by JASPREET » 09 May 2023, 04:46
Auto Sweep is an option given by All banks, at least in India where you are directing your bank to use your extra savings in a virtually new account and they pay you a better rate of interest on these. I have done that in one of my banks and in that account every amount above Rs. 50,000 will be moved to that virtually new account and I will be getting more interest on it but in case I need to spend on something urgently I don't need to visit the bank and can pay like I would have paid if I haven't opted for this option so it works automatically and a good option for those that like to have a bigger deposit in a savings account so you will be saving and earning extra interest with this.
