It was the moment that my best friend finished college and began his new career. When he was economically illiterate, he was unaware of the term. Back then, his savings were kept in a savings bank account. Then, one day, he stumbled upon the book "Rich Dad, Poor Dad," and not long after he completed it, the idea of "Smart Savings" entered his head. He considered his long-term objectives and made the decision to use investing options that will help him expand his assets in addition to making monthly contributions. He had the idea of smart savings, but he didn't know where to put his money in order to double it. Then one day, I told him about money multiplier deposit Indian bank. I advised him to look into the product to increase his savings.
Well, much like my best friend, anyone can quickly become perplexed whenever it comes to investing money or savings because there are so many instruments available. But by selecting a Money Multiplier Deposit, among the most effective ways to increase your money, you can also be a Smart Saver like my friend.
Invest in buying your dream home by taking home loans via NoBroker at an interest rate starting at 7.3%.What is money multiplier deposit in Indian bank?
One of the best investment strategies is to double your funds or savings at the highest interest rates. The money multiplier payment offers you an excellent interest rate on a fixed deposit for 390 days along with the flexibility of a savings account. A fixed deposit would be connected to your savings or current account, which must have a minimum level in order for you to take advantage of the benefits.
Varying banks have separate sequence restrictions for the same when it comes to keeping a minimum balance in the account. While the leftover FD continues to produce interest for you, you can continue to earn interest on the money until it is swept into the account.
Indian bank MMD deposit details
This facility/plan gives you maximum liquidity, wherein you can withdraw the funds anytime from your savings/current account. However, if you want to cancel/withdraw the multiplier facility, you need to inform the bank. The facility comes with an automatic sweep feature, which means any balance above the threshold limit will automatically be transferred to a fixed deposit (term deposit). And, if the balance in the account goes below the threshold level, the reverse sweep facility will help transfer the money accumulated in your FD to the savings/current account.
Top Banks Offering Money Multiplier Deposit/ Auto Sweep-in Facility
| Banks | Minimum Balance in Account | Scheme Name |
ICICI Bank |
₹10,000 |
Money Multiplier Plan |
SBI |
₹25,000 |
Savings Plus Account |
HDFC Bank |
₹25,000 |
Sweep-in Facility |
Kotak Mahindra Bank |
₹25,000 |
Sweep-in Facility for Fixed Deposit |
Axis Bank |
₹25,000 |
Encash 24 Flexi Deposit |
Allahabad Bank |
₹25,000 |
Flexi-Fix Deposit |
Andhra Bank |
₹10,000 |
AB Super Salary SB Account |
Bank of India |
₹25,000 |
BOI Savings Plus Scheme |
Bank of Maharashtra |
₹10,000 |
Mixie Deposit Scheme |
Corporation Bank |
₹5,000 |
Money Flex Deposit |
Now you know about money multiplier deposit indian bank.
Read More: What is Bulk Charges in Indian Bank: An Explanation? How To Block ATM Card Of Indian Bank?Your Feedback Matters! How was this Answer?
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Authors Of The Question
What is Money Multiplier Deposit in Indian Bank?
Wazir Qureshi
6638 Views
1 Answers
2 Year
2022-08-29T17:08:41+00:00 2022-09-01T10:22:25+00:00Comment
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