FD interest on savings account will start earning, you just have to do a little work.

New Delhi. A savings account is generally used only for savings. So the profit on it is only 2-3%. But now you can get great returns on savings account too. Now you can convert the money lying in your savings account into a source of good returns with the help of auto swap facility. Very few people know about this facility. Today we will tell you what is auto swap and how it works.

In the auto swap facility, your money only goes into the savings account but up to a limited amount. As soon as the amount exceeds this limit, the excess amount is converted into FD, which helps the account holder to earn good returns. You don’t have to do any extra effort for this, it happens automatically. That is why it is called auto swap facility.

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Suppose you open a savings account with auto swap facility. Now you have to set a limit as to how much your money should be converted into FD. Suppose you set a limit of Rs 10,000 and deposit Rs 40,000 into the account. This means there is an additional amount of Rs 30,000 which will be converted into FD. You will get FD interest on this amount and savings account interest on Rs 10,000.

If you doubt that the amount converted into FD will get stuck, you are thinking wrong. Actually, you can withdraw money in FD anytime through auto swap. When you need the money, this money will go into the savings account and you can easily withdraw this money. It is worth noting that the return on FD through auto swap varies for each account.

Tags: business news, interest rate