Auto Sweep Facility Explained || Auto Sweep Facility in SBI Detailed Review
HTML-код
- Опубликовано: 7 сен 2024
- Auto Sweep Facility Explained || Auto Sweep Facility in SBI Detailed Review
A lot of you must've heard that you it's super simile to earn 7-8% from your Savings Account by enabling the Auto Sweep Facility. But what if we tell you that this is only partially true.
There are a lot of hidden aspects of Auto-Sweep Facility which you should know about.
Watch this video to understand the complete reality of Auto-Sweep Facility and as a added bonus we will also be reviewing the Auto-Sweep facility of SBI.
===============================================================================
Follow our channels (bekifaayati) on
Instagram: / bekifaayati
Facebook: / kifaayati
Linkedin: / kifaayat
Twitter: / bekifaayati
#autosweep #bankaccount #savingsaccount
===============================================================================
We Simply the World of Personal Finance!
Subscribe Our Channel to Uncomplicate Your Financial Life
/ bekifaayati
Very nice someone covered this. I used to opt auto sweep in kotak bank till I was untaxable. Then I stopped this due to 80TTA. Auto sweep in Kotak is good, as they don't charge any penalty & all FDs are for max 180 days. It'll get renewed post that.
But 180 days FD in kotak give 3.5% interest. Minus taxes. And savings acc interest rate is also 3.5%. So savings is better
@@arpitkumar4525 The time I was quoting is 2019 or so. Abhi to sabhi jagah FDs ki rate piti hui hai, auto sweep bhi senseless hai bilkul.
Abhi 4.75% hai
@@arpitkumar4525 if interest on fd is less than 40k then it's not taxable
Kya auto sweep ke baad main balance se balance deduct ho jata hai
I partially disagreed with your points:
1. Sweep In deposits are a very good option if you are using ur SB account for parking your idle money. Most people use these accounts for Saving Purposes. That's why it's a headache-free Interest Multiplier indeed.
2. For For those who are using SB accounts frequently, this facility is useless & Bank set the threshold limit for that reason. You may increase the threshold also which you have skipped brilliantly. Now, those who are using an SB account for regular transactions mostly may maintain less than 35000 (minimum threshold) in most of the thases.
3. IDFC or Bandhan or RBL Bank cases are different. I don't consider a Sweep In deposit a good option in these banks as an SB account offers a lot better interest than regular FDs. Hence, your point is correct.
4. Taxation is indeed a burden but who cares! People still need FD & you should keep some good amount in FDs as your emergency savings. Sweep In deposit or Regular, both are carrying the same level of taxation. Then why are you putting this generic disadvantage here, I couldn't understand.
Lastly, if Auto Sweep Facilities are trapped & so on, I must say Banks can advertise widely but they don't do because it will increase their deposit cost. If you keep your money idle in an SB account without creating FD, it's profitable for Bank actually. MOD/Sweep-In deposits are actually an automation tool to reduce our Financial Planning burden. Please don't showcase it wrongly. I know you guys (Financial GyanGuru Utubers) are pushing people to do MFs by hook or crook. It's good definitely, I personally recommend this tool but it's not suitable for all cases. You should have some FD too then why not MOD?
@@Ak09921mod is nothing but a fd. So we have to show fd interest,same way mod interest
Thanks buddy for sharing your valuable views, I too agree that her videos are sometimes inherently biased and incomplete. She needs to work on them else otherwise another finance influencer will make a video on how her videos are a trap.
Yeh video creators bs gyaan jhadte hai... Real calculation ni batate... Bs monetize krne ka tarika video Ko.... Missed a lot of crucial details..
Thanks for providing more clarification.
thanks for more clarification
Good video! 👍🏼
Auto-sweep facility jitni favourable hoti hai utni hi inconvenient bhi hoti hai, from the point of accounting.
I have used it.
Har bar sweep-out aur sweep-in hone par multiple FDs ban jaati hai. Aur kaunsi FD kab bani, kaunsi kab break hui aisa bahut kaam bad jata hai. 👈🏼
being an accountant i understand it better
@@nareshkk62 👍🏻
Thank you for this video . Just couple of days back I researched on this topic and came to the same conclusion.
I was very confused before watching your video.Now all confusions are clear.Thank you for this precise explanation.
Auto sweep facility is better if you park your threshold limit (like for SBI Bank Rs-35000) for more than 6 months. In most cases, you have to give a 1% penalty. So for regular transaction customers, better to keep away from the Auto sweep facility. If someone has more than 1 savings account and transactions are very limited, in that account Auto sweep facilities are beneficial.
Rather than targetting on a single Bank please also share details of other private banks also so that people can compare and select which is the best.
Please make the same type of video on HDFC bank Auto sweep... Thanks
+1
+1
+1
Yes please
+4 ...
