Auto Sweep Facility Explained in Fixed Deposit | Auto Sweep Facility in SBI, HDFC Detailed Review
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- เผยแพร่เมื่อ 14 ต.ค. 2024
- Auto Sweep Facility Explained in Fixed Deposit | Auto Sweep Facility in SBI, HDFC Detailed Review
In this video I have discussed the Auto Sweep Facility in Fixed Deposit which also is known as Flexi Fixed Deposit. While Auto Sweep FD can help you earn 7-8% from your Savings Account deposit, I have done analysis on where this Auto Sweep Facility is Good or Bad by sharing my own personal example. There is only partial truth told about Auto-Sweep Facility and rest is kept hidden.
This video can help you understand all the aspects of Auto Sweep Facility available on your Savings Account and this Auto-Sweep facility is available to customers of leading banks like SBI, HDFC, Union Bank etc.
Topics Covered:
What is Auto Sweep Fixed Deposit?
Auto Sweep kya hota hai?
How Interest is Calculated for Auto Sweep FD?
Analysis of Auto sweep facility in banks SBI and HDFC
Should you Opt for Auto Sweep FD?
Who gets benefited from Auto Sweep FD?
Also Watch - पुरानी FD पर Interest कैसे बढ़ाएं ? - • How to Increase FD Int...
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#autosweep #bankaccount #savingsaccount #everypaisamatters
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This should be spread widely, people are taking investment ideas from short videos, reels without doing in-depth study.
आपका विश्लेषण काबिले-तारीफ है, परंतु मेरी समझ से परे है कि आपने एफडी क्यों किया जबकि आप जानते थे कि आप एक वर्ष तक एफडी को संभाल कर नहीं रख सकते थे।
बहुत ही शानदार जानकारी देने के लिए जो मेहनत आपने की है वो सराहनीय है
बहोत महत्वपूर्ण जानकारी दी आपने..इस से auto sweep करने से पहले लोग आपकी बातो से अपना नुकसान बचा सकेंगे..बहोत धन्यवाद जो आपने खुद् का अनुभव साझा किया वो भी पुरा स्टडी करके..💐💐
This is why most of the Banks are hard selling it!
When I noticed this in my HDFC account, I confronted my RM. He just shrugged it off!
Haan Sir, aise hi hota hai...
They (HDFC) told me, there is no penalty ?
True. I paid 1200 as penalty with auto sweep option. By watching your video don't choose auto sweep in option in frequently used bank account.
श्रीमान जो भी आपने बताया वह सत्य है परंतु यदि आपको फ्रिक्वेंटली अमाउंट विड्रोल करना है तो उक्त फैसिलिटी बैंक से लेना मूर्खता है यह विकल्प तब लिया जाता है जब आपको पूरी तरह sure हो अगले 365 दिन तक वह amount बैंक से निकालने की जरूरत नहीं पड़ेगी please think before disclose publically thanks
Bhai sahib agar muje pata hi hai ki 365 din ke liye mere funds spare hai to phir to Auto sweep ki jarrorat hi nahi hai. Go for FD directly. So you are wrong. Auto sweep to lete hi is liye hai ke pata nahi jarrorat par jai. Yeh auto sweep ek scam hi hai. I have personally experienced in case of my clients. Never go for it.
Video mein bilkul sahi bataya hai.👍
Ha.ha..
@@sehj13 Absolutely Right Sir
@@jazzygaming8695 bhai agar jese mere salary har mahine aate he e.g 30k or mein usme se sirf 10 k nikalta hu apne jarurat ke hisab se or baaki rehne deta hu toh kya muje uska fd return milega
Agrees
The way you examined & describing us so minutely reveals that you are a bank employee not a mere bank Account holder. Only a banker could explain it so technically.. Not a saving A/c. holder.
Usually banks doesn't disclose such things bcz its against their profit earning.
Dont Treat ur saving account like a current account, itis created only for saving not for frequent use.
