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Enable Auto Sweep and get fixed deposit interest from your saving account

by Abhishek   ·  April 24, 2012   ·  

इस लेख को हिंदी में पढ़े 

Most of us keep our money in the saving bank account , which gives a return of 3-4 % annually  . There is a better alternative to saving account ,which gives you the flexibility of a saving account and return of fixed deposit account ,  this account is called as Auto Sweep Account and is now offered by almost every nationalized bank in India . Auto sweep account is also called a multi option deposit account , it combines the benefit of a Savings Bank account and Fixed Deposit account . In the auto sweep facility your saving account gets linked with the fixed deposit account . Here you can select a threshold amount , when your saving account has funds above that threshold level , the extra money gets sweeped to the fixed deposit account , so you get the interest rate of fixed deposit on that amount . The good thing about this is you can withdraw the funds any time and when the balance goes below the thresold amount , funds get re sweeped to the saving account from the deposit account

Lets understand the working of auto sweep facility with an example . Lets suppose you need maximum  25 thousand for your monthly expenses and currently you are having 40 thousand in your saving account . If auto sweep facility is enabled in your account , then 25 thousand will stay in your saving account and the remaining 15 thousand will get transferred to the fixed deposit account . So you will get the fixed deposit return on that 15 thousand . The threshold of 25 thousand will be maintained in your account , and all the funds above 25 thousand will get auto sweeped to the fixed deposit account . In case if you have any emergence in a particular month , then you can withdraw the amount any time , the funds will get sweeped from the deposit account to saving account , and you don’t have to pay any penalty , which you generally have to pay when you break your FD before the maturity time . Auto sweep facility can make your money grow more than a simple saving account . This type of account is known by different names for different banks some of them are .

  • IDBI Bank – Sweep-in Savings Account
  • Axis Bank – Encash 24
  • Union Bank – Union Flexi Deposit
  • HDFC Bank – Super Saver Facility
  • Bank of India – BOI Savings Plus Scheme
  • Oriental Bank of Commerce – Flexi Fixed Deposit Scheme
  • State Bank of India – Multi Option Deposit Scheme
  • Allahabad Bank – Flexi-fix Deposit
  • Bank of Maharashtra – Mixie Deposit Scheme
  • Corporation Bank – Money Flex
  • United Bank of India – United Bonanza Savings Scheme
  • SBI – Multi Option Deposit


  1. Pawan Kumar Shah


    Lets take a example : I have 50,000 and the threshold limit i have given is Rs 10000, now the remaining 40000 will be treated as FD. Now will i continue to get interest of savings account of Rs 10000 and suppose 1 day i require Rs 45000 then as said the FD will not be applicable so after that will i continue to get interest rate of saving account or not.

    Pawan Kumar Shah

    1. Abhishek Shukla

      On withdrawing 45000 , your saving account will have 5000, your FD account will break and the interest accumulated till that period will be credited to your saving account. Interest is given on holding period basis , interest of FD doesnt fully ceases on withdrawing amount before maturity

  2. rakshit

    i have MOD in SBI,its sweep in from my saving account on monthly basis , can i change it to into weekly basis.
    Can i deposit more amount on same FD (in MOD), ex-presently 20000 Rs in my MOD account , if again i deposit 20000, so it would become 40000 or 20000 rs would go in another MOD.

  3. hitesh

    for ICICI – Money Multiplier Plan

  4. RINKI

    Is there any similar scheme in Canara bank?

    1. Abhishek Shukla

      yes , It must be there all nationalized banks has this facility

  5. I have a query, so interest from that sweep in a/c is FD interest or bank interest,
    do we get FD certificates as we get normally

    1. Abhishek Shukla

      As it is electronically managed you dont get fd certificates

      1. Krishna Kumar Sinha

        you say that one cannot get f/d certificate in auto sweep in a/c but idbi sank did not followed they sent f/d certificate after maturity of running sweep in a/c And saying that the bank provisioned to issue certificates in each transaction i/o electronic transfer.I can not understand the reason behind it and feeling myself hopeless and helpless.

  6. patodi

    Sir i hve given option in my sbi account that over 15000 will go to mod but if i deposit 20000 the total amount reaches 35000 and than 20000 goes to mod but when i withdraw any money like 1000 and rs 1000 alonwith interest comes frm mod. My question is can we shift min and maximum check if amount of saving bank account goes under the minimum amt than only amount may be transfered from mod and one more question that what is minimum days required to get interest on mod amount because if amount comes in sb account within 4-5 days from mod account we loose interest of that period even of 4% of sb interest

    1. Abhishek Shukla

      You can only fix the minimum that will remain in the saving account. There is a minimum amount for mod like 10,000 or its multiple (varies bank to bank) . There is no minimum as interested is now counted on daily basis and credited on annual basis.

  7. abhijit

    Hello sir, i have opened mod account in sbi through internet banking with 10000 rs for 1 year.
    Still Do i need to link my saving account to saving plus or it will be connected by bank automatically?
    If i convert my saving to saving plus and added a threshold of say 25000, will surplus money be added to existing mod already made with 10000?
    what is good in auto sweep weekly basis or monthly?

    1. Abhishek Shukla

      It wont get connected automatically you have to visit the branch and fill up a form. For each surplus auto sweep a new fd account gets created and its amount will be shown added to MOD

  8. abhijit

    Hello sir, account description showing as SBICHQ-SBP-GEN what does that mean?
    2. how can we check whether it is converted to saving plus?
    3. on internet banking in my account earlier they were showing ‘convert to saving plus’ now it is not showing.

    1. Abhishek Shukla

      contact the branch

  9. Prakash Chandra

    Sir,what are interest rate given in MOD in SBI with period wise.kindly inform sir.

  10. Subhankar

    I already have mod account at state bank but due to need of fund i exhausted all balance from saving and mod account and now my current balance is Rs.540 . I want to know how much money i would need to deposit to start mod account again?( my a/c threshold limit is Rs.5000)

  11. c das

    sir i have a dsp sb ac of sbi.i have taken mod facilities for one year .can i withdraw all amount(sb plus mod balance) before one thershold limit is 25000.

    1. Abhishek Shukla

      yes you can withdraw all amounts

  12. Ved

    sir i have 68000 In my axix bank account but when i check my balance with atm card the amount show 3000 Only and mod balance is 65000 I tried to withdraw 10000 Rupees but i cant do .. How i withdraw my money

    1. Abhishek

      You should be able to withdraw it, contact the bank if you cant do it

  13. Anshu Rani

    Best bank for women saving account with auto sweep facility,which will recommend by you?

  14. Aashish

    Sir, My bank gives me FD interest of 7.90%.. and maturity of the same is of 1 year…My question is the interest I would get at the maturity of my FD will be mothly or yearly? I mean 7.90% interest every month for 1 year or 7.90% for one complete year?

  15. R

    Sir, can you inform if such facility exist with Canara bank? I could not find it in their website.

  16. Prem


    For sweep account, if i have set threshold 25000 and if i have 100000, then i believe 75,000 will be in MOD balance. On maturity date after 1 year i will get interest for 75,000 and it automatically extended for another 1 year. Instead of extending, can we transfer 75000 + interest amount to main account(with 25000)

  17. SUBASH

    Hi, how the threshold limit is fixed, is it antomatic, or I can change …. how to change it, and how to change sweep per week or once in 15 days, now it’s for a month

  18. H K Mukerjee

    I have a SBI Savings plus account. Auto sweep date is fifth of every month. Is there a facility, online via net banking, to exercise an option for auto sweep twice a month, say on 5th and 15th of every month ? If so how to do it.

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