If interest earned from Fixed Deposit in a year is more than 10,000 Rs, TDS at the rate of 10 is t remember that tax on stratosphere casino hotel & tower las vegas nv 89104 Interest Earned on Fixed Deposit will be on basis of your income slab.
Name of the Auto Sweep Facility :different banks have different names for this facility.
This way he always has 30,000 in his account for his daily requirements, and he has 40,000 converted into Fixed deposits which again is available to him incase he requires.
And in case the amount falls short of the minimum account balance, the deficit is transferred from the fixed deposit (FD) so as to maintain the minimum savings account.
Read my other post SBI Savings Plus Account with MOD High Interest Scheme Details Review See my other post on How to use Sweep-in facility in hdfc Bank via Net-banking (with screenshots).So balance in Saving bank account becomes Rs 55,000.One must remember that the customer must maintain the minimum account balance (MAB) for using the sweep-in facility.It combines benefits of both accounts.Some banks allow the FD for defined tenure only while others allow you to choose FD tenure.Option 1 Choose High Interest Saving Account.Autosweep savings accounts may be convenient since excess money from these automatically moves to a fixed deposit (FD). .Idbi Bank Sweep-in Savings Account, axis Bank Encash 24, union Bank Union Flexi Deposit.
The term deposit/fixed deposits (FD) range from one year to five.
In fifo (first in first out) the first FD created will be broken first.
It is preferable to have lifo.Days.75.25 91 days - 6 months.75.25 6 mnths 1 day- 6 mnths 3 days.00.50 6 mnths 4 days.00.50 6 mnths 5 days- 9 mnths.00.50 9 mnths 1 day- 9 mnths 3 days.00.50.But, lets see how you can increase your returns upto 9 using Sweep In/Out facility.Also note that different banks have different names for this facility.If you are very sure that the money lying in your account will really not be used for long, better to use the normal Fixed deposit or Debt funds.This is default feature in many banks.Let take a simple case where in you have parked Rs 25,000 in a normal savings account with 4 interest.Period of deposit 1-5 Years, facilities offered, all facilities offered to savings bank account holders such as ATM card, mobile banking, Inter Net banking, SMS alerts are available in this account.Here is a list of other banks and the name by which they call this Auto-Sweep facility (thanks for Gopal Gidwani for the info).As this is above the threshold limit of Rs 40,000 and minimum balance of Rs 5,000 another FD is made for Rs 10,000.
Revised For Public.e.f.