In my view - In order to manage this,
1. Keep a higher threshold amount, ideally it should be your monthly running expenses. So that ur fd is not disturbed often
2. FDs are designed in such a way that it is best to park excess money & let it grow for a time horizon of 1 yr+. Interest rates are set as such by the banks itself. If u withdraw within short span of time - it is detrimental rather than being helpful..
You are absolutely correct but challenge is that in many occassions we cannot choose our own thresholds and unless threshold is atleast 1L, this makes almost no sense.
Absolutely, this is the point, if you use it strategically, then definitely you will make money.
Weren't we talking about AUTO SWEEP ACC I'm convinced that it is more beneficial than keeping money in SB acc
Better way, not to opt for auto sweep, create a separate bank FD.
Don't mixed up FD with regular using bank account.
Oooo.. to FD krao e naa fer to
Nope don't do FD cz in case of emergency if you end up breaking it prematurely then you'll have to paye 1% penalty charge % FD is taxable.. instead open a new bank account do opt for auto sweep their & keep 6month of your all expenses overthere
Good analysis.Banks don't disclose these things in advance.This is fraudulent practice.
जोरदार सर शानदार analysis Thanks brother...👌👌👍👍👍🙏🙏🙏🙏❤️❤️❤️❤️
I have watched many videos. I like your content. You demonstrate practically and force us to think critically.
Keep creating, Keep sharing, and Keep growing.
Thank you
Thanks
We cant call it a scam brother..when I converted my bank account to flexi one...there was a pop up telling all these things..and of course things change time to time...banks toh hmein batayenge nhi change...toh hmein hi jagruk rhna hoga..I have made a personal threshold limit in my mind that after this amount, I will not take out any money from account..you can also try this..might be beneficial
Explained well....... no mistake from bank.......its understanding mistake by customer
For HDFC Penalty occurs when you withdraw all the amount from FD or you cancel the FD before maturity. You can withdraw amount from FD in case of need but At least keep some amount in FD to avoid penalty. You will get FD rate of interest on remaining amount even after you withdraw with sweepin facility.
hello...that's what my query is...right now hdfc is giving 7.25 fd interest for 5 years.. so if i open a fd for 5 years and then link it to savings account for sweep in, where to mention the threshold? and the extra amount gets added to the same fd at the same interest rate like 7.25 or a separate fd is created for each extra amount. Also, any penalty is there for withdrawal of this extra amount?
In HDFC.. Sweep in facility...How to set threshold limit? Or any automatic threshold limit is there? (1 lakh is threshold limit, i heard like that, but I am not sure). What about the interest rate.. is it will be same interest as the linked fd? When will the interest for extra amount be credited? Will it be credited in savings account? Any penalty?.. How to be away from penalty and to get more interest rate? (like atleast try to keep this much amount in savings account). And if we do not want this sweep in facility, can we deactivate easily or need to visit the bank branch? Please give information..
@@NextBullofIndia how to convert salary account to savings max account?
आप भी गजब हो बात तो सही बताई है लेकिन ये आप जैसे लोगो के लिए नही है
I started watching the video that it will be some general gyan. But you have covered this in so much detail with so much easy to understand extensive data.
It's delight and enlightening you watch videos. 🙏🏼
Thanks Sir.... This was eye opener for me as well after I did the analysis 😇😇
I have watched few similar videos regarding the same topic, and they explained the same thing. But there is a condition to keep in mind. This calculation is valid if you withdraw all the credited amount within a month. Then auto sweep really doesn't make sense. But, for example, you have 1,00,000 emergency fund. 30,000 in any good MF and you put 70,000 in bank.( You shouldn't have any cash in hand, because we have UPI now). Now let's assume you put this 70,000 in Saving acc on 1st Jan, and on August you required 10,000 for medical purpose so from Jan to Aug. Now do the calculation by yourself and see the difference. How much interest you have received for 70,000 in auto sweep and how much money you would have received if it was in your savings account.
