How can I activate auto sweep facility in SBI?

Activating auto sweep facility in SBI using Yono mobile application

1. Open the mobile application.
2. Click on e-fixed deposit option.
3. Click on Multi Option Deposit.
4. Select the account which you want to activate the auto sweep facility on.
5. Click on OK or submit.
6. Now you need to enter your transaction password and/or OTP.

Is auto sweep facility available in SBI?

Like most other banks, SBI too has been offering savings accounts with an Auto Sweep facility for many years now. They have named it as ‘Savings Plus’ account.

Which banks provide auto sweep facility?

Top Banks that Provide the Sweep-in Fixed Deposit Facility

• HDFC Bank Sweep-in Fixed Deposit Facility.
• SBI Multi Option Deposit Scheme (MODS)
• Bank of Baroda Super Savings Account.
• ICICI Bank Money Multiplier Plan – Savings Account.
• Kotak Mahindra Bank Sweep-in Facility.

What is auto sweep facility in SBI salary account?

What is Auto Sweep facility? This is a facility to transfer your money to a fixed deposit account from Savings account to earn higher interest once your balance in the SB account reaches the threshold balance of Rs. 35000/-.

How do I turn on auto sweep?

Simple steps to activate Auto sweep facility in HDFC:

1. Login using Your Customer ID and Password.
2. Click Transact, Click open Fixed Deposit Fixed deposit page will be open.
3. Fill in the details.
4. Click Continue.
5. Confirm.
6. Once your FD is booked.
7. Go to option ” Fixed Deposit Sweep In”

What is auto sweep account?

The auto-sweep facility is a combination of savings account and FD or fixed deposit account. Whenever the amount in the savings account crosses that defined limit, the excess money is transferred automatically into the fixed deposit.