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Sweep transfer axis bank

sweep transfer axis bank

When the customer is in need of funds more than what is lying in his savings account balance, then in such a case, a reverse sweep order will immediately be auto triggered to promotion code cb2 meet the customers liquidity needs.
Corporation Bank Money Flex, united Bank of India United Bonanza Savings Scheme.This type of account is known by different names for different banks some of them are.Some banks do charge a penalty if the FD under auto sweep account is broken before a particular duration.Auto sweep facility can make your money grow record for 3 pt contest more than a simple saving account.In case if you have any emergence in a particular month, then you can withdraw the amount any time, the funds will get sweeped from the deposit account to saving account, and you dont have to pay any penalty, which you generally have to pay when.Some banks also allow their customers to set the threshold limit on their savings account, which is in line with their bank norms, says Suresh Sadagopan, who runs Ladder 7 Financial Advisories.If yes, then you have just joined the brigade of people piling their salaries in savings bank accounts owing to liquidity reasons or simply because they have not found time to select the right investment avenues.This will benefit customers with maximum returns once reverse-sweep, lifo (last in first out) system is followed.Also, one needs to do a detailed research before they enable this facility, as some banks calculate simple interest, unlike the cumulative interest on fixed deposits.
The balance amount, above the set limit, is transferred to a term deposit of 181-day tenure and in case of insufficient funds the term deposit money is transferred back into the savings account.Are you among those people who delay investment decisions?Banks use different terminologies for the auto sweep facility.Only few banks offer this facility.Sweep out happens if the balance in the account is more than at least twice of the required average quarterly balance.