Good Analysis. Seldom any person does such working these days. Banks have become thugs of the day..
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I didn't understand why you were expecting 6-7% ROI when you were already withdrawing your FD money? It's a common understanding that the FD should be kept for atleast 1 year in Auto sweep to get good interest.
Mujhe to Auto sweep chahiye hi nahi tha......Zabardasti mil gaya....
@@EveryPaisaMatters Seriously? As your video thumbnail reads : Auto sweep FD 8% k chakkar me scam hogya. Even if it was forced on you, i dont think you would expect a return after your no.of withdrawals.
@@hardeep_5665 Yes.. agree with u .. aise to 3000 se km SBI me and kuch bank me 10000 se km minimum average balance pr charge lgta h.. to bnde ko Bank account open e nhi krna chahiye.. Credit card pr time pr pay na kro to loan se kaafi mhga pdega.. to us according to Credit Card b scam h
exactly, clickbait shit. he withdrew everything in 1 month, obviously overall rate will be 1.75%.. why would someone enable autosweep if purpose is not to reserve for 1yr+!
@@unboxordinary he has no idea...just to get views spreading incomplete analysis video to the viewers
This is why i manage 3 accounts saving, FD and one for only internet or mobile banking
Saving account mei minimum balance at EOD between 5th to end of the month pe interest calculate hota hai.. so, interest would be zero for saving account in this case
This is not scam....you have selected your threshold limit and duration....just stick to your decisions at least for 1 year
AutoSwipe is Good! Every month, if money comes in ur account & u don't have time to make FD every month so this facility will work in ur favour. Here, terms & condition of basic "Term Deposit" will be applied to ur Auto Swipe F.D.
It's as simple as u withdraw premature FD & u get १% deducted from ur FD & १% extra charged if u go for loan on ur FD. 😂😀😁 This facility is good in some way, if properly used.
Well explained, I was about to enable it tomorrow and after watching this, will not opt for it and instead of that, will do some separate FD!
Better ha ye bhai auto sweep
Thanks for this video, Auto sweep ki option reels mai bahut dekhi thi but real fact aap ne bta diye, Thanks, Doubts cleared.
Kindly align yourself with the updated facts and stop spreading misinformation:
1) TDS is also deducted on the interests on savings accounts if the interest received is more than 40,000.
2) Banks don't deduct TDS on FDs if you submit 15G (subject to eligibility) or your interest received in a Financial year is less than 40,000.
in auto sweep can we use that money on saving account.without breaking fd??plz answer and very informative video
You are telling truth. Maine recently hdfc me account khola hai saving. Ek week k bad jab kit nl all receive hojata hai, bank se call ata hai. " sir apka account sab thik chal raha hai to , maine bola ha, kit mil gaya to, atm card activate hogaya to. Ok sir ek offer hai, sweep in activate apke account par kar du kya, apko zyada interest milega maine bola NAHI. Usne bahot zid kiya. Par maine mana hi kar diya. Tab usne bola ok thik hai mat kariye
U r like me......sidha no
sabse best Post Office... jo bolte hain utna milta hai
Post office Bala paisa khata hai ..
There is nothing called scam.
It's the systematic investment u hv to plan accordingly and if u can't then don't do it.
U will be failed in every field.
First know the benefits to invest in any particular scheme then u hv to check acc to ur req.
If yes then go on otherwise don't
इसी लिए किसी Financial Advisor की सलाह लेनी जरूरी है श्रीमान ..😊
Finally found a video which really help me in understanding this auto sweep-in facility in detail. Thanks a lot 🙏.
Go with OD against FD. or RD to FD and FD to PPF
Open frequent transaction from any digital account or small payments bank and don't use regular savings account, I am doing so also in case interest on FD more than 40000 then tds will cut so pls move immediately that amount to stock or MF or any other necessary liquid expenses
Sir
Kotak Mahindra Bank
Ka
New scheme launch hua Hai
Active money ke bare me
Video banaye...
