Auto Sweep Facility Explained || Auto Sweep Facility in SBI Detailed Review
Vložit
- čas přidán 10. 08. 2022
- 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
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
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
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.
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.
Please make the same type of video on HDFC bank Auto sweep... Thanks
+1
+1
+1
Yes please
+4 ...
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 👍🏻
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.
Just 'WOW' for clarity in explanation.
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.
Very crisp and concise information. Thank you, this helps...
Happy Rakshabandhan didi🥳🥳🎁🎁
Loved your content..
You are brilliant. My kind of deep-dive. Keep it up.
Thank you❤
Your video helped me in taking my decision regarding so called sweep facility
Figured that out last week or so. Thanks Baekifayati 😊
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.
Yeh toh recurring deposit hai. Soup served in a different bowl. Thanks for explanation👍
Very good and real information Thank U....taxpayers ko long term Mein Hai benefit..
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.
@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 ?
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
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
Kon kon sandeep maheshwari sir ki video dekh k yha aya h like kro👍
You have answered all the questions. Thank you
I actually wandering about this part. Thanks...
I made the FD of the minimum required balance and buried it. Haha
Thank you so much. I was planning to go for an auto sweep
Dear Mam,
I request you to please kindly make this type of detailed video for HDFC bank auto sweep also...
Regards
Thank you so much. I have this facility but had no clarity on this.
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
Very very important information given 🙏 watched lots of video but most of them giving half information and misguided.... Thank you 🙏
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
Thank you for sharing this informative video. This is really helpful
Plz plz plz make videos on how can a non commerce background person understand abt SIP and SWP. Easy step by step
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
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.
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.
Thank you so much for giving details of sbi bank auto sweep 🙂
Thank you, very well described.
Thanks for making such an eyeopener video
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.
Unknown points are covered very well.. very useful.. thank you🙏🏻😊
You are awesome 👏🏼👏🏼 thanks 👍🏼👍🏼
Thank you for this important information.🙏
Thank you so much for such an important information😊
It is better to do laddering. Gives you more control and your interest rates are averaged
What is laddering? Please can you explain that
Thanks 👍
Explained all my doubts
Very useful information. Thank u ma'am.
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,.,.,
Very informative video, just one suggestion though - you need to upgrade your audio recording setup, cheers!
we need one video on linked fixed deposit(Money multiplier FD from ICICI)
She is Prefect example of "Beauty 😍 + brain🧠"
Thanks it clears all doubts now
Happy rakshabandhan sister ❤️
Hare Krishna hare Krishna Krishna Krishna hare hare hare Rama hare Rama Rama Rama hare hare Radhey Radhey 🕉️🌞🙏 Bharat Mata ki Jai ShreeramSita
Great info, very knowledgeable,
Auto sweep is best for to be applied on emergency fund. Coz you park your money for longer period of time for emergencies.
Another sensible video. 🙏🏼
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
thank you So much for great knowledge of finance 🙏🙏🙏🙏🙏🙏🙏🙏🙏🌟✨🤩💯🤑
I have been following your channel from my another mobile and have subscribe to your channel through this mobile to actually I was facing a problem where by a financial company known as propelled has sanction loan to simply learn on my behalf there was no verbal communication I was miss guided by the sales agent and now they are harvesting me to payback the EMI for which I have not even used their classes
Can we change the limit to 60000 instead of 35000?
Happy rakshabandhan didi 🤗🤗
Excellent, very useful information
Thank you👍🏻 main bach gaya gaya chalu karne wala tha😃
Really informative video. Thanks
Thanks alot for this eye opened video.🙌 #Bekifaayiti.
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 ❤️
Bekifayaati, make a same video for HDFC bank account 😊😊🙌🏻🙌🏻🙌🏻
Excellent explanation from Bekifaayati 👍
Does it means that 35k is the minimum amount left in savings account after the sweep out??
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 .
Helping video. Thanks ma'am🙏
Auto sweep on krwane ke baad sare deduction ke baad atleast saving account jitna interest milega ya nhi,
If amount is < 500000 ?
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
Can you please make a video on Auto sweep for PNB bank as well
Thanks mem bahot achha samzaya
Awesome! Thank you sooo much
Thank you very much for this video
Great video, thank you
Great information 👍
Please make such detail video related to ICICI Bank.
auto sweep threshold is 25000. and I regret opting savings plus option because of penalty for sweep in. canara bank offers good interest if we lock the amount for 5 years on FD.
Best option keep your money in post office savings account and earn 4% interest directly. Post office should launch core banking facility soon.
thnkusomuch for sbi sweep and i always seeen
uuuuu
Very good information.. Thank you.
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?
Aapne hi to bataya tha😅😅
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%
Mam itna acha samjaya phir bi kuch samja nahi. Kal hi ye option chuna ta. Interest % eg ke badle 100r ka eg lete toh shayad aur samaj ata
Please make the same type of video on BOB auto sweep
So which account is best for autosweep facility. Pls make vedio of such type of bank
Naha ke video bana rahe ho good....😁
I think, you should also play with numbers n limits
Very nice explenation...! 🙏
I know that auto sweep is for sweepout.
But what about sweepin?
Eg: for SBI, If my balance is less than 35k, say 25k, then my fd got cancelled and move to savings?
Vaise maine to apke shorts m hi suna jisme u told ki baithe bithaye paise kamane ka yhi ek tareeqa h
Nicely explained, You were in Kabir Singh movie right ? Bullying short.
Plz make similar video on AXIS bank automatically sweep