Auto Sweep Facility In Axis Bank
You start by having a savings account with Axis Bank. A savings account typically offers lower interest rates compared to fixed deposits. You also have a linked fixed deposit account with Axis Bank. Fixed deposits generally offer higher interest rates than savings accounts.
You set a threshold limit for your savings account. This threshold represents the minimum balance you want to maintain in your savings account. If your savings account balance exceeds the threshold limit, the surplus funds are automatically transferred to your linked fixed deposit account.
This helps you earn higher interest on the excess amount. If you need to withdraw money from your savings account and the balance falls below the threshold, the required amount is automatically swept back from your fixed deposit to your savings account to meet your liquidity needs.
You continue to earn interest on your fixed deposit as per the terms and conditions of the FD, and you also earn interest on the remaining balance in your savings account. The process is automatic and does not require any manual intervention once you set it up. It ensures that your money is working to earn you the best possible interest.
How To Activate Auto Sweep Facility In Axis Bank Online
Log in to Axis Bank Internet Banking
- Visit the official Axis Bank website (https://www.axisbank.com/).
- Click on the Login or Internet Banking button.
- Enter your login credentials, such as your username and password, and click Login.
Navigate to the Accounts Section
After logging in, you will be directed to your account dashboard.
Locate and Select Your Savings Account
Find and select the savings account for which you want to activate the Auto Sweep facility.
Find the Auto Sweep Option
Look for an option related to Auto Sweep or Sweep-In and click on it. The exact wording may vary, but it is typically found in the account details or services section.
Activate Auto Sweep
You should see an option to activate the Auto Sweep facility. Click on it.
Set the Threshold Amount
You will be prompted to set a threshold amount. This is the minimum balance that should be maintained in your savings account. When the balance exceeds this threshold, the excess amount will be automatically swept into a fixed deposit or another investment option.
Confirm and Review
Review the details you’ve entered to ensure they are correct.
Accept Terms and Conditions
Read and accept any terms and conditions related to the Auto Sweep facility.
Complete the Activation
Click on the Submit or Activate button to confirm and activate the Auto Sweep facility for your account.
You should receive a confirmation message indicating that the Auto Sweep facility has been successfully activated for your account.