कोई scam नहीं है, इतने ट्रांजेक्शन करने है तो current account use करें, Auto swap 365 दिन यूज करने पर कोई प्रॉब्लम नहीं है
My response - th-cam.com/video/9oYC_PlXqQs/w-d-xo.html
बेहतरीन, लाजवाब जानकारी ।
"शुक्रिया"
Swift facility active accounts k liye bilkul nehi hai...By active , i mean woh account jis se hum frequently paisa dalte- nikalte hai.... Agar hum log k account me paisa youn hi 2-3 mahina k liye atleast para rehta hai toh hi swift facility lena chahiye, take agar jarurat ho tab nikal sake our baki time yeh amount fd k tarha deposit rahe....Agar deposit karte hi nikalte rahe toh swift ka koi matlab nehi banta.....
Ab agar aap bolenge k sidhe sidhe fd banane me kya kharabi hai... Man lijiye aap ko paise k jarurat raat me ho... Tab toh aap woh fd cash nehi kar payenge... Online bana bhi le, toh fd ko liquid karna hoga .... Fer baki cash ka fd... Woh kaam agar bankwale hi kar de toh kya burai hai.....
Totally practical and informative Video. Thanks for making this video and give true insight about this feature.
Today I go to activate auto fix deposit
But after watched your video I wait & considered again.
Aap toh saving account main current account jeisa transactions karte he.. isilie ee halat hee..🎉
Good info. Thanks. Does ICICI bank offer auto sweep / auto FD facility for saving accounts? I used to have earlier but they stopped it for me.
Hi sir, Maina apna saving account ko MOD account me convert kiya h. Agar mai har mahine MOD account se kuch amount withdrawal karta hu to mujhe penalty har bar 0.5 or 1℅ withdrawal amount pe lagega Or Mere Principal amount(Remaining total amount in MOD) pe lagega.
One should keep the threshold as per monthly expenses, and should not post only negative things, this must be whole analysis
The thing is my friend that keeping threshold is not in my hands 😇
@@EveryPaisaMatters
Exactly.
Also watch this video before Subscribing - पुरानी FD पर Interest कैसे बढ़ाएं ? - th-cam.com/video/4xNUnu5mFSA/w-d-xo.html
Download the Excel - everypaisamatters.com/product/auto-sweep-fd-issue/
So we should keep threshold amount sufficient and apply lifo or fifo for automatic break of fd as per own transaction type and frequency.
It works on lifo
Sahab aap saving account bhi mt rkho aap current account rkho agr aap itna frequently withdraw krte ho to... Autosweep se mujhe to fayda hota h... Kyuki mera FD accumulate hi hota h kyuki hr month salary bhi aati h. 😅
Bank scsam
Intelligent analysis but not based on ground reality.
My bank told me to choose FD instead to go for auto sweep
Sir, great explaintion,❤️🎉
If someone like you, took our college class I will go every day to attend one single class
Thank you for saving time and money. Got what i required.
Thank you. Video was very informative! And mere to bas 5000 hi auto fb hue hainto it's okay. I'll spend whenever I will want 😂
Auto sweep FD has one more drawback : If it spans over two financial years say from 1 dec 2022 to 30 nov 2023 , and you withdraw the total amount on 2nd april 2023, then actual rate of interest you get is too low may be 3 % where as the income tax is charged on the accrued interest i.e. 6 % or so for the year 2022-23 income.
I have faced this thing.
This is interesting. Can you please share the details at feedback@everypaisamatters.com?
Oh, this points bank won't tell before do
Why will the interest be as low as 3% only ? Why will the tax be charged considering the accrued as 6% ?
@@Sandeesh_Srikantam Because now the time period of FDR has reduced.
@@Sandeesh_Srikantam And the income tax is already charged in the previous financial year on the accrued interest.
