Axis old ASAP account auto sweep

[stech18]

I hold zero balance Axis ASAP Account. It was opened few years back and now they do not offer zero balance account.
I have a doubt regarding auto sweep facility. Lets say I have 5 lakhs in bank account and they automatically makes FD of that for 1 year. Now if I just withdraw 1 lakh from it after 30 days. much interest I will earn? Would the whole FD will break and will be created again for 4 lakhs?

 

[nomad]

Depends on the Auto Sweep configuration

When setting auto Sweep, you choose the base amount above which auto Sweep kicks in, the FD denominations.

Base amount is the amount you want to maintain in the account like 50k.
These FD denominations are where you set what amount FDs will be set. You can even choose 5k, but this will result in a lot of FDs being opened.

Choose what you want, and YMMV in regards to the interest earned.

(Please mark as solution if this answers your query)

 

[helloworld]

++ FYI

What is Auto Sweep Facility? Banks List, How to Activate and Benefits

You can opt for an auto sweep facility to link your savings and fixed deposit accounts and earn higher returns. Know its benefits, steps to activate, etc.

cleartax.in

Auto Fixed Deposit - Open Auto FDs Online - Axis Bank

Axis Bank’s Auto Fixed Deposit links existing Savings Accounts to the FDs and gives dual benefits of SA liquidity and high earnings of Fixed Deposit. Invest in FDs online!

www.axisbank.com