@bekifayaati : Also, pls mention 3 points :
1. Sweep out Selection option : NO 👎 Online option to break FD, Only Bank randomly decide which FD to break... not you as Customer ...!!
2. Bank's FD Breaking/Sweep out Option Criteria :
2.A FIFO or LIFO based on Sweep-in time ...?
2.B One Large nearest Principal FD or Multiple Less Capital FD summing to Needed Amount to withdraw, with respect to requested Need Amount ??
2.C FD to be broken, are selected based on Rate of interest? Ascending or Descending ?
2.D FD to be broken based on Interest lower or higher ??
3. Those FDs rolled over 5 times in 5years+ , will SBI threat it as TaxFree FD ?
The whole point of activating sweep in facility is demolished by keeping the penalty. That means it is not auto sweep feature. And auto sweep feature also includes liquidity on FD amount. If banks are charging penalty for premature auto sweep FD, then it's not auto sweep feature from banks.
No one is charging, there is no penalty there, i am currently working in SBI and even I don't know form where she cooked that shit.
@@wisylucky I am salary person. I have salary account in sbi... Is any penalty rate on premature withdrawal
A penaly of 1% interest
Suppose you wer getting 5.10% for one year and you withdrew tha money in 6 months then the int rate would be different. It would be around 3-4 % (I dont remember the exact int rate). In othr words int rate would be down by one percent in premature withdrawal of FD.
@@wisylucky When I opt for auto sweep facility in SBI my SB interest got deducted for around 45 days from the last quarter. Will it ever credited in my account?
Yes everything will
In the quarter end
Kon kon sandeep maheshwari sir ki video dekh k yha aya h like kro👍
Amazing video.
As a banker : There is a way to stay safe from charges, If we are selecting the tenure of 6 months for FD then it won't be chargeable. So if any bank provides you a chance to select the tenure you can select 180 days . Cause if you break the FD which you have done for 6 months so there won't be any charges for breaking the FD.
2 month complte ho gaye hai SBI mai AUTO SWEEPACTIVATE karwaye hue par abhi tak koi INTREST nahi aaya hai bank mai .
Good effort for explanation. Problem arrives to maintain balance limit in required time during emergency as well to convert all gatheted Sweep FD into One FD .There is possibilty of loss.Thats why its bank..Good.
Happy Rakshabandhan didi🥳🥳🎁🎁
Loved your content..
Yeh toh recurring deposit hai. Soup served in a different bowl. Thanks for explanation👍
Thanks for detailed study and presentation of Auto Sweep facility Deposits acvount in Banks. Nice to listen.
Please also prepare such other mind opening videos on other aspects of Banking.
No penalty
And there is no tenure of MODS
If you withdraw money more than the balance available in your savings account, your mod will break and the money will get deposited in savings account
Mere papa ke account me activate hai lekin ye facts to pta nhi hai Vo sochte hai ye bahut badiya hai . Very useful video for me because my PAPA has a salary account in SBI.
Very good and real information Thank U....taxpayers ko long term Mein Hai benefit..
I Think the Extra balance kept in Our Saving Account for emergency may kept under This Auto-Sweep Facility as this is not used currently and we don't want this amount to be kept under Actual FD where it take little more penalty and Time to get the money back.
Really, informative videos , thankyou for this information,
Because i wants to open sbi auto swipe , after seeing this video I think i need to collect more information about auto swipe.
I am exactly looking for this video , when I fillup my mom's ITR this year.. and yes.. Interest rates are little bit higher then you told for now.. but calculation will be same
Thank you.. and keep it up
Very crisp and concise information. Thank you, this helps...
Just 'WOW' for clarity in explanation.
I actually wandering about this part. Thanks...
I made the FD of the minimum required balance and buried it. Haha
Unknown points are covered very well.. very useful.. thank you🙏🏻😊
Thank you❤
Your video helped me in taking my decision regarding so called sweep facility
You are brilliant. My kind of deep-dive. Keep it up.
Dear Mam,
I request you to please kindly make this type of detailed video for HDFC bank auto sweep also...
Regards
Didi you are helping me so much like you person I had never seen like you person thanks for all your help me i love you so much
Plz plz plz make videos on how can a non commerce background person understand abt SIP and SWP. Easy step by step
Thanks for explaining 😀 I just got to know this when I paid extra for this FD Shit in my income tax returns 😞 without knowing ki it’s counted as FD and I am in 30% tax bracket, so horrible
same here
It is better to do laddering. Gives you more control and your interest rates are averaged
What is laddering? Please can you explain that
Very very important information given 🙏 watched lots of video but most of them giving half information and misguided.... Thank you 🙏
Why park extra money in Savings accounts for the Auto sweep facility???. Better to park your extra money in a Regular FD, mutual fund, or stocks.