Sir thankful vd. But do we have any alternatives if so please share it
Aapko hue bhari nuksaan k liye meri samvedna aapke sath h
You are absolutely correct 💯.
Very dynamic vedio.... sir, usually many general person unknown about this scam.thanku....sir🙏
Agar savings ko current account ki tarah chalaoge to interest kaha se milega..
How is this a 'SCAM' ? It's your fault if you don't understand simple Math
@@AbhishekChaturvedi7 clickbait
Yup
Thanks!! This info was actually useful! 💯
FD se paisa maturity se pehle use krna is like loan on FD then 1% charge pdega hi..
Dhanyawad sir ji, jisko fd complete meaning pata he wo, lagatar transaction nahi karta
There is difference between FD and Auto Sweep FD. 🙏
लेकिन sir g आप ये भी तो देखो की जो पैसा आपने use कर लिया वो अगर सेविंग अकाउंट में रहता तब न 2.75% इंटरेस्ट मिलता अगर आप सेविंग से भी वो पैसा विड्रॉल कर लेते तो आपको टोटल अमाउंट पर इंटरेस्ट नहीं मिलता reducing balance पर क्वार्टर wise interest मिलता हां टैक्सेशन के हिसाब से आप सही कह रहे हैं लेकिन आपकी कैलकुलेशन मैं केमिकल लोचा है।🙏
Aap mera poora video dekho, tab aap samjhoge ki locha meri calculation mei nahi, kahin aur hai 😇
@@EveryPaisaMatters vedio तो पूरा देखा है sir , अगर आप थोड़ा explain कर दें तो मेरे ज्ञान मैं भी वृद्धि हो जायेगी।🙏
दूसरा क्या आप मेरी बात से सहमत है जो मैने पहले कमेंट में लिखी और जहां पर आप सहमत नही हैं कृपया उस बात को underline करें।
@@Trueindian79 Maine Savings account ka interest usi duration ke liye calculate kiya hai jis duration ke liye paisa bank mein tha.
Basically Penalty lagne ke karan aur paisa 7 days mein nikalne ke karan, Flexi Fd wale option mei nuksan hai.....
Maine bhi bank employee se yehi bola: agar liquidate hi karta rahoonga, toh main bewakoof hi hoon jo FD account kholoonga.
Thank you sir, for ur sincere advice, keep good heart and give heplful advise, you are great sir. THANKS ,,,,
Sir , this is banking precedure , we should know before a decision is taken . We can not call it scame . Fd linked with saving will have same rules . I am nit bank employe to defend . If u need money in short term than keep in s/b account . U have to di your financial planning . This scheme for withdrawing fund after 6 where int is high or equal despite penalty deduction
Thanks sir apne complete statement samjhaya h
Kya flexi FD karane bhi aise hi hoga ? Plz reply.
Really eye opening video for all. Thanks for doing such a calculation and explaining to people.
Glad it was helpful!
Uncle, auto sweep facility mein jitni threshold limit set ki hai usse agar kam rupaye bhi nikalte Hain tab bhi fd break hoti hai?
Very well explained, this auto fd is a scam!
Bhaisaab ,
1.SB account ka interest daily basis pe kon deta hai ? Vo quarterly/monthly calculate hota hai. Aapne daily basis pe calculate karke add kiya hai.
2. Apke account me less than 7 days me agar regular debit transaction ho raha hai e.g. weekly sip AND aapke account me credit transaction regularly ho raha hai e.g. salary
Then aapko calculate karke sahi minimum balance amount(jiske upar auto sweep in fd Banta hai) select karna padega. To regular kharche sb account se debit hoga nahi fd se.
Koi irregular kharcha aaya tohi to fd se debit hona chahiye.
Auto sweeping is good facility agar galat way me use karoge to loss hi hoga na.
