Is there any catch in auto sweep facility?

POSTED BY anurodh ON March 19, 2014 5:52 pm COMMENTS (4)

How is the auto sweep facility??

is there any catch??

 

4 replies on this article “Is there any catch in auto sweep facility?”

  1. ashalanshu says:

    Dear Anurodh, please read my reply above and decide. if you are still in doubt, you may ask for more clarification from your bank.

    Thanks

    Ashal

  2. anurodh says:

    Dear Ashalanshu, by catch I mean to say, are there any hidden charges, because why the banks gives so much high % of interest.
    There is no free lunch.

    1. jibi says:

      Dear Anurodh,
      The only “catch” is a small interest loss on the enhanced savings balance required for converting normal savings a/c to auto sweep a/c. If there is no such requirement in a particular bank, then, probably there is no “catch”!
      Thanks
      Jibi

  3. ashalanshu says:

    Dear Anurodh, what do you mean by catch? if you park the amount more than the cut off limit, it ‘ll be converted into FD. The moment the basic balance comes down below cut off limit, these FDs ‘ll be break down automatically. Where do you think, the catch may be?

    Thanks

    Ashal

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