This information about SBI Auto Sweep is totally wrong, please take proper info from someone working in SBI. Very 1st thing is auto sweep starts when balance goes above 35000 and not 45000 and there is no penalty at all. I am using this facility for past 5 years.
Thank you so much. I have this facility but had no clarity on this.
Iska matlab 1 saal tak hamara balance 35k hi rahega isse jyada hota hai toh woh amount automatically mod acc me transfer ho jayega or agar humne 1 saal se pehle paise nikale toh uspe penalty bhi lag jayegi iska alawa agar hamare acc me sufficient balance rahega toh 1 saal ke baad automatic dubara 1 saal ke liye yahin process hota rahega. Hum 1 saal ke baad mod account me jitna paisa hai uspe interest leke beth nhi sakte...?
Does it means that 35k is the minimum amount left in savings account after the sweep out??
She is Prefect example of "Beauty 😍 + brain🧠"
Thank you so much. I was planning to go for an auto sweep
Figured that out last week or so. Thanks Baekifayati 😊
Auto sweep facility is for Big Balance Account holders...and very good for them...
You can also make manual MOD in SBI which will be linked to your saving account to secure your credit during emergency withdrawal .
Your clickbait thumbnail is highly misleading especially targeting a particular bank(SBI) whereas in your video you have given relatively better review for that bank's(SBI) sweep facility, kindly amend this aberration.
Thank you for sharing this informative video. This is really helpful
Sorry to ask , but have u ever worked in Kabir Singh movie , in movie there is one character who very much look like u ....
Very informative video, just one suggestion though - you need to upgrade your audio recording setup, cheers!
thank you So much for great knowledge of finance 🙏🙏🙏🙏🙏🙏🙏🙏🙏🌟✨🤩💯🤑
This is wrong information. I am using sbi autosweep facility. The only charge reduced is TDS and not penalty.
2 month complte ho gaye hai SBI mai AUTO SWEEP ACTIVATE karwaye hue par abhi tak koi INTREST nahi aaya hai bank mai .
Thank you so much for giving details of sbi bank auto sweep 🙂
Pls make a video on auto-sweep in AXIS bank... As when asked in the branch, they told it's better to have FD account cuz' of error in interest and tax calculations( can be cumbersome) n may cause problems later
Thanks for making out such a detailed video.
Can we change the limit to 60000 instead of 35000?
Ma’am please tell me about ICICI bank’s auto sweep facility pro & cons
Yes mam please
+1
Could you please share the SBI MOD official link where it is mentioned that the penalty will be imposed in case of premature withdrawal from MOD account? I read few links saying that the penalty will be applied only for normal FD not for MOD in case of premature withdrawal.
You can only become truly accomplished at something you love. Don’t make money your goal. Instead, pursue the things you love doing, and then do them so well that people can’t take their eyes off you. --Maya Angelou,.,.,
mam mera account pnb mai hai, vaha ka staff bahut bekar mai.mai 1 month mei jab bi randomly bnk jata ho,
1 vaha minimum loog hi 50 hote hai,space bahut kam hai.
2 vaha torn note change nahi ho rahe.
3 vaha koi b form barne k liye pen hi nahi milta.
4 in case hame pata chalta hai ki koi scheme or rewards points hai, voh bolte hao ki 1st table pe jao. 1st table wala bolta hai ki,2nd pe jao ,2nd wala bolta hai ki 3rd pe jao.aur dusra 10 bando ki lane hoti hai.kuj v pata nahi lagta.
5 kabi onka bank server low hota hai kabi system nahi chalta
mai os branch ki complain karna chahta hu, tabi kkooi solution hoga .
problem sirf yahi hai ki har bar time waste karke home, doosra work 1-2 month delay ha jata hai
plz help me,plz
Autosweep m threshold limit amount ko cross krte hi automatic FD m transfer ho jata sbhi banks m .....1000 rs. vaalo konsi new facility hai jo aap bta rhe ho....🤔🤔🤔
Mera aek account he jis me sir ipo applay ke liye paisa rakha he to vo ipo applay ke time bank me hi paisa lock hojata he or ipo milega tab bank mese cut hota he to kya me uss account me Auto sweep karva sakta hu ????
Ipo applay locking ke time pe penalty lagegi ya nahi ???
You have answered all the questions. Thank you
Thanks it clears all doubts now
Thank you, very well described.
I think auto sweep will be useless for those who are in 20 or 30% tax bracket, considering withdrawal penalty and IT applicable on interest earned.
Let me know if that's correct.
IT would also be applicable for interest on savings account no?
Almost all of the downsides are applicable in general FDs (Taxation, Penality on Premature Withdrawal).
SBI Savings A/c interest is 2.7%, so if you instead go for Fixed Deposit even just for 46 days you will get (3.9% interest - 20% of interest as TDS = ) 3.12% interest which is still more than savings A/c interest rate.