Please make another video with more study and research
Bhai sahab daily basis par hi calculate hota h savings me aur sab jodke quaterly intrest credit kiya jaata h
Hi dear, no one say to add in auto FD your required amount. They say ADD IDEAL MONEY TO AUTO FD. We must stay invested for 6 months and need to invest only ideal money.
If we know for sure that the money will be ideal, then will we not do FD?
Sir, if I set limit for my monthly expenses and above that amout will go to autu FD. For example my monthly expenses 30 k, now I set limit to 40 k ( as 10 k is additional emergency fund) now at any poit of time in year my balance in bank go 80000. Then 40000 will go to autu fd. So auto fd will work with monthly limit set ?
Sir, kotak bank ka activ money jo feature hai, kia usme bhi aisa hi hta hai ? Because, kotak bank bolta hai ki koi premature withdrawal nahi hai...kia aap uske upar ek video bnaa sakte hai
well auto-sweep should be used based on the use case..
Aap savings account ko current account ki tarah use kar rahe ho to interest kaise expect kar sakte ho
And they are saying it is a FD type account
Sir meri bank wale bol rahe he( IDBI bank ) KI SIRF FEMALE YA senior citizens koh hi mile ga ...auto sweep ki facilitie
Hello sir, mere SBI account me Auto sweep automatically start kar diya Last year. Maine auto sweep stop karne ke liye application diya , Lekin woh log bandh nahi kar rahe hai. What to do next ?
Kisne Sandeep Maheshwari ko yaad kia??🤣🤣sweep facility k baat sunkar
Some bank like sbi/icici keep lower period for flexi deposit say 90 days to one yr. This gives lowest return .
The scheme is advantageous only in case you have extra money which are not used in future
It's better to do multiple small fds manually not auto sweep
Wonderful! Thank you so much for this valuable information sir. Respect
FD ME BHI 40K, senior Sitizen 50K Interest Tax Free hai??
Can we set the threshold limit or bank will set that for us means is it a constant amount for everyone ?
We can set some thresholds.
There is no scam everything you stated is already in public knowledge. If you do not have surplus fund for longer period of time in savings account better not to opt for such facility.
Where is the scam in this? First question which should come to any logical persons mind when he hears about this product - “what is the minimum duration for which I need to hold the money in order to at least break even?” Usually it’s minimum 3-4 months
सर इसको वापिस सेविंग अकाउंट बदलने की request dal di fir bhi bank kr nahi rha
Sir , meri salary account ICICI bank me h aur agar Mai ye Money Multiplier facility use krta hu to Kya ye fayda hoga? Kyuki meri salary aate hi nayi FD ban jayegi savings ke upar aur fir Mai uss salary ko withdraw krunga apne Dusre account me for my needs . To ispe Kya penalty lgega instant FD break krne ka Jo salary aate hi bani thi?
Mere papa ko pension milegi monthly or unko ppf ka bhi paisa aega acha khada to mai ye auto sweep use karu kya !? Kuki pension money itna hai ki daily wala kam hojaega car ghar sab khareed rakh hai .to unka portfolio diversified karne ke lie socha 15% of total ant ka FD kara du to kya FD ke jagah auto sweep sahi rhega ?
no fd is better
Sir one question to ask if we open fd for 1cr for normal person not senior citizen usme Kitna tax katta Hai
By the way, if you keep it unused in your account, you get 2.75% interest p.a credited for 3 months (usually) but this amount gets compounded for the next 3 months right for the rest of the year ??
yes
Very nice analysis :)
Iam using the auto sweep fecility since two years. It is very good. But if you have to withdraw money time and again you will not get the benifit of MOD. Otherwise it is OK. Idid'nt give a single paisa as penality in SBI.
What happens to my FD If I close my savings account? Please help!!
My account with axis Bank
You have shown its drawback but not shown how to overcome it. You should have given solution also so that people can use this feature cautiously.
The way to over come is - Don't opt for it.
BTW if you watch full video, I have covered this in it.