Auto Sweep is a convenient feature offered by the State Bank of India (SBI) that allows you to automatically transfer surplus funds from your savings account into a fixed deposit, thus maximizing your earnings. To activate Auto Sweep in SBI, follow these steps:
- Visit the SBI Branch: Locate and visit your nearest SBI branch. It is recommended to choose a branch where you already have an existing savings account.
- Gather the Required Documents: Carry the necessary documents, including your valid identification proof (such as an Aadhaar card, PAN card, or passport) and address proof (such as an Aadhaar card, passport, or utility bill). Make sure to bring original documents along with photocopies.
- Approach the Customer Service Desk: Once you are at the branch, approach the customer service desk or inquire about activating Auto Sweep with a bank representative. They will guide you through the process and provide the required forms.
- Fill Out the Auto Sweep Application Form: Fill out the Auto Sweep application form provided by the bank. Ensure that you accurately fill in your personal details, account number, and other necessary information. If you have any queries, don’t hesitate to ask the bank representative for assistance.
- Submit the Application: Once you have completed the form, submit it along with the necessary documents to the bank representative. They will verify the information and process your request.
- Complete the Formalities: The bank representative will guide you through any additional formalities that may be required to activate Auto Sweep. This may include signing a declaration or providing additional documents if necessary.
- Get Acknowledgement: After submitting the application and completing the required formalities, you will receive an acknowledgment receipt. Keep this receipt safe for future reference.
- Wait for Activation: The bank will process your application, and once approved, they will activate the Auto Sweep facility on your savings account. This process may take a few working days, so be patient.
Once the Auto Sweep feature is activated, any surplus funds in your savings account above a pre-determined threshold will automatically be transferred to a fixed deposit account, thereby earning you higher interest rates.
Remember to keep track of your savings account balance and the threshold limit to ensure that you maintain the desired liquidity while maximizing your earnings through the Auto Sweep facility.