Bhai bekaar cheez hai FD alag ralho woh hi badiya hai
Par ek baat batao intrest milta kab hai auto sweep mein..... I mean account mein 1 saal se same amount he aah Raha hai sweep balance par intrest nahi milta na he sweep balance mein add hota hai please anyone to my question
Savings account me sirf amount pade rehane se koi interest amount nahi milta, par transaction karte rehne se transaction amount par 3% intest milta he. But FD me whole amount ka interest milta he so 1.9% is better than 3%
Better he ki manually, YONO SBI se FD kardo or FD breake karne par koi penalty bhi nahi lagegi
Hello Sister and happy RakshaBandhan make tha video is Flipkart pay later and EMI new service detailed video and Flipkart pay later and EMI VS Amazon pay later full comparison video .
❤️Jesus Loves you ❤️
Thanks for making such an eyeopener video
Madam I Correct You In Sbi Case If your Saving Ac Balance Reach 45000/- than 20,000/- Converted to Fd not 10,000/-
Thresholds limit in sbi 25000
Very useful information. Thank u ma'am.
Best option keep your money in post office savings account and earn 4% interest directly. Post office should launch core banking facility soon.
Thanks 👍
Explained all my doubts
Hi mam... Whats the rbi guidelines for refund from amazon takes time to reflect in credit card.. Its been 2 months but refund from amazon is still not recived in my slice card please help
Auto sweep on krwane ke baad sare deduction ke baad atleast saving account jitna interest milega ya nhi,
If amount is < 500000 ?
I use paytm paymente bank. Best of all. Best interest rate and no penalty charges as well. Whenever you want you can add money to fd and whenever when you want you can redeem and interest is also above 5% of fd.
Bekifayaati, make a same video for HDFC bank account 😊😊🙌🏻🙌🏻🙌🏻
Thank you for this important information.🙏
Despite of having govt recognize valid proof, only because of NOT HAVING LAST NAME, my account is not opening in SBI, unfortunately, how does a bank with such poor service leave many people untouched.I am ready to ignore all the flaws of the bank's yono app but please allow opening an account without a title.My whole family has account in this only I left.Before providing world wide service pls priotize more attention should be paid to the best services to our countrymen.
Tell them to do your ekyc so that to identify your genuiness.
Mam is their any way to reverse your unauthorised transaction money if the branch is saying the paper are not submitted before 90 days especially SBI MAKE A VIDEO ON THIS TOPIC .
Really informative video. Thanks
Helping video. Thanks ma'am🙏
Fd pe tax tab hi lagega if interest is more than 40k in a year 🤔
Thank you so much for such an important information😊
You are awesome 👏🏼👏🏼 thanks 👍🏼👍🏼
Even FD/RD is a scam. When official inflation rate is between 7%-8% (forget unofficial data), but FD rate of interest is 5% - 6% then what is the point in investing?
पर मेरे मित्रों को sbi 25000 तक ही रखने देता है उससे ज्यादा को mods में डाल देता है आप 35000 कह रही हैं please explain 😊
Penalty jaisa kuch nhi hota ur interest is calculated on the number of days
And if u are eligible for tax then submit 15G/H as applicable
If any deposit is not converted in to sweep and given only intt of savings a/c for the last two years. Now bank is denying for applicable fixed deposit intt rates /higher rate. What to do
Nicely explained, You were in Kabir Singh movie right ? Bullying short.
This is not a trap..ofcourse this is low interest scheme....use your thumbnail properly
Mam online me auto sweep karsaktaye kia
DEAR MAM PLEASE MAKE A DETAILED MYTH BUSTER VIDEO ON POLICY BAZAR'S RETIREMENT PLAN IF THEY ARE TRUE OR NOT AND ALSO TEL IN THAT VIDEO WHICH PERSON SHOULD INVEST IN THOSE PLAN
NEERAJ BINDAL
नीरज बिन्दल
Yours truely follower
we need one video on linked fixed deposit(Money multiplier FD from ICICI)
Kyu kya HDFC walo ki auto sweep facility main taare jade hai
Excellent explanation from Bekifaayati 👍
How to stop online mod in sbi
I have a doubt. Let's say I have 35,000 in my account, which is threshold value. Now I withdraw 10,000. Will it show balance as 25,000 or it will reverse sweep to make up the threshold limit of 35000. Please answer?
Hdfc me 140000 ka limit he .. uske upar 160000 rs hue.. to 20000 ki fd hui.. agar account balance 130000 ho gaya to .. 20000 wali fd me se 10000 rs nikal jayenge and apka balance 140000 limit me ho jayega...
@@amrendrabahubali5962 Thank You
Great info, very knowledgeable,