Saving Account Return: Nowadays, people deposit their money in savings accounts, but banks offer very low interest rates. Therefore, most people prefer to invest in fixed deposits (FDs) to earn higher returns. Now, banks have developed a new method that allows you to earn fixed-rate interest on the money deposited in your savings account.
Digital Transactions on the Rise
People in the country are increasingly transacting through digital payments and UPI. Now, most transactions are conducted digitally instead of in cash. While money still accumulates in your savings account, the interest earned on it is very low. This is why customers are now seeking options that can provide greater benefits.
Bank Introduces Auto-Switch Method
If you want to earn higher interest on your savings account, you must use the auto-switch method introduced by the bank. To activate this feature, you must visit your bank branch. Once this service is activated in your account, money deposited in your savings account will automatically be transferred to an account that earns higher interest.
Depositing money will benefit your savings account.
Until now, savings accounts only earned 3 to 4 percent interest, but after activating the auto-switch method, you will earn up to 7 percent interest. This interest rate will be exactly equal to that of an FD. This means you will no longer need to invest your savings account funds in FDs. This will provide higher returns on your money and allow you to easily earn profits.
There will be no charges for customers.
The biggest advantage of this facility is that you will not have to pay any additional fees to the bank. You simply need to visit your branch and activate this service with the manager. After that, the money deposited in your savings account will automatically earn higher interest.
Full information can be obtained from your bank branch.
If you need more information about this new service, you can visit your nearest bank branch. They will explain the full details and process. The bank employee will explain how this facility works and how you can earn higher interest on your money.
A major benefit for customers
This facility will prove to be very beneficial for those who always maintain a good balance in their savings account. Now they will be able to earn higher interest on their money without investing in an FD. This will ensure the safety of their money and increase their buying power.
Savings accounts will now be even stronger
The introduction of the auto-switch method has made savings accounts an even stronger option for customers. Now, people can easily earn higher returns on their money. This facility is a major relief for both ordinary customers and employed and business owners.
