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Savings Account & Auto-Sweep Facility: How Does it Work?
Posted on Tuesday, June 27th, 2023 | By IndusInd Bank
IndusInd Bank’s Indus Multiplier Max Savings Bank Account offers a smart auto-sweep facility. This allows you to earn a higher interest rate without foregoing the flexibility of a savings bank account. By transferring excess funds into a deposit with a higher interest rate, this facility helps your money grows faster.
Although a simple banking product, a savings bank account is an excellent way to practice financial discipline. It keeps your hard-earned money safe, and even lets it grow, while you go about your daily life. When you need to transact, you can withdraw or transfer funds through online or offline methods.
While you do earn simple interest on savings accounts, there is an even better way to grow the money lying in your savings bank account. An auto-sweep facility helps you earn a higher-than-usual interest on your funds while allowing you to access those in an emergency.
IndusInd Bank offers a ‘smart sweep feature’ through its Indus Multiplier Max savings bank account. This is a fixed deposit (FD)-linked savings account, offering dual benefits – the flexibility of a savings account coupled with higher returns on fixed deposits.
How Does an Auto-Sweep Facility Work?
This facility allows your bank to transfer a sum exceeding a pre-decided limit into a fixed deposit account. These deposits offer a higher interest rate than the savings bank account, thus allowing accountholders to grow their funds faster.
The Indus Multiplier Max Savings Account comes with a ‘smart sweep’ feature wherein a balance above Rs. 20,000 gets automatically booked as a fixed deposit. This means customers earn higher interest on their earnings. Additionally, no premature closure penalty is applicable to this account.
Indus Multiplier Max Savings Bank Account
This IndusInd Bank savings bank account allows customers to multiply their savings while enjoying the dual benefits of a savings account and a fixed deposit – convenience and higher returns.
Here are some of its salient features.
1. Low Minimum Balance Requirement
Account Holders can start this savings bank account with a minimum balance of just Rs. 10,000.
2. Smart Sweep Feature
The Indus Multiplier Max Savings Account offers a smart sweep feature wherein an account balance exceeding Rs. 20,000 is automatically converted into a fixed deposit in multiples of Rs. 1,000.
Additionally, whenever your account balance falls below the minimum balance threshold of Rs. 10,000, it is automatically filled up by breaking a part of your linked fixed deposit.
3. Cashback, Offers and Deals
Account holders earn attractive rewards when they shop using IndusInd Bank’s VISA Platinum Debit Card. These reward points can be redeemed as cashback. Customers also enjoy attractive offers on fashion, travel and shopping, including up to 15% off on dining in restaurants. Additionally, there is a 25% discount on lockers in the first year.
4. Complimentary Insurance
Account holders also receive a complimentary insurance cover of Rs 1.5 lakhs with the VISA Platinum Debit Card.
Make Your Funds Work for You with an Auto-Sweep Facility
IndusInd Bank’s auto-sweep facility allows you to transfer excess funds into a fixed deposit, earn higher interest, and grow your money faster. Further, if your account falls short of funds, the fixed deposit is conveniently liquidated to meet your expenses – no premature closure penalty to be paid!
To maximise your earnings, open an Indus Multiplier Max Savings Bank Account. Apply today!
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
