to use the surplus. You yourself have to decide that. In banks, its limit is 1 lakh to 10 lakh.
What are the maturity rules?
When there is more money in your savings account than the limit that the customer has set, then the bank will put it in the fixed deposit. The maturity period of such FDs can range from 1 year to 10 years. When this FD matures, the amount gets renewed automatically. This facility can also be linked with special accounts of women and children.